Gdp is all of the following except the total a

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11. GDP isallof the followingexceptthe total:A)expenditure of everyone in the economy.B)income of everyone in the economy.C)expenditure on the economy's output of goods and services.D)output of the economy.
12. It is a national income accounting rule that all expenditure on purchases of products isnecessarily equal to:
13. Which of the following is a flow variable?
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Chapter 1 / Exercise 13
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14. Which of the following is a stock variable?
15. The market value of all final goods and services produced within an economy in a given periodof time is called:A)industrial production.B)gross domestic product.C)the GDP deflator.D)general durable purchases.
16. Assume that total output consists of four apples and six oranges and that apples cost $1 each andoranges cost $0.50 each. In this case, the value of GDP is:
17. Since GDP includes only the additions to income, not transfers of assets, ______ are notincluded in the computation of GDP.
18. Assume that a bakery hires more workers and pays them wages and that the workers producemore bread. GDP increases inallof the following casesexceptwhen the bread:
19. Assume a rancher sells a quarter-pound of meat to McDonald's for $1 and that McDonald's sellsyou a hamburger made from that meat for $2. In this case, the value included in GDP should be:A)$0.50.B)$1.C)$2.D)$3.
20. The value added of an item produced refers to:
21. Nominal GDP means the value of goods and services is measured in ______ prices.
22. Real GDP means the value of goods and services is measured in ______ prices.
23. If the GDP deflator in 2009 equals 1.25 and nominal GDP in 2009 equals $15 trillion, what isthe value of real GDP in 2009?A)$12 trillionB)$12.5 trillionC)$15 trillionD)$18.75 trillion

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Term
Summer
Professor
CAREW
Tags
Economics, Macroeconomics, Inflation, gross domestic product
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The document you are viewing contains questions related to this textbook.
Exploring Microeconomics
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Chapter 1 / Exercise 13
Exploring Microeconomics
Sexton
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