Chapter 2 - Chapter 2 1 All of the following are a stock except A a consumer's wealth B the government budget deficit C the number of unemployed

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Chapter 2 1. All of the following are a stock except : A) a consumer's wealth. B) the government budget deficit. C) the number of unemployed people. D) the amount of capital in the economy. 2. The market value of all final goods and services produced within an economy in a given period of time is called: A) industrial production. B) gross domestic product. C) the GDP deflator. D) general durable purchases. 3. Assume that total output consists of 4 apples and 6 oranges and that apples cost $1 each and oranges cost $0.50 each. In this case, the value of GDP is: A) 10 pieces of fruit. B) $7. C) $8. D) $10. 4. All of the following transactions that took place in 2006 would be included in GDP for 2006 except the purchase of a: A) book printed in 2006, entitled The Year 3000 . B) 2001 Jeep Cherokee. C) year 2007 calendar printed in 2006. D) ticket to see the movie “2001.” 5. When a firm sells a product out of inventory, GDP: A) increases. B) decreases.
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This note was uploaded on 11/28/2010 for the course ECO 2013 taught by Professor Patconroy during the Summer '08 term at Miami Dade College, Miami.

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Chapter 2 - Chapter 2 1 All of the following are a stock except A a consumer's wealth B the government budget deficit C the number of unemployed

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