# ECO 372T Wk 1 - Practice: Measuring Output and Income Quiz

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ECO 372T Wk 1 - Practice: Measuring Output and Income Quiz

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

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

GDP tends to overstate economic well-being because it takes into account _____.

Multiple Choice

expenditures undertaken to  pollution

illegal activities of individuals and businesses

nonmarket activities, such as the productive work of homemakers

improvements in product quality over time

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