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A country's gross national product (GNP) is

• The value of all final goods and services produced by its factors of production and sold on the market in a given time period.

• The value of all intermediate goods and services produced by its factors of production and sold on the market in a given time period.

• The value of all final goods produced by its factors of production and sold on the market in a given time period.

• The value of all final goods and services produced by its factors of production and sold on the market.

For most macroeconomists,

• national income accounts and national output accounts are equal to each other.

• national income accounts exceed national output accounts.

• national output accounts exceed national income accounts.

• None of the above.

The highest component of GNP is

• the current account.

• investment.

• government purchases.

• private consumption.

The sale of

• a used textbook does enter GNP.

• a used textbook does not enter GNP, but the sale of a used house does.

• both a used textbook and a used house do not enter GNP.

• a used house does not enter GNP, but the sale of a used book does.

GNP equals GDP

• minus net receipts of factor income from the rest of the world.

• plus receipts of factor income from the rest of the world.

• minus receipts of factor income from the rest of the world.

• plus net receipts of factor income from the rest of the world.

• None of the above.

Which one of the following expressions is the most accurate?

• CA = EX - IM

• CA = IM - EX

• CA = EX = IM

• CA = EX + IM

The CA equals to

• Y - (C - I + G)

• Y + (C + I + G)

• Y - (C + I + G)

• Y - (C + I - G)

• Y - (C + I + G) = -CA, (i.e., minus the CA)

In a closed economy, national saving

• sometimes equals investment.

• always equals investment.

• is always less than investment.

• is always more than investment.

• None of the above.

Every international transaction automatically enters the balance of payments

• once either as a credit or as a debit.

• twice, once as a credit and once as a debit.

• once as a credit.

• twice, both times as debit.

• None of the above.

An American travels to Paris and pays for a $100 dinner with the credit card issued by an U.S. company. How is this accounted for in the U.S. balance of payments?

• Current account, French service import

• Current account, U.S. good export

• Financial account, U.S. asset export

• Financial account, U.S. asset import

• None of the above