Econ 201- Exam Two Questions and Correct Answers | Latest Update
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Course
Econ 201
Institution
Econ 201
Gross domestic is the total ______ produced within a country in a given time period.
market value of all final goods and services
Real GDP can be criticized as a measure of economic welfare because it:
.does not take account of the degradation of environmental quality
.does not incl...
Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Econ 201- Exam Two Questions and Correct
Answers | Latest Update
Gross domestic is the total ______ produced within a country in a given time period.
market value of all final goods and services
Real GDP can be criticized as a measure of economic welfare because it:
.does not take account of the degradation of environmental quality
.does not include the value of products produced in the household
.does not include leisure time available to society
(all of the above are correct)
Economists distinguish real GDP from nominal GDP to
determine whether real production has changed
When calculating GDP, underground economic activity is
the part of the economy purposely hidden
GDP declines during
the movement from peak to trough
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
The base-year method of calculating real GDP compared
quantities produced in different years using prices from a year chosen as
a reference period
Potential GDP is
the value of production when all the nation's resources are fully employed
If Nike, an American corporation, produces sneakers in Thailand this would
add to Thailand's GDP but not to US GDP
What is not an indirect tax?
income taxes
Business Cycles
follow a pattern of trough, expansion, peak and recession
What is not part of the expenditure approach to measuring GDP?
net interest
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Personal consumption expenditures does not include
new housing
What is not included in gross domestic investment expenditure
business's purchase of another company's stock
Intermediate goods are excluded from GDP because
their inclusion would involve double counting
Depreciation is defined as the
decrease in the stock of capital due to wear and tear
The largest component of GDP in the expenditures approach is
personal consumption expenditures
What is not included in real GDP?
production in the home
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
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