Using the expenditure method to estimate GDP, we would include:
A. consumption, investment, government purchases, and net exports.
B. consumption, government revenues, durable goods, and net exports.
C. consumption, investment, government purchases, and exports.
D. consumption, investment, government purchases, and imports.
62.Consumption, as a component of GDP:
A. measures spending on goods and services by private individuals and households.
B. includes nondurable goods only.
C. includes durable goods only.
D. measures spending only on goods, not services, by private individuals and households.
63.A good that would be counted as consumption in GDP would be:
A. the Subway sandwich Tony ate for lunch.
B. the $10 Tony received after winning a bet with his friend.
C. the $50 in wages Tony received that day from working all afternoon.
D. All of these would be counted as consumption in GDP.
64.A consumption good that would be counted in GDP would be:
A. the coffee Cyndi buys on her way to work in the morning.
B. Cyndi's brand new car.
C. the sunglasses Cyndi bought on clearance sale yesterday.
D. All of these will be counted as consumption in GDP.
65.A consumption good that would be counted in GDP would be:
A. a new bicycle.
B. a bottle of water.
C. a new washing machine.
D. All of these will be counted as GDP.
66.Ted moves into his first apartment. He buys a barely used washer/dryer set from Craigslist and hires a company to pick it up and deliver it to his apartment. What about this transaction will be counted in GDP?
A. The value of the washer/dryer set
B. The value of the delivery service
C. The value of the washer/dryer set and the delivery service
D. Since Craigslist listings are free, nothing about this transaction will count toward GDP.
67.Investment, as a part of GDP, includes:
A. spending on productive inputs such as factories, machines, and inventory.
B. any goods that are bought by people or firms who plan to use those purchases to produce other goods and services in the future, rather than consuming them.
C. capital goods.
D. All of these statements are true.
68.Investment, as a part of GDP, includes:
C. Both of these are included in investment.
D. Neither of these is included in investment.
69.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?
A. Consumption will increase by $1,000, and investment will increase by $200,000.
B. Consumption will increase by $210,000.
C. Investment will increase by $210,000.
D. None of these statements is correct.
70.Ace has always been a top student, so it was no surprise he won a $1,500 scholarship from the company where he worked summers to help with college expenses. Ace decides to spend his scholarship money on a new Apple Macbook before heading off to college in the fall. How will GDP be affected by Ace's recent purchases?
A. Consumption will go up by $1,500, because a computer is a durable good.
B. Investment will go up by $1,500, because a computer is a durable good.
C. GDP will not be affected, since Ace acquired the computer with scholarship money.
D. Consumption will go up by $1,500, because a computer is a nondurable good.
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