GDP is a. the spending on all goods in a given period b. the sum of spending by

Question

GDP is a. the spending on all goods in a given period b. the sum of spending by consumers and firms c. the total value of all final goods and services produced in an economy during a given year d. The after tax income received by households 9. In a circular flow diagram the monetary flows between households and the government are a. Taxes and transfers b. taxes and government spending c. taxes and saving d. Taxes and consumer spending 10 Value added is a, The value of firms sales minus the value of purchased intermediate goods b. the profit earned by firms c. the total value of a fim's sales d. the increase in capital-goods in an economy 11. using the aggregate spending approach, U.S.GDP a. is computed by adding the consumer spending of households, investment spending by firms, government purchases, and foreign spending on U.S. exports minus U.S. spending on imports b. is all the income received by U.S households from domestic and foreign production

Explanation / Answer

8) C. THE VALUE OF ALL GOODS AND SERVICES PRODUCED IN AN ECONOMY DURING THE YEAR.

9) B. TAXES AND GOVERNMENT SPENDING.

10) A. THE VALUE OF A FIRMS SALES MINUS THE VALUE OF PURCHASED INTERMEDIATE GOODS.

11) A.

12 ) C.

13) D.

14) C.

15) B.

16) A.

17) C.

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