Many provincial and local governments find themselves

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22) Many provincial and local governments find themselves faced with increasing retirement expenditures for retired government employees. These
increasing expenditures will ________ GDP because they are categorized as ________.
Diff: 2 Type: MC Page Ref: 49Topic: National Income Identities and the Components of GDPObjective: LO1: Explain how economists use gross domestic product (GDP) to measure total production and total income.Special Feature: None – Recurring questionAACSB: Reflective Thinking SkillsLearning Outcome: Macro-323) The purchase by the U.S. government of a fighter jet produced in Canada is included in Canadian
Diff: 1 Type: MC Page Ref: 49Topic: National Income Identities and the Components of GDPObjective: LO1: Explain how economists use gross domestic product (GDP) to measure total production and total income.Special Feature: None – Recurring questionAACSB: Reflective Thinking SkillsLearning Outcome: Macro-3
24) Gross national product (GNP) of Canada is the value of all final goods andservices
Diff: 1 Type: MC Page Ref: 44Topic: What Does “GDP” Mean?Objective: LO1: Explain how economists use gross domestic product (GDP) to measure total production and total income.Special Feature: None – Recurring questionAACSB: Reflective Thinking SkillsLearning Outcome: Macro-325) If a U.S. firm opens a production facility in Canada, the profits from this production facility received by the U.S. owners of the firm in exchange for the factors of production they supply will be included in the1.A) gross domestic product of the United States.2.B) gross national product of Canada.3.C) gross national product of the United States.4.D) imports from Canada and exports to the United States.Answer: C
Diff: 2 Type: MC Page Ref: 49Topic: What Does “GDP” Mean?Objective: LO1: Explain how economists use gross domestic product (GDP) to measure total production and total income.Special Feature: None – Recurring questionAACSB: Reflective Thinking SkillsLearning Outcome: Macro-3

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