National income accountants measure the value of final goods and services with
A) market prices.
B) fair prices.
C) objective values.
D) best-guess estimates as to what things are really worth.
A
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GDP equals $8 trillion. If consumption equals $5.5 trillion, investment equals $500 billion, and government spending equals $1.5 trillion, then:
a. exports exceed imports by $500 billion. b. imports exceed exports by $500 billion. c. net exports equal zero d. exports exceed imports by $1 trillion.
A decrease in the money supply might indicate that the Fed had
a. purchased bonds in an attempt to increase the federal funds rate. b. purchased bonds in an attempt to reduce the federal funds rate. c. sold bonds in an attempt to increase the federal funds rate. d. sold bonds in an attempt to reduce the federal funds rate.
When the expenditure approach is used to measure GDP, the major components of GDP are
What will be an ideal response?
Which of the following would not be classified as capital by economists?
A. Laptop computers at a technology company B. Sewing machines at a clothing factory C. A corporate bond from IBM D. Gym equipment at a local fitness center