Exam 5: Gross Domestic Product

When GDP is measured as the total payments made to households that furnish the resources used to produce the final goods and services, it is known as:

Which of the following expenditures would not be included in GDP?

Exhibit 5-8 GDP data (billions of dollars) In Exhibit 5-8, personal income (PI)equals:

If you buy a brand new, American-made laptop computer to use for taking notes in your economics class, then it will be counted as:

Why is it important to distinguish nominal GDP from real GDP?

National income is equal to gross domestic product minus:

Gross domestic product is the total dollar value at current prices of all final and intermediate goods produced by a nation during a given time period.

Personal income is:

The income that people earn in resource or factor markets is called:

Exhibit 5-11 GDP data (billions of dollars) In Exhibit 5-11, disposable personal income (DI)equals:

To get personal income from national income, one must:

In the circular flow model, who is a seller in the factor markets and a buyer in the product markets?

Personal income equals disposable personal income plus:

Which of the following purchases would be counted as a final good in the GDP calculation?

Which of the following would be included in the government expenditures component of GDP?

Which one of the following would count as investment in the GDP accounts?

Exhibit 5-9 GDP data (billions of dollars) In Exhibit 5-9, and using the expenditures approach, gross domestic product (GDP)equals:

Which of the following would be classified as a personal consumption expenditure?

Using the income approach, the largest component in the calculation of GDP is:

Which of the following correctly gives us national income (NI)?