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					              Gross domestic product (GDP) equals the ______
1   INCORRECT of final _______ produced within a country during
              a given period of time.

                     A)market value; goods

                     B)market value; services

                     C)market value; goods and services

                     D)quantity; goods

                     E)quantity; goods and services




                 Goods and services that are used up in the
2   CORRECT      production of other goods and services are called
                 _____ goods and services.

                     A)intermediate

                     B)final

                     C)value added

                     D)nominal

                     E)real




3   CORRECT      Consumption spending includes spending on:


                     A)durables, nondurables, and services.

                     B)stocks, bonds, and other financial
                       instruments.

                     C)capital goods, residential housing, and
                      changes in inventories.

                    D)goods and services by federal, state, and
                      local governments.

                    E)goods and services sold abroad minus
                      goods and services produced abroad.




                Which of the following would increase the
4   INCORRECT
                investment component of U.S. GDP?

                    A)You purchase a vacation at Disney World in
                      Florida.

                    B)You purchase shares of Disney stock.

                    C)Disney World purchases tires for the
                      monorail from a firm in Ohio.

                    D)A French man purchases a vacation at a
                      Disney theme park in France.

                    E)A French child purchases mouse ears made
                      in California at a Disney theme park in
                      France.




5   INCORRECT Net exports equal:

                    A)the value added of exports.

                    B)exports minus imports.

                    C)the market value of exports.

                    D)exports plus imports.
                   E)exports minus depreciation.




                The number of unemployed divided by the labor
6   INCORRECT
                force equals the:

                   A)labor-force participation rate.

                   B)employment rate.

                   C)unemployment rate.

                   D)duration rate.

                   E)unemployment spell rate.




                The number of people unemployed and employed
7   INCORRECT
                equals the:

                   A)working age population.

                   B)labor force.

                   C)employment rate.

                   D)unemployment rate.

                   E)participation rate.




                Nominal GDP is measured in _____ prices and
8   INCORRECT
                real GDP is measured in _____ prices.

                   A)final; value-added
                      B)current-year; base-year

                      C)normative; positive

                      D)monetary; fiscal

                      E)aggregate; microeconomic




               The market value of a firm's product minus the
 9   INCORRECT cost of inputs purchased from other firms is
               called:

                      A)profits.

                      B)investment.

                      C)real GDP.

                      D)capital.

                      E)value added.




10   INCORRECT Discouraged workers are counted as:

                      A)unemployed.

                      B)employed.

                      C)out of the labor force.

                      D)part-time workers.

                      E)chronically unemployed.

				
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posted:7/25/2011
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