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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