MACROECONOMICS FOR TODAY
10th Edition
ISBN: 9781337613057
Author: Tucker
Publisher: CENGAGE L
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Question
Chapter 5, Problem 8SQ
To determine
The items included in the calculation of
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Chapter 5 Solutions
MACROECONOMICS FOR TODAY
Ch. 5.6 - Prob. 1YTECh. 5 - Prob. 1SQPCh. 5 - Prob. 2SQPCh. 5 - Prob. 3SQPCh. 5 - Prob. 4SQPCh. 5 - Prob. 5SQPCh. 5 - Prob. 6SQPCh. 5 - Prob. 7SQPCh. 5 - Prob. 8SQPCh. 5 - Prob. 9SQP
Ch. 5 - Prob. 10SQPCh. 5 - Prob. 11SQPCh. 5 - Prob. 12SQPCh. 5 - Prob. 13SQPCh. 5 - Prob. 1SQCh. 5 - Prob. 2SQCh. 5 - Prob. 3SQCh. 5 - Prob. 4SQCh. 5 - Prob. 5SQCh. 5 - Prob. 6SQCh. 5 - Prob. 7SQCh. 5 - Prob. 8SQCh. 5 - Prob. 9SQCh. 5 - Prob. 10SQCh. 5 - Prob. 11SQCh. 5 - Prob. 12SQCh. 5 - Prob. 13SQCh. 5 - Prob. 14SQCh. 5 - Prob. 15SQCh. 5 - Prob. 16SQCh. 5 - Prob. 17SQCh. 5 - Prob. 18SQCh. 5 - Prob. 19SQCh. 5 - Prob. 20SQ
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- Investment is a small part of GDP so it accounts for a small share of the fluctuation of GDP a small share of GDP but accounts for a large share of the fluctuation in GDP large part of GDP so it accounts for a large share of fluctuation in GDP large share of GDP and accounts for a small share of the fluctuation in GDParrow_forwardThe omission of household production from GDP means that GDP total production and the growth rate of total production. A. overestimates; underestimates B. underestimates; underestimates C. underestimates; overestimates D. overestimates; overestimates E. underestimates; does not biasarrow_forwardHow 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.arrow_forward
- U.S. nominal GDP is substantially higher today than it was 60 years ago. What does this tell us about the well-being of U.S. residents?arrow_forwardAlthough GDP is a reasonably good measure of a nation’s output, it is not an accurate measure of a nation’s well-being. Which of the following options are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all that apply. A. The variety of goods available to consumersB. Funds spent by state governments to build highwaysC. The costs of overfishing and other overly intensive uses of resourcesD. The value of babysitting services, when the babysitter is paid in cash and the transaction isn’t reported to the governmentE. The parts of a car manufactured in the United States that are produced in Canadaarrow_forwardWhat does the term "GDP" stand for in economics? a) Gross Domestic Product b) General Demand Principle c) Government Debt Payment d) Growth Development Planarrow_forward
- What does GDP stand for in economics?A) Gross Domestic ProfitB) Gross Domestic PriceC) Gross Domestic ProductD) Gross Domestic Percentagearrow_forwardA car that is produces in 2012 is not sold until 2013. According the definition of GDP, in which year's GDP should it counted?arrow_forwardWhich of the following statements is FALSE? A. The GDP of a country equals the value of final output produced within the borders of that country B. The GNP of a country equals the value of final output produced using factors owned by residents of the country. C. GDP = net income received from abroad by residents of a nation + GNP D. GDP represents the most commonly used measure of an economy’s outputarrow_forward
- Which of the following is not true for GDP? a. GDP covers outputs made in the past 5 years b. GDP is not an accurate measure of human welfare c. GDP reflects medical expenditure but not mortality rates d. GDP does not measure income inequalityarrow_forwardThe financial sector of a country is very small. Local banks refuse many clients because they do not have enough capacity. As a result, some households put their savings in banks of neighboring countries. Which of the following is most likely ? Select one: a. GDP is greater than GNP. b. GDP and GNP are equal c. GNP is greater than GDP d. It is not possible to say anything on GDP and GNParrow_forwardThe GDP for a small economy in 2010 was $9,950. This was composed by $4,600 of consumption, $2,650 of investments, $2,100 of government purchases, and $4,550 of exports. In this case what is the amount of imports for this economy in 2010? Select one: a. $3,550 b. $3,950 c. $4,780 d. None of the answers are correct e. $4,120arrow_forward
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