# Gdp is all of the following except the total a

• Test Prep
• huns572
• 10
• 92% (12) 11 out of 12 people found this document helpful

This preview shows page 2 - 5 out of 10 pages.

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?
##### We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Chapter 1 / Exercise 13
Exploring Microeconomics
Sexton
Expert Verified
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

Course Hero member to access this document

Course Hero member to access this document

End of preview. Want to read all 10 pages?

Course Hero member to access this document

Term
Summer
Professor
CAREW
Tags
gross domestic product
##### We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
The document you are viewing contains questions related to this textbook.
Chapter 1 / Exercise 13
Exploring Microeconomics
Sexton
Expert Verified