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Changes in real GDP reflect only changes in the amounts being produced.

A) True
B) False

Correct Answer

verifed

verified

Expenditures by households on education are included in the consumption component of GDP.

A) True
B) False

Correct Answer

verifed

verified

The output of goods and services produced in the United States has grown on average 3 percent per year since 1965.

A) True
B) False

Correct Answer

verifed

verified

GDP excludes the purchases of sliced bread by a sandwich shop,because the bread is an intermediate good in this case.

A) True
B) False

Correct Answer

verifed

verified

U.S.GDP includes estimates of the value of items that are produced and consumed at home,such as housework and car maintenance.

A) True
B) False

Correct Answer

verifed

verified

The investment component of GDP refers to financial investment in stocks and bonds.

A) True
B) False

Correct Answer

verifed

verified

If real GDP and the GDP deflator both rise,then it must be that nominal GDP rose.

A) True
B) False

Correct Answer

verifed

verified

Recessions are associated with lower incomes,rising unemployment,and falling profits.

A) True
B) False

Correct Answer

verifed

verified

GDP can be measured in terms of expenditures but not income,since income is subject to taxation.

A) True
B) False

Correct Answer

verifed

verified

Most goods whose purchases are included in the investment component of GDP are used to produce other goods in future periods.

A) True
B) False

Correct Answer

verifed

verified

While GDP includes tangible goods such as books and bug spray,it excludes intangible services such as the services provided by teachers and exterminators.

A) True
B) False

Correct Answer

verifed

verified

Real GDP per person tells us the income and expenditure of the average person in the economy.

A) True
B) False

Correct Answer

verifed

verified

The term real GDP refers to a country's actual GDP as opposed to its estimated GDP.

A) True
B) False

Correct Answer

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verified

When the U.S.government purchases capital equipment,such as a computer,these expenditures are part of investment in GDP.

A) True
B) False

Correct Answer

verifed

verified

If consumption is $1800,GDP is $4300,government purchases are $1000,imports are $700,and investment is $1200,then exports are $300.

A) True
B) False

Correct Answer

verifed

verified

Microeconomics and macroeconomics are closely linked.

A) True
B) False

Correct Answer

verifed

verified

GDP is the market value of all final goods and services produced within a country in a given period of time.

A) True
B) False

Correct Answer

verifed

verified

If a good produced this quarter goes into inventory,then it is included in this period's GDP.If it is sold in the next quarter,it will have no effect on GDP.

A) True
B) False

Correct Answer

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verified

An economy's income is the same as its expenditure because every transaction has a buyer and a seller.

A) True
B) False

Correct Answer

verifed

verified

GDP is a useful measure since it provides a single measure of the value of the entire variety of goods and services produced by an economy. ā€‹

A) True
B) False

Correct Answer

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verified

Showing 61 - 80 of 86

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