ECO 372 Week 1 Practice: Output, Income, and Economic Growth Quiz | eBooks | Education

ECO 372 Week 1 Practice: Output, Income, and Economic Growth Quiz

ECO 372 Week 1 Practice: Output, Income, and Economic Growth Quiz PLDZ-9683 Free
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ECO 372 Week 1 Practice: Output, Income, and Economic Growth Quiz

Complete the Week 1 Output, Income, and Economic Growth Quiz in McGraw-Hill Connect®by Day 5. These are randomized questions.

Note: You have unlimited attempts available to complete practice assignments. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after your due date.

 

Which of the following ly describes GDP using the income approach?

 

GDP = Consumption + Gross Investment + Net Exports + Government Purchases

 

GDP = Wages + Rents + Interest + Profits and Losses

 

GDP = National Income + Indirect Business Taxes + Depreciation + Net Foreign Factor Income 

 

GDP = Wages + Rents + Interest + Profits and Losses + National Income

 

Which of the following statements ly explains exports versus net exports?

 

Exports are goods, services, or resources produced domestically and sold abroad, while net exports are equal to exports minus imports. 

 

Exports are goods, services, or resources produced domestically and sold abroad, while net exports are equal to imports minus exports.

 

Exports are goods, services, or resources produced abroad and sold domestically, while net exports are equal to exports minus imports.

 

Exports are goods, services, or resources produced abroad and sold domestically, while net exports are equal to imports minus exports.

 

 

The major difference between nominal GDP and real GDP is:

nominal GDP measures the value of output with current-year output levels, while real GDP measures output using constant output levels.

 

nominal GDP measures the value of output with constant output levels, while real GDP measures output using current-year output levels.

 

nominal GDP measures the value of output in current-year prices, while real GDP measures output using constant prices. 

 

nominal GDP measures the value of output in constant prices, while real GDP measures output using current-year prices.

 

 

 

Determine whether each of the following examples would be included in Gross Domestic Product (GDP).

 

 

     Judy's purchase of potatoes 

 

     The purchase of the tires  

 

     The purchase of the two fighter jets  

 

     Joey's birthday gift of $100 

 

 

 

Henry and his girlfriend ate dinner at the new Thai restaurant that recently opened in his neighborhood. This expenditure would be included in:

 

consumer durables.

 

 

government purchases.

 

consumer nondurables.

 

The equation for net investment is written as:

 

Net Investment = Nominal GDP - Gross Investment

 

Net Investment = Gross Investment - Depreciation 

 

Net Investment = Depreciation - Gross Investment

 

Net Investment = Consumption - Gross Investment

 

 

 

Which of the following measures is most often used to compare the standards of living in different countries?

 

Multiple Choice

 

 

daily per capita calorie supply

 

per capita income

 

life expectancy at birth

 

per capita energy consumption

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