PotentialQuiz2 (1) - Potential Questions for Quiz 2 A few...

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Potential Questions for Quiz 2 A few of the questions listed below will appear in Quiz 2. (no surprise questions) Potential quiz questions will be posted on Compass before the quizzes. Please bring a calculator to every quiz and exam in this class. 1. [Course Packet 6] a) What is the difference between GDP and GNP? Explain in your own words. GDP takes into account all goods and services produced within a certain country. GNP takes into account all goods and services entities from a certain country (citizens, corporations, etc.) produce, regardless of their physical locations. b) What does Purchasing Power Parity adjustment do? It adjusts GDP or GDP per capita for prices in different countries. c) Write down the equation that the expenditure approach uses. What percentage of GDP is consumption in America? Consumption+Investment+Government+Exports-Imports 70% d) Circle the items that are included in 2010’s GDP for the U.S.: i) A Chevy Volt that is produced in 2010 YES ii) A used Honda Civic made in 2005, sold in 2010
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PotentialQuiz2 (1) - Potential Questions for Quiz 2 A few...

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