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International Economics, 10e Global Edition (Krugman/Obstfeld/Melitz)
Chapter 13 National Income Accounting and the Balance of Payments
13.1 The National Income Accounts
1.
A countrys gross national product (GNP) is
A)
the value of all final goods produced by its factors of production and sold on the market in a given time period.
B)
the value of all final goods and services produced by its factors of production, excluding land, and sold on the market in a given time period.
C)
the value of all final goods and services produced by its factors of production and sold on the market.
D)
the value of all final goods and services produced by its factors of production and sold on the market in a given time period.
E)
the value of all intermediate goods and services produced by its factors of production and sold on the market in a given time period.
Answer:
D
Page Ref: 345-350
Difficulty: Easy
2.
For most macroeconomists
A)
national income accounts and national output accounts are equal to each other.
B)
national income accounts exceed national output accounts.
C)
it is impossible to tell whether national income accounts equal to national output accounts.
D)
national income accounts is much more important than national output accounts.
E)
national output accounts exceed national income accounts.
Answer:
A
Page Ref: 345-350
Difficulty: Easy
3.
For most macroeconomists
A)
gross national product is much more important than gross national income.
B)
it is hard to tell whether gross national income equal gross national product.
C)
gross national income and gross national product are the same.
D)
gross national product exceeds gross national product.
E)
gross national income exceeds gross national product.
Answer:
C
Page Ref: 345-350
Difficulty: Easy
4.
The highest component of GNP is
A)
investment.
B)
government purchases.
C)
consumption.
D)
trade.
E)
the current
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