Which of the following is NOT a component of gross domestic product?

net exports

Blu-ray disc players, iPhones, and hybrid cars are generally considered to be ________ goods.
Question 9 options:

durable

nondurable

intermediate

service

Question 10
Depreciation is
Question 10 options:

what is left over from total new private investment after use for a year.

the total amount of private investment purchases, whether new or previously existing.

the total amount of new private investment purchases.

the wear and tear on private investment.

Question 11
For the purposes of GDP accounting, government purchases
Question 11 options:

are considered part of investment.

are considered part of consumption.

include transfer payments.

include wages and benefits paid to government workers.

Question 12
A trade surplus occurs when
Question 12 options:

a country purchases more from abroad than other countries purchase from it.

a country sells more abroad than it purchases from abroad.

a country's firms open more stores abroad than foreign firms open in the country.

foreign firms open more stores in a country than the country opens in foreign countries.
Save
Question 13
The GDP equation is
Question 13 options:

Y = C + I + G + NX.

Y = C - I - G - NX.

C + I = G + NX.

C + I = Y + G + NX.

Question 14
When gross domestic product (GDP) is adjusted by adding any income earned abroad by U.S. firms or residents which is sent back to the United States and by subtracting any income earned in the United States by non-U.S. corporations or foreign nationals which is sent back to their home countries, it is called
Question 14 options:

depreciation.

subsidized income.

international GDP.

gross national product (GNP).

Question 15
Which of the following is the largest component of national income?
Question 15 options:

net interest

corporate profits

rental income

compensation of employees by firms

Question 16
A firm's value added can be measured as the value of its
Question 16 options:

profits.

purchases of inputs from other firms.

total sales.

total sales, less purchases from other firms.
Save
Question 17
In the expanded circular flow diagram, the government supplies
Question 17 options:

goods and services to the product market.

factors of production to the factor market.

goods and services to households.

factors of production to firms.

Question 18
If the economy grew at 7 percent from 2011 to 2012 and real GDP was 400 in 2011, what was real GDP in 2012?
Question 18 options:

393

400

407

428

Question 19
Use the following information to answer the next several questions:

Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2011, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2012, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively.

Based on the information in Scenario 1, nominal GDP grew by about ________ percent from 2011 to 2012.
Question 19 options:

23

31

62

162
Question 20
A chain-weighted index
Question 20 options:

is used to understate the rate of inflation.

uses neighboring years' data to calculate changes in nominal GDP.

calculates changes in prices by using an average of base years from neighboring years to obtain a more accurate measure of real GDP growth.

is a useful tool for determining which fence to purchase.
Question 21
Business cycles are
Question 21 options:

movements in stock prices.

the transfer of executives between firms.

used to describe fluctuations in GDP.

a description of the time required to bring a new product to market.

The period of time in which the level of output moves from a trough to a peak is called a
Question 22 options:

recovery.

depression.

Question 22
contraction.

plateau.

Question 23
The "expansion" of an economy occurs after
Question 23 options:

firms produce more goods.

people spend more money.

a trough.

an inflationary period.

One of the flaws of GDP is that it
Question 24 options:

includes only transactions that take place in formal businesses.

ignores transactions that do not take place in organized markets.

includes measures of the underground economy.

includes measures of changes of quality of life associated with producing output.

Suppose that a tire factory produces $825,000 of output and causes $70,000 worth of pollution as a result of production. The tire factory's official contribution to GDP would be ________ and its overall contribution to society would be ________.
Question 25 options:

$825,000; $895,000

$895,000; $825,000

$825,000; $755,000

$755,000; $825,000

GDP calculations tend to exclude all of the following EXCEPT
Question 26 options:

illegal transactions.

environmental quality.

work that people do for themselves in their own homes.

salaries paid to government employees.

government purchases

purchases by consumers of used goods

purchases by consumers of finished goods

Which of the following is an example of a consumption expenditure?

the construction of a new public library

the purchase of a ticket to a New Orleans Saints game

the purchase of a new fire truck

the salary paid to the mayor of Denver

Question

Which of the following is NOT a component of gross domestic product?

net exports

Blu-ray disc players, iPhones, and hybrid cars are generally considered to be ________ goods.
Question 9 options:
	
durable
	
nondurable
	
intermediate
	
service

Question 10
Depreciation is
Question 10 options:
	
what is left over from total new private investment after use for a year.
	
the total amount of private investment purchases, whether new or previously existing.
	
the total amount of new private investment purchases.
	
the wear and tear on private investment.

Question 11 
For the purposes of GDP accounting, government purchases
Question 11 options:
	
are considered part of investment.
	
are considered part of consumption.
	
include transfer payments.
	
include wages and benefits paid to government workers.

Question 12 
A trade surplus occurs when
Question 12 options:
	
a country purchases more from abroad than other countries purchase from it.
	
a country sells more abroad than it purchases from abroad.
	
a country's firms open more stores abroad than foreign firms open in the country.
	
foreign firms open more stores in a country than the country opens in foreign countries.
Save
Question 13 
The GDP equation is
Question 13 options:
	
Y = C + I + G + NX.
	
Y = C - I - G - NX.
	
C + I = G + NX.
	
C + I = Y + G + NX.

Question 14 
When gross domestic product (GDP) is adjusted by adding any income earned abroad by U.S. firms or residents which is sent back to the United States and by subtracting any income earned in the United States by non-U.S. corporations or foreign nationals which is sent back to their home countries, it is called
Question 14 options:
	
depreciation.
	
subsidized income.
	
international GDP.
	
gross national product (GNP).

Question 15 
Which of the following is the largest component of national income?
Question 15 options:
	
net interest
	
corporate profits
	
rental income
	
compensation of employees by firms

Question 16
A firm's value added can be measured as the value of its
Question 16 options:
	
profits.
	
purchases of inputs from other firms.
	
total sales.
	
total sales, less purchases from other firms.
Save
Question 17 
In the expanded circular flow diagram, the government supplies
Question 17 options:
	
goods and services to the product market.
	
factors of production to the factor market.
	
goods and services to households.
	
factors of production to firms.

Question 18 
If the economy grew at 7 percent from 2011 to 2012 and real GDP was 400 in 2011, what was real GDP in 2012?
Question 18 options:
	
393
	
400
	
407
	
428

Question 19 
Use the following information to answer the next several questions:

Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2011, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2012, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively.

Based on the information in Scenario 1, nominal GDP grew by about ________ percent from 2011 to 2012.
Question 19 options:
	
23
	
31
	
62
	
162
Question 20 
A chain-weighted index
Question 20 options:
	
is used to understate the rate of inflation.
	
uses neighboring years' data to calculate changes in nominal GDP.
	
calculates changes in prices by using an average of base years from neighboring years to obtain a more accurate measure of real GDP growth.
	
is a useful tool for determining which fence to purchase.
Question 21 
Business cycles are
Question 21 options:
	
movements in stock prices.
	
the transfer of executives between firms.
	
used to describe fluctuations in GDP.
	
a description of the time required to bring a new product to market.

The period of time in which the level of output moves from a trough to a peak is called a
Question 22 options:
	
recovery.
	
depression.
	
Question 22 
contraction.
	
plateau.

Question 23
The "expansion" of an economy occurs after
Question 23 options:
	
firms produce more goods.
	
people spend more money.
	
a trough.
	
an inflationary period.

One of the flaws of GDP is that it
Question 24 options:
	
includes only transactions that take place in formal businesses.
	
ignores transactions that do not take place in organized markets.
	
includes measures of the underground economy.
	
includes measures of changes of quality of life associated with producing output.

Suppose that a tire factory produces $825,000 of output and causes $70,000 worth of pollution as a result of production. The tire factory's official contribution to GDP would be ________ and its overall contribution to society would be ________.
Question 25 options:
	
$825,000; $895,000
	
$895,000; $825,000
	
$825,000; $755,000
	
$755,000; $825,000

GDP calculations tend to exclude all of the following EXCEPT
Question 26 options:
	
illegal transactions.
	
environmental quality.
	
work that people do for themselves in their own homes.
	
salaries paid to government employees.
	
government purchases
	
purchases by consumers of used goods
	
purchases by consumers of finished goods

Which of the following is an example of a consumption expenditure?

the construction of a new public library
	
the purchase of a ticket to a New Orleans Saints game
	
the purchase of a new fire truck
	
the salary paid to the mayor of Denver

awesome781 · Answer

this is the first one idk how it got cut off

Which of the following is NOT a component of gross domestic product?
Question 7 options:
	
net exports
	
government purchases
	
purchases by consumers of used goods
	
purchases by consumers of finished goods

awesome781 · Answer

this is the second one
Which of the following is an example of a consumption expenditure?
Question 8 options:
	
the construction of a new public library
	
the purchase of a ticket to a New Orleans Saints game
	
the purchase of a new fire truck
	
the salary paid to the mayor of Denver

awesome781 · Answer

@Myopeness