Gdp is all of the following except the total a

11. GDP is all of the following except the 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 is
necessarily equal to:
13. Which of the following is a flow variable?

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 period
of 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 and
oranges 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 not
included in the computation of GDP.
18. Assume that a bakery hires more workers and pays them wages and that the workers produce
more bread. GDP increases in all of the following cases except when the bread:
19. Assume a rancher sells a quarter-pound of meat to McDonald's for $1 and that McDonald's sells
you 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 is
the value of real GDP in 2009?
A) $12 trillion
B) $12.5 trillion
C) $15 trillion
D) $18.75 trillion