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CHAPTER23:MEASURINGANATION’SINCOME
True/False
Indicatewhetherthestatementistrueorfalse.
1.Thecircularflowdiagramdescribesalltransactionsbetweenhouseholdsandfirmsinasimpleeconomyandshowstheequalityofexpendituresandincome.ANSWER:TPOINTS:
0/1
2.Grossdomesticproductincludesmostitemsproducedandsoldillicitly.ANSWER:FPOINTS:
0/1
3.Netnationalproductisthetotalincomeofanation’sresidentsminuslossesfromdepreciation.ANSWER:TPOINTS:
0/1
4.Disposablepersonalincomeistheincomethathouseholdsandunincorporatedbusinesshaveleftaftersatisfyingalltheirobligationstothegovernment.Itequalspersonalincomeminuspersonaltaxesandcertainnon-taxpaymentstogovernment.ANSWER:TPOINTS:
0/1
5.ThepurchaseofnewhousesbyhouseholdsisincludedinthecalculationofpersonalconsumptionexpendituresofGDP.ANSWER:FPOINTS:
0/1MultipleChoice
Identifythechoicethatbestcompletesthestatementoranswersthequestion.
1.WhenGDPfalls,a.incomeandexpendituremustbothfall.b.incomeandexpenditurecanbothrise.c.incomemustfall,butexpendituremayriseorfall.d.expendituremustfall,butincomemayriseorfall.ANSWER:APOINTS:
0/1
2.Incomeequalsexpenditurebecausea.firmsalwayspayoutalltheirrevenueasincometosomeone.b.eachtimeasaleismade,thereisabuyerandaseller.
c.householdsownthefactorsofproductionusedtogenerateincomes.d.Alloftheabovearecorrect.ANSWER:BPOINTS:
0/1
3.Ifaprovincemakestheproductionandsaleofillicitdrugslegal,thenGDPa.mustincrease.b.mustdecrease.c.wouldn'tchange.d.mayincreaseordecrease.ANSWER:APOINTS:
0/1
4.Whenagovernmentprovidessubsidiestoencouragegrowthofsmallbusinesses,thesubsidieswoulda.beincludedinGDPbecausetheyareinvestedbybusinesses.b.beincludedinGDPbecausetheyareaformofgovernmentspending.c.notbeincludedinGDPbecausetheyaretransferpayments.
d.mayormaynotbeincludedinGDP,dependingonhowthefundsareused.ANSWER:CPOINTS:
0/1
5.Dieselfuelisa.alwaysconsideredafinalgood.
b.countedasanintermediategoodifacompanyusesittoprovidetransportationservices.c.countedasafinalgoodifafarmerusesittorunatractortogrowcrops.d.Bothbandcarecorrect.ANSWER:BPOINTS:
0/1
6.Grossdomesticproducta.isthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiod(usuallyayear
b.istheincomeinthehandsofindividualsafterdeductingincometaxes;incomeavailabletohouseholdstospendandsave
c.isthevalueofgoodsandservicespurchasedbyalllevelsofgovernment—federal,provincial,andlocal—inagivenperiod
d.isthemarketvalueofallfinalgoodsandservicesproducedbypermanentresidentsofanationinagiventimeperiodANSWER:APOINTS:
0/1
7.Macroeconomicsisthatbranchofeconomicsthatstudiesa.theconditionsofindividualmarkets
b.theinfluenceofgovernmentsonindividualmarketsc.economy-widephenomenad.onlytheprivatesectoroftheeconomyANSWER:CPOINTS:
0/1
8.SupposethatnominalGDPis$6,000billionandrealGDPis$3,000.WhatistheGDPpricedeflator?a.125b.150c.200d.250ANSWER:CPOINTS:
0/1
9.Thepurchaseoffinalgoodsandservicesbyhouseholdsiscalleda.investment
b.publicsectorexpenditurec.consumptiond.netexportsANSWER:CPOINTS:
0/1
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