MA Chapter 06.rtf - CHAPTER 6\u2014PRODUCTION INCOME AND EMPLOYMENT MULTIPLE CHOICE 1 When people buy land their purchases are included in GDP a True b

MA Chapter 06.rtf - CHAPTER 6—PRODUCTION INCOME AND...

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CHAPTER 6—PRODUCTION, INCOME, AND EMPLOYMENT MULTIPLE CHOICE 1.When people buy land, their purchases are included in GDP. a.Trueb.FalseANS: BPTS:1DIF:1NAT:Financial theories, analysis, reporting, and marketsLOC:Unemployment and inflationTOP:GDP: A Definition 2. Used car dealerships add nothing to GDP because the cars they sell were already recorded in GDP when they were new. a. True b. False ANS: B PTS: 1 DIF: 1 NAT: Financial theories, analysis, reporting, and markets LOC: Unemployment and inflation TOP: GDP: A Definition 3.GDP is a flow variable because it measures the process of production and is independent of time. 4.GDP measures the output produced within a nation's borders. 5.Gross domestic product(GDP) is 6. The precise definition of GDP is the total value of all
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a.goods and services produced by a nation, minus household laborb.goods and services produced by a nation, minus depreciationc.goods and services produced for the marketplace during a given periodd.final goods and services produced for the marketplace during a given period, within a nation's borderse.final goods and services produced within a nation's borders and by this nation’s citizens abroad during a given periodANS: DPTS:1DIF:1NAT:Financial theories, analysis, reporting, and marketsLOC:Unemployment and inflationTOP:GDP: A Definition
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