Gross domestic product calculations count only final goods and services because Study guides, Class notes & Summaries

Question 1 of 10 Economics is best defined as the study of Question 2 of 10 Macroeconomics differs from microeconomics in that Question 3 of 10 Gross domestic product calculations count only final goods and services because Question 4 of 10 Gross investment is Question 5 of 10 Depreciation is Question 6 of 10 Transfer payments are excluded from government purchases in GDP accounting because Question 7 of 10 A trade surplus occurs when Question 8 of 10 A firm's value added can be measured as th...

UPGRADED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS Which of the following measures the economy's overall performance? - CORRECT ANSWER -National income accounting. Aggregate output is the primary measure of the economy's ______. - CORRECT ANSWER -total output of goods and services. In national income accounts, what does value added refer to? - CORRECT ANSWER -The difference in the market value and cost of inputs purchased from other firms. Including the value of _____ (one wor...

UPGRADED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS Which of the following measures the economy's overall performance? - CORRECT ANSWER -National income accounting. Aggregate output is the primary measure of the economy's ______. - CORRECT ANSWER -total output of goods and services. In national income accounts, what does value added refer to? - CORRECT ANSWER -The difference in the market value and cost of inputs purchased from other firms. Including the value of _____ (one word) g...

Question 1 of 10 10.0/ 10.0 Points Economics is best defined as the study of A. financial decision-making B. how consumers make purchasing decisions. C. choices made by people faced with scarcity. D. inflation, unemployment, and economic growth Answer Key: C Question 2 of 10 10.0/ 10.0 Points Macroeconomics differs from microeconomics in that A. macroeconomics is the study of individual markets, while microeconomics deals with the nation's economy as a whole. B. microeconomic...

Econ 102 quiz 1 Question 1 of 10 10.0/ 10.0 Points Economics is best defined as the study of A. financial decision-making B. how consumers make purchasing decisions. C. choices made by people faced with scarcity. D. inflation, unemployment, and economic growth Answer Key: C Question 2 of 10 10.0/ 10.0 Points Macroeconomics differs from microeconomics in that A. macroeconomics is the study of individual markets, while microeconomics deals with the nation's economy as a whole...

Question 1 of 10 Economics is best defined as the study of Question 2 of 10 Macroeconomics differs from microeconomics in that Question 3 of 10 Gross domestic product calculations count only final goods and services because Question 4 of 10 Gross investment is Question 5 of 10 Depreciation is Question 6 of 10 Transfer payments are excluded from government purchases in GDP accounting because Question 7 of 10 A trade surplus occurs when Question 8 of 10 A firm's value added can be measured a...

ECON 102 QUIZ 1. Economics is best defined as the study of A.financial decision-making B.how consumers make purchasing decisions. Correct C.choices made by people faced with scarcity. D.inflation, unemployment, and economic growth Answer Key: C Question 2 of 10 10.0/ 10.0 Points Macroeconomics differs from microeconomics in that A.macroeconomics is the study of individual markets, while microeconomics deals with the nation's economy as a whole. Correct B.microeconomics is the ...

CHAPTER 1: Introduction to Macroeconomics MULTIPLE CHOICE 1. A central topic of study in macroeconomics is ________, while a central topic of study in microeconomics is ________. a. the cosmos; particle physics b. the overall performance of an economy; an individual market c. an individual market; the overall performance of an economy d. the performance of international trade; the individual firm e. consumer behavior; firm behavior ANS: B DIF: Easy REF: 1.1 TOP: I. MSC: Remember...

UPGRADED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS Which of the following measures the economy's overall performance? - CORRECT ANSWER -National income accounting. Aggregate output is the primary measure of the economy's ______. - CORRECT ANSWER -total output of goods and services. In national income accounts, what does value added refer to? - CORRECT ANSWER -The difference in the market value and cost of inputs purchased from other firms. Including the value of _____ (one wor...

UPGRADED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS Which of the following measures the economy's overall performance? - CORRECT ANSWER -National income accounting. Aggregate output is the primary measure of the economy's ______. - CORRECT ANSWER -total output of goods and services. In national income accounts, what does value added refer to? - CORRECT ANSWER -The difference in the market value and cost of inputs purchased from other firms. Including the value of _____ (one wor...