Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 2, Problem 2MCQ
To determine
To select:
The statement which is correct about the production in US production.
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Students have asked these similar questions
How does U.S. gross domestic product (GDP) differ from U.S. gross national product (GNP)?
Select one:
a. GNP = GDP - losses from depreciation
b. GNP = GDP - depreciation - retained earnings
c. GNP = GDP + transfer payments to households +- indirect sales taxes
d. GNP = GDP + income earned by U.S. citizens abroad - income that foreign citizens earned in the U.S.
1. China has a greater GDP value than Canada. Their national GDP is currently 2nd in the world. Why might Canada still be better off in terms of Standards of Living?
a) All of the following are correct statements.
b) Canada's spending on GDP has a greater percentage going towards health, education and social welfare programs.
c) Canada's economic growth has been more environmentally friendly and has caused less damage to their environment.
d) There is less extremes between those who have money and those who do not. Hence the wealth in Canada is more evenly spread out when compared to China.
e) Canada has a smaller population so our GDP per capita is greater.
Classify each of the following items as a final good or an intermediate good, and classify the expenditure on each final good as consumption expenditure or investment:
Item 1. New aircraft bought by Southwest Airlines
Item 2. Jet engines bought by Boeing
Item 3. The ringtone you bought today
Item 4. A new apartment building
Item 1 is _______ and item 2 is _______.
A.
an intermediate good;
an intermediate good
B.
a final good that is investment;
an intermediate good
C.
a final good that is investment;
a final good that is consumption expenditure
D.
an intermediate good;
a final good that is consumption expenditure
Item 3 is _______ and item 4 is _______.
A.
a final good that is consumption expenditure;
a final good that is investment
B.
a final good that is consumption expenditure;
an intermediate good
C.
a final good that is investment;
a final good that is investment
D.
a final good that is…
Chapter 2 Solutions
Foundations of Economics (8th Edition)
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
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