Quiz1(question) - 1 International Economics Third Term,...

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1 International Economics Third Term, 2006 Quiz 1 Name: Student ID: WRITE YOUR NAME AND STUDENT ID FIRST in English. Short answer questions must be answered in English . Any answers written in other language will not be graded (no exceptions). There are 12 questions in total. <Multiple Choice> Circle only one which is correct (if you choose more then one, you receive zero points)(70 points) 1. 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. 2. GDP is defined as a. the market value of all goods and services produced within a country in a given period of time. b. the market value of all goods and services produced by the citizens of a country, regardless of where they are living in a given period of time. c. the market value of all final goods and services produced within a country in a given period of time. d. the market value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. 3. Ralph pays someone to mow his lawn, while Mike mows his own lawn. Regarding these two practices, which of the following statements is correct? a. Only Ralph’s payments are included in GDP.
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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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Quiz1(question) - 1 International Economics Third Term,...

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