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Exam 24: Measuring the Wealth of Nations

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Question 31

Multiple Choice

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Quarterly GDP:

A) is typically shown as a seasonally adjusted estimate at an annual rate.
B) takes account of predictable seasonal patterns to guess at annual GDP.
C) is adjusted for predictable,seasonal variation to predict what GDP would be if the economy continues at its current pace.
D) All of these statements are true.

E) A) and B)
F) A) and C)

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Question 32

Multiple Choice

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Intermediate goods and services are:

A) used only as inputs to produce something else and are not counted in GDP.
B) goods that consumers buy in parts-like a new tire for their car-and are included in GDP.
C) used only as inputs to produce something else and are counted in GDP.
D) goods that consumers buy in parts-like a new tire for their car-and are not included in GDP.

E) A) and B)
F) A) and D)

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Question 33

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If the GDP of Macroland is $250,000,000 and they have a population of 5,000 people,then the GDP per capita is:

An example of an intermediate good would be:

If we add up all the money people spend buying final goods and services-being careful to omit spending on intermediate goods so as not to double-count-the sum will be:

John is a U.S.citizen who works for Walmart located in France.John's work contributes to:

Intermediate goods are not included in GDP because:

In macroeconomics,which of the following topic would likely be studied?

Which of the following activities would be included in GDP?

Which of the following does not appear in GDP as a part of government spending?

If consumption is $6 billion,investment is $3 billion,government purchases are $1 billion,and GDP is $12 billion,then net exports must equal:

Upon getting a big promotion,Sally decides to buy a house in the neighborhood she grew up in as a child.In fact,the house she buys used to belong to a neighbor of hers,and so she's certain it's in good shape and well worth the $200,000 she pays for it.The only thing Sally needs to do is replace all the gutters for $1,000,which she happily does.How will GDP be affected by Sally's recent purchases?

Which of the following is not a final good or service?

An example of a final good is:

If consumption is $8 billion,investments is $4 billion,government purchases are $2 billion,imports are $1 billion,and exports are $2 billion,GDP must equal:

Which of the following activities would be included in GDP?

An example of a transfer payment is:

At the end of the year,Ford realizes it has overproduced Fiestas,because 2,500 of them are left unsold.How is this accounted for in that year's GDP?

Inventory is:

In a simple closed economy,the income approach to calculating GDP is: