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Macroeconomics, 10e (Parkin)
Chapter 4 Measuring GDP and Economic Growth
1 Gross Domestic Product
1) Gross domestic product is the total ________ produced within a country in a given time
period.
A) market value of all final and intermediate goods and services
B) market value of all goods and services
C) amount of final and intermediate goods and services
D) market value of all final goods and services
Answer: D
Topic: GDP
Skill: Recognition
Question history: Previous edition, Chapter 4
AACSB: Reflective Thinking
2) Gross domestic product
A) includes all the goods and none of the services produced in an economy in a given time
period.
B) measures the value of the aggregate production of goods and services in a country during a
given time period.
C) measures the value of labor payments generated in an economy in a given time period.
D) is generally less than federal expenditure in any time period.
Answer: B
Topic: GDP
Skill: Recognition
Question history: Previous edition, Chapter 4
AACSB: Reflective Thinking
3) Gross domestic product is a measure of the total value of all
A) sales in an economy over a period of time.
B) consumer income in an economy over a period of time.
C) capital accumulation in an economy over a period of time.
D) final goods and services produced in an economy over a period of time.
Answer: D
Topic: GDP
Skill: Recognition
Question history: Previous edition, Chapter 4
AACSB: Reflective Thinking
1
Copyright © 2012 Pearson Education, Inc.
4) Gross domestic product (GDP) is the ________ in a given time period.
A) value of personal consumption expenditures, gross private domestic investment, and federal
government expenditures
B) sum of wage and salary compensation of employees and corporate profits
C) value of all final and intermediate goods and services produced by the economy excluding
those goods e
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