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Gross domestic product measures

• income and expenditures

• income but not expenditures

• expenditures but not income.

• neither income nor expenditures.

For an economy as a whole,

• wages must equal profit.

• consumption must equal saving.

• income must equal expenditure.

• the number of buyers must equal the number of sellers.

GDP is defined as the

• value of all goods and services produced within a country in a given period of time.

• value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.

• value of all final goods and services produced within a country in a given period of time.

• value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.

In order to include many different goods and services in an aggregate measure, GDP is computed using, primarily

• values of goods and services based on surveys of consumers.

• market prices.

• quantities purchased by a typical urban household.

• profits from producing goods and services.

GDP is equal to

• the market value of all final goods and services produced within a country in a given period of time.

• Y.

• C+I+G+ NX.

• All of the above are correct.

Consumption consists of spending by households on goods and services, with the exception of

• purchases of intangible services.

• purchases of durable goods.

• purchases of new houses.

• spending on education.

John buys a used car for $5,400 and spends $600 on new parts, made in the U.S., to fix the car. The end result of these two transactions is

• U.S. consumption purchases increase by $5,400 and U.S. GDP increases by $5,400.

• U.S. consumption purchases increase by $6,000 and U.S. GDP increases by $6,000.

• U.S. consumption purchases increase by $600 and U.S. GDP increases by $600.

• U.S. consumption purchases increase by $600 and U.S. GDP increases by $6,000.

If a U.S. citizen buys a dress made in Nepal by a Nepalese firm, then

• U.S. consumption increases, U.S. net exports decrease, and U.S. GDP decreases.

• U.S. consumption increases, U.S. net exports decrease, and U.S. GDP is unaffected.

• U.S. consumption decreases, U.S. net exports increase, and U.S. GDP increases.

• U.S. consumption decreases, U.S. net exports increase, and U.S. GDP is unaffected.

If a U.S. citizen buys a television made in Korea by a Korean firm, then

• U.S. net exports decrease and U.S. GDP decreases.

• U.S. net exports are unaffected and U.S. GDP decreases.

• U.S. net exports are unaffected and U.S. GDP is unaffected.

• U.S. net exports decrease and U.S. GDP is unaffected.

The local Chevrolet dealership has an increase in inventory of 25 newly produced cars in 2006. In 2007, it sells all 25 cars. Which of the following statements is correct?

• The value of the cars in inventory will be counted as part of 2006 GDP, and the value of the cars sold in 2007 will not increase 2007 GDP.

• The value of the cars in inventory will not affect 2006 GDP, and the value of the cars sold in 2007 will increase 2007 GDP.

• The value of the cars in inventory will be counted as part of 2006 GDP, and the value of the cars sold in 2007 will increase 2007 GDP.

• The value of the cars in inventory will not affect 2006 GDP, and the value of the cars sold in 2007 will not increase 2007 GDP.