Gross domestic product is defined as:a)the market value of all final goods and services produced within the borders of a nation.b)incomes received by all a nation"s householdsc)quantity of each good and service produced by U.S. residents.d)none


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Gross domestic product does not include:a)used goods sold in the current time periodb)foreign produced goodsc)intermediate as well as final goodsd) all
the lower portion of the circular flow model contains factor markets in which households provide:a)output of all final goods and services producedb)saving, spending, and investmentc)labor, money, and machinesd)land, labor, and capital
GDP does count:a)state and local government purchasesb)spending for new homesc)changes in inventoriesd)nonee)all
personal income is:a)national income minus transfer payments, net interest, and dividendsb)the amount households have available only for consumptionc)total income earned by households before taxesd)alle)none
equation for determining real GDP for year X is:a) (nominal GDP for year X)/(average family income) x100b) (nominal GDP for year X)/(GDP for year X) -100c) (nominal GDP for year X)/(avg nominal GDP)d)none
Suppose US nominal GDP was 7500 billion in yearX and the GDP chain price index is 120.0. Real GDP in constant year X dollars is:a) 5,488 bilionb) 6,250 billionc) 6,740 bild) 7,789 billion
If we computed GDP using the expenditure approach, and then computed it using the income approach which of the following can be expected to be true?a)GDP computed from the expenditure approach will be larger than when GDP is computed using the income approachb)GDP computed from the expenditure approach will be equal toGDP computed using the income approachc)GDP computed from the expenditure approach will be smaller toGDP computed using the income approachd)none
which of the following correctly gives us national income?a)GDP-depreciationb)personal income-personal taxesc)GDP-indirect business taxesd)consumption+investment+Govt+net exports
which national income account should be examined to discover trends in the after-tax income that people have to save and spend?a)GDPb)gross national productc)National incomed)disposable personal income
which of the following is a shortcoming of GDPa. GDP excludes changes in inventoriesb. GDP includes an estimate of illegal transactionsc. GDP excludes non market transactionsd. GDP includes business investment spending
national income is officially measured by adding:a. quantity of each final good and service produced valued at its market priceb. total of all expenditures in newly produced final and goods and services (GDP=C+I+H)c. the total of all incomes earned by households from the sale of factors of production. d. capital consumption allowance and GDP (GDP+CCA=NNP)
Which of the following is included in personal income but not in national incomea. compensation for workersb.proprietors" incomec. corporate profitsd. Social security paymentse. rent
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Online Learning Center to accompany Essentials of Investments8th EditionAlan J. Marcus, Alex Kane, Zvi Bodie


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