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ECON 2301 (Exam 3) - ECON 2301-Exam 3 1 GDP is A the total...

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ECON 2301-Exam 3 1. GDP is: A) the total value of all consumer expenditures within a given period. B) national income after taxes. C) the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. D) the value of all final goods and services produced domestically within a given period. E) the total value of all final goods and services minus the value of intermediate goods and services produced domestically within a given period. 2. The goods and services that are used in the production of other goods and services are called: 3. If individuals were paid for their household production, GDP would: 4. The expenditure approach to GDP accounting includes: 5. Which of the following is not a subcategory of consumption spending? A) consumer services B) consumer investment C) consumer durable goods D) consumer nondurable goods 6. Which of the following is not considered part of the services category under the expenditure approach to GDP accounting? 7. Which of the following is not included in the investment category under the expenditure approach to GDP accounting? 8. Government purchases, under the expenditure approach to GDP accounting, do not include: 9. Fixed investment includes all of the following except: A) all purchases by businesses that add to their inventories. B) all spending on capital goods. C) all spending on producer goods.
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D) all spending on goods that increase future production capabilities. 10. If a nation's imports exceed its exports:
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