hw10 - Homework for Chapter 10 1. For an economy as a...

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1 Homework for Chapter 10 1. For an economy as a whole, a. income is greater than expenditure. b. expenditure is greater than income. c. income is equal to expenditure. d. GDP measures income more precisely than it measures expenditure. 2. If a nation’s GDP rises, then it must be the case that the nation’s a. income and expenditure both rise. b. income and saving both rise. c. income rises, but expenditure may rise or fall. d. saving rises, but income may rise or fall. 3. GDP is defined as the market value of all final goods and services produced a. by the citizens of a country, regardless of where they live, in a given period of time; this definition focuses on GDP as a measure of total income. b. by the citizens of a country, regardless of where they live, in a given period of time; this definition focuses on GDP as a measure of total expenditure. c. within a country in a given period of time; this definition focuses on GDP as measure of total income. d. within a country in a given period of time: this definition focuses on GDP as a measure
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This note was uploaded on 10/17/2010 for the course ECONOMICS MAIU09123 taught by Professor Mr.ken during the Spring '10 term at Wash. College.

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hw10 - Homework for Chapter 10 1. For an economy as a...

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