45 The value of a car produced and sold in 2000, and sold again in 2008, should

Question

45 The value of a car produced and sold in 2000, and sold again in 2008, should be included in GDP for A 2000 only. 8. 2008 only C. both 2000 and 2008. D. either 2000 or 2008, but not both. 46. This summer you have a paid internship for Kia Motors in Canada. For which nation, or nations, are you contributing to GDP? Assume you are a U.S. citizen. A United States B. United States and Canada C. Canada D. Canada and Korea 47. Real GDP is nominal GDP adjusted for changes in: A. population. B. the price level. C. the inflation rate. D. the unemployment rate. 48. If real GDP rose in 2008, we can condude that A. production rose in 2008. B. the price level rose in 2008. C. either production, or the price level, or both, rose in 2008. D. neither production nor the price level rose in 2008. 49. If nominal GDP rose in 2008, we can conclude that A. production rose in 2008 B. the price level rose in 2008. C either production or the price level, or both, rose in 2008. D. neither production nor the price level rose in 2008 50. Theoretically, why should the expenditure and income approaches to calculating GDP give us the same results? A because they have the same components B. because every dollar spent is a dollar earned C because of accounting errors D. because theoretically consumption equals the sum of all factor incomes 8

Explanation / Answer

45) The value of a car produced and sold in 2000, and sold again in 2008, should be included in gdp for 2000 only.if it included in 2008 also then it lead to double counting problem.

So, correct option is A

46) If a have a paid internship for kia motors in canada then i am contributing to canada gdp.

So, correct option is C.

47) real gdp is nominal gdp adjusted for changes in the price level.

So, correct option is B.

48) If real gdp rose in 2008 we can conclude that production rose in 2008.

So, correct option is A.

49) if nominal gdp rose in 2008, we can conclude that either production or the price level , or both , rose in 2008.

So, correct option is C

50) because every dollar spent is a dollar earned.

So, correct option is B.

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