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Measuring the Nation's Output & Income Chap 12 Lesson 1

Quiz by Peter Duesterbeck

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10 questions
Show answers
  • Q1
    A product that is included in another final product is called a(n) ______________________ product.
    household
    secondhand
    intermediate
    input
    30s
  • Q2
    The sale of a used good is a(n) ________________ sale.
    family
    household
    secondhand
    flagrant
    30s
  • Q3
    The largest sector of the economy is the consumer, or __________________, sector.
    spector
    household
    qualix
    government
    30s
  • Q4
    The output- ________________ model calculates GDP in terms of aggregate demand.
    service
    determinant
    expenditure
    input
    30s
  • Q5
    A(n) __________________ is defined as two or more people related by blood, marriage, or adoption.
    family
    contract
    household
    relationship
    30s
  • Q6
    Why would the sale of a secondhand car not be included in a calculation of GDP?
    The car is an intermediate product.
    The transaction occurs in the underground economy.
    The car does not represent new production.
    The sale is a free-market transaction.
    30s
  • Q7
    What best explains why a nation’s GDP is an indication of its citizens’ overall well-being?
    It measures how well the government is regulating the depreciation of capital equipment.
    It gauges the number of voluntary economic transactions occurring in that nation.
    It tracks certain types of sale transactions.
    It gauges the economic effects of free trade agreements.
    30s
  • Q8
    Which economic sector is not determined by measuring specific sources of income?
    the public or government sector
    the business or investment sector
    the net foreign sector
    the household sector
    30s
  • Q9
    Which of these is an example of an intermediate product?
    a computer monitor packaged as part of a new computer system
    a secondhand computer monitor sold alone
    a new computer monitor sold alone
    a computer monitor that has been broken and needs replacement
    30s
  • Q10
    Which of these states a difference between personal income (PI) and disposable personal income (DPI)?
    PI refers to an individual’s income; DPI denotes income from an entire sector.
    PI is measured after taxes are taken; DPI is measured before taxes are taken.
    PI denotes income from an entire sector; DPI refers to an individual’s income.
    PI is measured before taxes are taken; DPI is measured after taxes are taken.
    30s

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