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1102E - CHAPTER 2

Authored by Quang Nguyá»…n

Social Studies

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1102E - CHAPTER 2
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total market value of all final goods and services produced within a given period by factors of production located within a country is

gross domestic product.
gross national product.
net national product.
net national income.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a final good or service?

wheat a bakery purchases to make bread
coffee beans Starbucks purchases to make coffee
lumber purchased by a construction company to used in building houses
a computer purchased by Federal Express to track shipments

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Double counting can be avoided by

including the value of intermediate goods in the current year.
not counting the value of intermediate goods in GDP.
including the value of intermediate goods in the GNP but not in the GDP.
including the value of intermediate goods in the production year but not in the selling year of those goods.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross national product is the total market value of

all final and intermediate goods and service produced by resources owned by a country in a given year.
all final and intermediate goods and services produced in a country, regardless of who owns the resources.
all final goods and services produced in a country in a given year, regardless of who owns the resources.
all final goods and services produced by resources owned by a country, regardless of where production takes place.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is included in both the U.S. GDP and GNP?

The value of all cars produced by Ford in Mexico.
The value of all cars produced by General Motors in the U.S.
The value of all cars produced by Toyota in the U.S.
The value of cars produced by Nissan in Japan and the U.S.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of what KFC produces in Japan is included in the U.S. ________ and in the Japanese ________.

GDP; GDP
GNP; GNP
GNP; GDP
GDP; GNP

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Profits earned in the United States by foreign-owned companies are included in

the U.S. GDP but not GNP.
neither the U.S. GDP nor GNP.
the U.S. GNP but not GDP.
both the U.S. GDP and GNP.

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