WEEK 1 PRACTICE MEASURING OUTPUT AND INCOME PART 1 |
LATEST UPDATED | ACTUAL EXAM QUESTIONS WITH SOLUTIONS |
100% RATED CORRECT | 100% VERFIED SOLTIONS | ALREADY
GRADED A+
Gross domestic product equals: - (ANSWER)C + I + G + NX.
The dollar value of all the final goods and services that are produced during a fixed period of
time is: - (ANSWER)nominal gross domestic product.
Consumption and government purchases are: - (ANSWER)the largest components of GDP.
Only________ goods and services are included in GDP so that expenditures are not counted
twice. - (ANSWER)final
In economics, ______ does not solely refer to saving money or buying stocks or bonds. -
(ANSWER)investment
_______ goods are not part of GDP because they are used up in production. -
(ANSWER)Intermediate
In economics, ______ includes purchasing housing, tractors, tools, and factories. -
(ANSWER)investment
Sales of ___________ do not represent new production, just the reallocation of past production
that was already counted as part of GDP in another year. - (ANSWER)secondhand goods
Gross domestic product equals the total sum of four categories: - (ANSWER)consumption, gross
investment, government purchases, and net exports.
, The more ________ that is available to its workers, the more productive a nation will be. -
(ANSWER)capital
__________ is the largest component of GDP in the United States. - (ANSWER)Consumption
What happens to capital when it becomes obsolete? - (ANSWER)It depreciates.
______ refers to spending by firms on capital goods designed to improve the future productivity
of the firms. - (ANSWER)Investment
In economics, depreciation refers to: - (ANSWER)capital that is worn out or obsolete.
________ represents the accumulation of new capital. - (ANSWER)Investment
_________ are not counted in nominal GDP because they are produced somewhere else. -
(ANSWER)Imports
Indicate which of the following are not included directly in the calculation of GDP. -
(ANSWER)*Used goods
Final goods
Final services
*Intermediate goods
Government spending on goods
Goods services or resources produced domestically and sold abroad are called __________. -
(ANSWER)exports
LATEST UPDATED | ACTUAL EXAM QUESTIONS WITH SOLUTIONS |
100% RATED CORRECT | 100% VERFIED SOLTIONS | ALREADY
GRADED A+
Gross domestic product equals: - (ANSWER)C + I + G + NX.
The dollar value of all the final goods and services that are produced during a fixed period of
time is: - (ANSWER)nominal gross domestic product.
Consumption and government purchases are: - (ANSWER)the largest components of GDP.
Only________ goods and services are included in GDP so that expenditures are not counted
twice. - (ANSWER)final
In economics, ______ does not solely refer to saving money or buying stocks or bonds. -
(ANSWER)investment
_______ goods are not part of GDP because they are used up in production. -
(ANSWER)Intermediate
In economics, ______ includes purchasing housing, tractors, tools, and factories. -
(ANSWER)investment
Sales of ___________ do not represent new production, just the reallocation of past production
that was already counted as part of GDP in another year. - (ANSWER)secondhand goods
Gross domestic product equals the total sum of four categories: - (ANSWER)consumption, gross
investment, government purchases, and net exports.
, The more ________ that is available to its workers, the more productive a nation will be. -
(ANSWER)capital
__________ is the largest component of GDP in the United States. - (ANSWER)Consumption
What happens to capital when it becomes obsolete? - (ANSWER)It depreciates.
______ refers to spending by firms on capital goods designed to improve the future productivity
of the firms. - (ANSWER)Investment
In economics, depreciation refers to: - (ANSWER)capital that is worn out or obsolete.
________ represents the accumulation of new capital. - (ANSWER)Investment
_________ are not counted in nominal GDP because they are produced somewhere else. -
(ANSWER)Imports
Indicate which of the following are not included directly in the calculation of GDP. -
(ANSWER)*Used goods
Final goods
Final services
*Intermediate goods
Government spending on goods
Goods services or resources produced domestically and sold abroad are called __________. -
(ANSWER)exports
