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MT1Practice ECO 3203 - Practice Questions 1 GDP is the...

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Practice Questions 1. GDP is the total value of _____ produced during a given year within the nation’s borders. a. all final goods and services c. all final goods b. all goods and services d. all goods 2. Which of the following is not considered part of government purchases (G)? 3. If firms sell more output during a given quarter than they produce then 4. Ben is a dairy farmer. In the current year Ben produces milk valued at $200,000, half of which he sells directly to consumers, and half of which he sells to Breyers to make ice cream. Breyers produces ice cream using all of the milk it buys from Ben and sells it to consumers for $225,000. What is the value of GDP in this simple economy?
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