Chapter 25 Q-A

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The National Income and Product Accounts (NIPA) help economists and policymakers to:

follow the long-run course of the economy to determine whether it has grown or stagnated.

The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the:

Bureau of Economic Analysis.

The system that measures the economy’s overall performance is formally known as:

national income accounting.

A nation’s gross domestic product (GDP):

is the dollar value of all final output produced within the borders of the nation during a specific period of time.

A nation’s gross domestic product (GDP):

A. can be found by summing C + Ig + G + Xn.

GDP is the:

monetary value of all final goods and services produced within the borders of a nation in a particular year.

Suppose Smith pays $100 to Jones.

We need more information to determine whether GDP has changed.

Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:

GDP in 2010 is $450 billion.

National income accountants can avoid multiple counting by:

only counting final goods.

Gross domestic product (GDP) measures and reports output:

in dollar amounts and percentage growth.

By summing the dollar value of all market transactions in the economy, we would:

obtain a sum substantially larger than the GDP.

Final goods and services refer to:

goods and services purchased by ultimate users, rather than for resale or further processing.

If intermediate goods and services were included in GDP:

the GDP would be overstated.

Which of the following is a final good or service?

A haircut purchased by a father for his 12 year-old son.

Which of the following is an intermediate good?

The purchase of baseball uniforms by a professional baseball team.

Tom Atoe grows fruits and vegetables for home consumption. This activity is:

productive but is excluded from GDP because no market transaction occurs.

The value added of a firm is the market value of:

a firm’s output less the value of the inputs bought from others.

Which of the following transactions would be included in GDP?

Peter buys a newly constructed house.

Value added refers to:

the difference between the value of a firm’s output and the value of the inputs it has purchased from others.

Value added can be determined by:

subtracting the purchase of intermediate products from the value of the sales of final products.

If depreciation exceeds gross investment:

the economy’s stock of capital is shrinking.

The concept of net domestic investment refers to:

total investment less the amount of investment goods used up in producing the year’s output.

GDP can be calculated by summing:

consumption, investment, government purchases, and net exports.

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