Macroecomonics

Feb 3rd, 2012
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Principle of Macroeconomic Chapter 7

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Tutorial Principles of Macroeconomics Chapter 071.GDP is the total market value of:A.All expenditures on natural resources, labor, and capital goods in an economy in a given yearB.All expenditures on consumption, investment, and net exports in an economy in a given yearC.All intermediate goods and services produced in an economy in a given yearD.All final goods and services produced in an economy in a given year2.To avoid multiple counting in national income accounts, only:A.Final goods and services should be countedB.Intermediate goods and services should be countedC.Both final and intermediate goods and services should be countedD.Primary, intermediate, and final goods and services should be counted3.Adding the market value of all final and intermediate goods and services in an economy in a given year would result in:A.The calculation of GDP for that yearB.The calculation of NDP for that yearC.An amount less than GDP for that yearD.An amount greater than GDP for that year4.An example of an intermediate good or service would be:A.Bricks bought by a homeowner for constructing a patioB.Sacks of groceries bought by a dentist for his familyC.A car bought by a stockbroker for commuting to workD.A desk bought by an accountant for her office5.An example of an intermediate good or service would be:A.A calculator purchased by a college student for taking examsB.Gasoline used by an insurance agent

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