ECO 372T Wk 1 - Apply: Output, Income, and Economic Growth Test

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ECO 372T Wk 1 - Apply: Output, Income, and Economic Growth Test

What are net exports? 

The gross domestic product (GDP) concept accounts for society's valuation of the relative worth of goods and services by using a ___

If net exports is negative, it must be the case that ____

The broadest measure to adjust Nominal GDP for price changes is _____.

What is the largest expenditure component of GDP?

Nominal GDP is ____

What do government purchases include in national income accounting?

National income accounts are compiled by the ____

Economists refer to the talents, training, and education of workers as

Physical capital is

Which of the following will not increase a nation’s real GDP?

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

GDP does not include which of the following activities?

To avoid multiple counting in national income accounts, _____.

Which of the following is not an example of an intermediate good?

The GDP price index measures changes in the _____.

Which of the following is not a component of GDP in the expenditures approach?

GDP excludes most nonmarket transactions. Therefore, GDP tends to _____.

Net exports is a positive number when a nation _____.

GDP measured using base year prices is called _____.

The base year is 2005, and the GDP price index in 2004 is 92.0. This implies that the _____.

Currently, the largest component of aggregate spending in the United States is _____.

Government expenditures for social security and unemployment insurance are, for GDP accounting purposes, considered ____

In the second quarter (three-month period) of 2016, U.S. nominal GDP increased but U.S. real GDP declined.

Personal consumption expenditures consist of ___

The key variable in determining changes in a country’s standard of living is the

The benefits of economic growth are _____, while the costs of economic growth are _____.

Given the annual rate of economic growth, the "rule of 72" allows one to calculate the number of years required for real GDP to double..

Assume a nation's current production possibilities are represented by the curve AB in the above diagram. Economic growth would best be indicated by a

In the second quarter (three-month period) of 2016, U.S. nominal GDP increased but U.S. real GDP declined. What can we conclude?

Net exports is a positive number when a nation ___

Which of the following is not an example of an intermediate good?

Which of the following is not included in the sum of national income?

Which of the following is not a component of GDP in the expenditures approach?

Workers’ wages and other compensation

The gross domestic product (GDP) concept accounts for society's valuation of the relative worth of goods and services by using a ___

The GDP price index equals __

Which of the following is not an example of an intermediate good?

Which of the following will not increase a nation’s real GDP?

Real GDP refers to _____.

The consumption of fixed capital in each year's production is called _____.

Which of the following does not correctly characterize modern economic growth?

Which of the following scenarios would be included in GDP?

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

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

Arti buys a new refrigerator from Sears. 

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

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