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Macro Homework 5

During a business cycle expansion, total production ________ and total employment ________.
increases, increases
Which of the following is not directly counted in GDP?
intermediate goods
Product Quantity Price
Shoes 40 $60.00
DVDs 100 18.00
Tomatoes 2,000 1.00
Ketchup 300 4.00
What is the nominal GDP?
$7,400
The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. This means that
-the value of output in 2015 was around $17.3 trillion
-total income in 2015 was around $17.3 trillion
-total spending in 2015 was around $17.3 trillion
Investment, as defined by economists, would include the purchase of a
computer by an accounting firm
The purchase by a foreign government of an airplane produced in the United States is included in U.S.
net exports
Gross Domestic Product in the economy is measured by the
dollar value of all final goods and services produced in the economy
Which of the following are not considered part of government purchases?
Welfare Benefits
Gross domestic product understates the total production of final goods and services because of the omission of
household production

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