Question 1

Gross domestic product measures

Accepted Answer

A)  income and expenditures.
B)  income but not expenditures.
C)  expenditures but not income.
D)  neither income nor expenditures.E) B) and C)
F) A) and D)

Question 2

Table 23-2
The table below contains data for country A for the year 2010. 
-Refer to Table 23-2. What was country A's investment in 2010?

Accepted Answer

A)  $1178
B)  $1295
C)  $1882
D)  $1999E) All of the above
F) A) and B)

Question 3

GDP is a good measure of economic well-being for all purposes.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following transactions adds to U.S. GDP for 2015?

Accepted Answer

A)  In 2015, Ann sells a car that she bought in 2011 to Bill for $7,000.
B)  An American management consultant works in Canada during the summer of 2015 and earns the equivalent of $40,000 during that time.
C)  When Ken and Kim were both single, they lived in separate apartments and each paid $800 in rent. Ken and Kim got married in 2015 and they bought a previously unoccupied house that, according to reliable estimates, could be rented for $1,700 per month.
D)  None of the above transactions adds to U.S. GDP for 2015.E) All of the above
F) A) and B)

Question 5

An economy's income is the same as its expenditure because every transaction has a buyer and a seller.

Accepted Answer

A) True 
 B)False

Question 6

Tyler and Camille both live in Oklahoma. A new-car dealer in Oklahoma bought a new car from the manufacturer for $18,000 and sold it to Tyler for $22,000. Later that year, Tyler sold the car to Camille for $17,000. By how much did these transactions contribute to U.S. GDP for the year?

Accepted Answer

A)  $18,000
B)  $22,000
C)  $39,000
D)  $57,000E) C) and D)
F) A) and B)

Question 7

For an economy as a whole, income must equal expenditure because

Accepted Answer

A)  the number of firms is equal to the number of households in an economy.
B)  individuals can only spend what they earn each period.
C)  every dollar of spending by some buyer is a dollar of income for some seller.
D)  every dollar of saving by some consumer is a dollar of spending by some other consumer.E) C) and D)
F) B) and D)

Exam 23: Measuring a Nation S Income

GDP is a good measure of economic well-being for all purposes.

Correct Answer
verified

Gross domestic product measures

Correct Answer
verified

For an economy as a whole, income must equal expenditure because

Correct Answer
verified

Tyler and Camille both live in Oklahoma. A new-car dealer in Oklahoma bought a new car from the manufacturer for $18,000 and sold it to Tyler for $22,000. Later that year, Tyler sold the car to Camille for $17,000. By how much did these transactions contribute to U.S. GDP for the year?

Correct Answer
verified

Which of the following transactions adds to U.S. GDP for 2015?

Correct Answer
verified

Table 23-2 The table below contains data for country A for the year 2010. -Refer to Table 23-2. What was country A's investment in 2010?

Correct Answer
verified

An economy's income is the same as its expenditure because every transaction has a buyer and a seller.

Correct Answer
verified

Exam 23: Measuring a Nation S Income

GDP is a good measure of economic well-being for all purposes.

Correct AnswerverifiedShow Answer

Gross domestic product measures

Correct AnswerverifiedShow Answer

For an economy as a whole, income must equal expenditure because

Correct AnswerverifiedShow Answer

Tyler and Camille both live in Oklahoma. A new-car dealer in Oklahoma bought a new car from the manufacturer for $18,000 and sold it to Tyler for $22,000. Later that year, Tyler sold the car to Camille for $17,000. By how much did these transactions contribute to U.S. GDP for the year?

Correct AnswerverifiedShow Answer

Which of the following transactions adds to U.S. GDP for 2015?

Correct AnswerverifiedShow Answer

Table 23-2 The table below contains data for country A for the year 2010. -Refer to Table 23-2. What was country A's investment in 2010?

Correct AnswerverifiedShow Answer

An economy's income is the same as its expenditure because every transaction has a buyer and a seller.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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