WorksheetsChapter 8 Econ 2301 Quiz
Total questions: 9
Worksheet time: 5mins
Gross Domestic Product is calculated by summing up
the total quantity of goods and services in the economy
the total quantity of goods and services produced in the economy during a period of time
the total market value of goods and services in the economy
the total market value of final goods and services produced in the economy during a period of time
Which of the following goods is directly counted in GDP?
the lettuce that Subway purchases for its sandwiches
the bread that Subway purchases for its sandwiches
a 12-inch Subway sandwich purchased by a student
the plastic bags that Subway purchases to wrap its sandwiches
Which of the following is NOT directly counted in GDP?
investment expenditures
government purchases
intermediate goods
consumer goods
In the circular flow model, the value of total income for an economy ____ the value of total production.
equals
is greater than
is less than
may be greater than or less than
Which of the following is NOT a durable good?
furniture
automobile
clothing
refrigerator
To calculate GDP by the expenditure method, one must add
wages, rents, interest, and profit
consumption spending, investment spending, government purchases, and net exports
consumption spending, investment spending, government purchases, and exports
labor, natural resources, entrepreneurship, and capital
A transfer payment is a payment by the government to an individual
for a debt owed
for an investment good
for a consumption good
for which the government does not receive a good or service in return
Which of the following equations correctly measures GDP in an economy?
GDP = C + I + G + X
GDP = C + net I + G + NX
GDP = C + I + G + NX
GDP = C + G + I - taxes
Total income in an economy is equal to
GDP minus net exports
income minus taxes
the sum of wages, interest, rent, and profit
firm revenues
