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- Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declinesWhat are the main components of measuring GDP with what is demanded?Which of the following items is not a component of the income approach of measuring the U.S. GDP? O interest earned on savings deposits in the U.S. O profits made by foreign businesses in the U.S. O investment spending of American businesses in the U.S. O income earned by American businesses that export goods.
- Which of the following description best explains the expenditures approach to calculating GDP? O consumer spending, private investment, government spending, exports minus imports O consumption, business purchase of raw material, government social security payments, and exports O investment, consumption, wages, and imports O savings, income, investment, and exportsIf we want to calculate total spending in the economy, then we will include all of the following except: O spending by firms on new capital equipment spending by households on newly built houses government spending on new goods and services tax revenue collected by the governmentFord, an American-owned company, operates a factory in Mexico. The value of the output produced in this factory is counted O in neither U.S. nor Mexico GDP. O in both U.S. and Mexico GDP. O only in Mexico GDP O only in U.S. GDP.
- Which of the following components makes up the largest percentage of GDP measured by aggregate spending? O imports O government purchases of goods and services consumer spending investment spending О ехрortsIf the United States decides to include the underground economy as part of their GDP calculation, U.S. GDP would O not change shrink decrease O increaseWhich of the following is the most detail-orientated approach used to calculate GDP? O none of the listed all of the listed O expenditure O factor payments O value added
- If you were to make an analogy between the national accounts and the income statement of a corporation, GDP of a country, as the total market value of goods and services, would most closely compare to the of a corporation. O income O taxes O expenses O revenues .........QUESTION 12 In the expenditure approach to GDP, which of the following is excluded from measurements of GDP? O A. Government payments for goods produced by privately-owned firms O B. Government payments for goods produced by firms owned by state or local govermments C. Government transfers to households because of Covid-19 O D. All government payments are included in GDPIn the first half of 2017, automobile sales in the United States were lower than they were in the first half of 2016. The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses. O investment; consumption O nondurable goods; durable goods O durable goods: nondurable goods O consumption; investment