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Unit 6 : Reading Quiz # 14 : 12 points

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Unit 6 : Reading Quiz # 14 : 12 points

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  1. 1. A nation's gross domestic product (GDP): A. can be found by summing C + Ig + G + Xn.B. is the dollar value of the total output produced by its citizens, regardless of where they are living.C. can be found by summing C + S + G + Xn.D. is always some amount less than its NDP. Unit 6 : Reading Quiz # 14 : 12 points • 2. National income accountants can avoid multiple counting by:A. including transfers in their calculations.B. only counting final goods.C. counting both intermediate and final goods.D. only counting intermediate goods.

  2. 3. If intermediate goods and services were included in GDP: A. the GDP would be overstated.B. the GDP would then have to be deflated for changes in the price level.C. nominal GDP would exceed real GDP.D. the GDP would be understated. 4. Arthur sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300. Camille uses the cloth to make prom dresses that she sells to Donita for $700. Donita sells the dresses for $1200 to kids attending the prom. The total contribution to GDP of this series of transactions is: A. $1200B. $500C. $2300D. $1100

  3. 5. Which of the following best defines disposable income? A. income received by households less personal taxesB. the before-tax income received by householdsC. all income earned by resource suppliers for their current contributions to productionD. the market value of the annual output net of consumption of fixed capital 6. Real GDP refers to: A. the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income.B. GDP data that embody changes in the price level, but not changes in physical output.C. GDP data that reflect changes in both physical output and the price level.D. GDP data that have been adjusted for changes in the price level.

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