# ECO 372 Week 1 Apply: Output, Income, and Economic Growth Homework

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ECO 372 Week 1 Apply: Output, Income, and Economic Growth Homework

Review the Week 1 Output, Income, and Economic Growth Quiz in preparation for this assignment.

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

Note: You have only one attempt available to complete assignments. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after your due date.

Which of the following scenarios would be included in GDP?

Darius unclogs the drain in his sink using the plunger he owns.

Sandra is a waitress at Morton’s Steakhouse. She receives a cash tip of \$50 that she pockets and does not report.

Pam buys a new 40-inch television at Walmart.

Miguel won \$100 in his office fantasy football league.

Which of the following expenditures is an example of a consumer durable good?

Marcus buys some new soccer cleats at the sporting goods store.

Arti buys a new refrigerator from Sears.

Latisha gets a manicure from the nail salon in the mall.

Colin buys a large coffee and a donut from Dunkin' Donuts.

The equation for net investment is written as:

Net Investment = Nominal GDP - Gross Investment

Net Investment = Gross Investment - Depreciation

Net Investment = Consumption - Gross Investment

Net Investment = Depreciation - Gross Investment

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

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

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

The major difference between nominal GDP and real GDP is:

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 constant prices, while real GDP measures output using current-year prices.

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 in current-year prices, while real GDP measures output using constant prices.

The U.S. produces and sells millions of different products. To aggregate them together into a single measure of domestic output, the quantity of each good produced is weighted by its _____.

Multiple Choice

utility to consumers

market price

contribution to corporate profits

cost of production

A nation’s nominal gross domestic product (GDP) _____.

Multiple Choice

is the dollar value of all final output produced within the borders of the nation during a specific period of time

is the dollar value of all final output produced by its citizens, regardless of where they are living

is always some amount less than C + I + G + NX

can be found by summing C + I + S + NX

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