Practice Quiz Chap 7 - POP QUIZ WORKSHEET 2 : CHAPTER 7...

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POP QUIZ WORKSHEET 2 : CHAPTER 7 NAME: __________________________________ COURSE: ________________________________ 1. GDP is: a. the total market value of all final goods and services produced in an economy in a one-year period. b. our only measure of a nation’s social well being. c. a measure of the economic activity of the citizens and businesses of a country; GNP measures the economy activity that occurs within a nation’s borders. d. equal to C + I + G + (M – X). 2. GDP: a. adjusted for inflation is called net GDP. b. includes intermediate but not final goods. c. plus net foreign factor income equals GNP. d. includes second-hand sales. 3. In the national income accounts: a. total government spending is the largest component of GDP. b. personal consumption expenditures is the largest component of GDP. c. investment spending represents the purchase of stocks and bonds. d. net exports is defined as imports minus exports.
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This note was uploaded on 04/18/2011 for the course ECON 131 taught by Professor Tba during the Spring '08 term at University of Hawaii, Manoa.

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Practice Quiz Chap 7 - POP QUIZ WORKSHEET 2 : CHAPTER 7...

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