Ch.8 - ECON 201

Personal income is the total income of households before paying personal income taxes.

• True

• False

Gross national product (GNP) The total market value of all final goods and services produced within a given period by factors of production owned by a country’s citizens, regardless of where the output is produced

• True

• False

Intermediate goods are not counted as part of gross domestic product.

• True

• False

For the purpose of GDP accounting, consumption expenditures include durable goods, nondurable goods, and services.

• True

• False

Nominal GDP uses current year prices to measure GDP

• True

• False

As a component of GDP, consumption expenditures refers to purchases by consumers of currently produced goods and services.

• True

• False

Net exports are total imports minus total exports.

• True

• False

The value of all final goods and services produced during a given time period measures a nation's

• gross domestic product.

• net national product.

• consumer price index.

• net exports