Gross domestic product (GDP)
a.is gross national product (GNP) less income earned by foreigners working domestically.
b.is different from GNP because GDP includes domestically owned resources in foreign countries.
c.is different from GNP because GDP measures only output produced domestically.
d.counts all income received by foreign citizens.
e.is gross national product (GNP) plus domestic income from abroad.
22.C + I + G + X equals
a.net national product.
b.disposable personal income.
e.gross domestic product.
23.Gross domestic product is the sum of
a.consumption spending, investment spending, government purchases, and net exports.
b.the value of output produced at all stages of production, including intermediate goods.
c.consumption spending, saving, investment, and net exports.
d.consumption spending, saving, investment, government spending, taxes, and net exports.
e.the value of all monetary transactions in the economy.
24.Consider GDP calculated as expenditures. GDP would increase if
e.government spending decreased.
25.For a hypothetical economy in a given year, GDP was $1,171, consumption equaled $482, investment equaled $286, goods exported equaled $198, and goods imported equaled $57. What was government spending equal to?
e.None of these numbers are correct.
26.GDP can be calculated by adding
a.wages, rent, interest, and profits.
b.consumption, gross investment, depreciation, and net exports.
c.depreciation, net factor income from abroad, and indirect business taxes.
d.gross investment, wages, profits, rent, and indirect business taxes.
e.consumption, profits, interest, rent, and net exports.
27.World GDP is ____ World GNP.
d.sometimes more than and sometimes less than
e.cannot be calculated
28.Which of the following is included in figuring GDP as income?
29.A reduction in the value of capital goods over time due to their use in production is called
a.waste of finite resources.
30.GDP can be calculated by all of the following except:
a.summing the market value of all final goods and services produced in a year
b.summing the value added at each stage of production
c.adding total expenditures on goods and services
d.using the total income earned in the production of goods and services, subtracting net factor income from abroad, and adding depreciation and indirect business taxes
e.None ? all of these can be used to calculate GDP.
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