Homework Answers
Ans) the correct option is a) uses the payments paid to the four resources used to produce goods and services to estimate GDP
the income approach estimates GDP by summing up the wages, rents, profits, and interest paid by businesses to household.
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The income approach to measuring GDP Multiple Choice uses the payments paid to the four resources...
1.There are two approaches to measuring gross domestic product (GDP), expenditures approach and income approach. Expen...
1.There are two approaches to measuring gross domestic product (GDP), expenditures approach and income approach. Expenditures approach is comprised of consumption expenditures, investment expenditures, government expenditures plus net exports (exports minus imports). Households create income by supplying their labor to the firms. What items is the incomes approach comprised of? Hint: one item is compensation of employees. 2.Factor incomes are comprised of wages, interest, rent and capital. GDP does not measure certain items, what are they and why? What constitutes...
1. Government transfer payments are: Multiple Choice a. included in GDP under the personal consumption of...
1. Government transfer payments are: Multiple Choice a. included in GDP under the personal consumption of the recipient. b. not included in GDP since the recipient will use the funds to purchase final goods and services. c. included in GDP to account for the tax revenue that is generated to pay for them. d. included in GDP under government spending. 2. The purchase of a new television produced in Japan will be included in GDP as: Multiple Choice a. an...
When using the income approach to calculate nominal GDP, you should Multiple Choice subtract indirect business...
When using the income approach to calculate nominal GDP, you should Multiple Choice subtract indirect business taxes add indirect business taxes subtract transfer payments add transfer payments
In the expenditures approach of national income accounting, C, Ig and G include expenditures for Multiple...
In the expenditures approach of national income accounting, C, Ig and G include expenditures for Multiple Choice domestically produced goods and services only. exported goods and services. domestically produced as well as imported goods and services the private sector of the economy only. <Prev 14 of 50 Ned> 000 FA @ $ A & 3 4 5 E R T Y U O CO Value added by a firm is the market value of the firm's output minus the Multiple...
GDP is the Multiple Cholce national income minus all nonincome charges against output monetary value of...
GDP is the Multiple Cholce national income minus all nonincome charges against output monetary value of all economic resources used in producing a year's output monetary value of all goods and services, final and intermediate, produced in a specific year. monetary value of all final goods and services produced within the borders of a nation in a particular year Prev 17 of 50 Next > GDP is the Multiple Choice national income minus all nonincome charges against output monetary value...
Debt service payments by the government: Multiple Choice are used to purchase goods and services. are...
Debt service payments by the government: Multiple Choice are used to purchase goods and services. are a payment for past expenditures. have fallen continuously since World War II do not burden the generations that must make them.
Problem #1 GDP calculated by the expenditure approach will b income approach, because OA. the dollar...
Problem #1 GDP calculated by the expenditure approach will b income approach, because OA. the dollar value of the expenditure on new goods and services in a year must be equal to he GDP calculated by the the dollar value of the income generated in that year the dollar value of the expenditure on new goods and services in a year is always less than the dollar value of the income generated in that year, since imports are subtracted from...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods and services produced by factors of production owned by citizens of a nation B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders D) the total market value of all final goods and services produced by factors of production located within a nation's...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by citizens of a nation. B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders. D) the total market value of all final goods and services produced by factors of production located within a nation's borders. 12) Intermediate goods are A) goods that are...
7. Which one of the following is an example of the circular flow model and shows...
7. Which one of the following is an example of the circular flow model and shows the interdependence of households and firms? a. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. b. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. c. The...
When using the income approach to calculate nominal GDP, you should Multiple Choice subtract indirect business taxes add indirect business taxes subtract transfer payments add transfer payments
In the expenditures approach of national income accounting, C, Ig and G include expenditures for Multiple Choice domestically produced goods and services only. exported goods and services. domestically produced as well as imported goods and services the private sector of the economy only. <Prev 14 of 50 Ned> 000 FA @ $ A & 3 4 5 E R T Y U O CO Value added by a firm is the market value of the firm's output minus the Multiple...
GDP is the Multiple Cholce national income minus all nonincome charges against output monetary value of all economic resources used in producing a year's output monetary value of all goods and services, final and intermediate, produced in a specific year. monetary value of all final goods and services produced within the borders of a nation in a particular year Prev 17 of 50 Next > GDP is the Multiple Choice national income minus all nonincome charges against output monetary value...
Debt service payments by the government: Multiple Choice are used to purchase goods and services. are a payment for past expenditures. have fallen continuously since World War II do not burden the generations that must make them.
Problem #1 GDP calculated by the expenditure approach will b income approach, because OA. the dollar value of the expenditure on new goods and services in a year must be equal to he GDP calculated by the the dollar value of the income generated in that year the dollar value of the expenditure on new goods and services in a year is always less than the dollar value of the income generated in that year, since imports are subtracted from...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods and services produced by factors of production owned by citizens of a nation B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders D) the total market value of all final goods and services produced by factors of production located within a nation's...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by citizens of a nation. B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders. D) the total market value of all final goods and services produced by factors of production located within a nation's borders. 12) Intermediate goods are A) goods that are...
7. Which one of the following is an example of the circular flow model and shows the interdependence of households and firms? a. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. b. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. c. The...
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