Exam 23: Measuring a Nation S Income

​Leo works in a Mercedes Benz factory in Alabama. He is then transferred to Mercedes's plant in South Africa. When does the value of Leo's work for Mercedes contribute to U.S. GDP?

​When the U.S. government purchases capital equipment, such as a computer, these expenditures are part of investment in GDP.

U.S. GDP includes the market value of rental housing, but not the market value of owner-occupied housing services.

A form of government spending that is not made in exchange for a currently produced good or service is called

Household spending on education is counted in which component or subcomponent of GDP?

The income that households and noncorporate businesses receive is called

In 2015, the level of U.S. real GDP was more than four times its 1965 level.

Gasoline is considered a final good if it is sold by a

Table 23-7 The table below contains data for the country of Togogo. The base year is 1974. -Refer to Table 23-7. From 1976 to 1977,

A Minnesota farmer buys a new tractor made in Iowa by a German company. As a result,

GDP is defined as the

List the four components of GDP.

In the actual economy, goods and services are purchased by

If the price of a dress is three times the price of a pair of shoes, then a pair of shoes contributes

Sally purchased a log-splitter five years ago. This year, she purchases some new parts, gasoline, oil, and spends 2 hours repairing the log-splitter. Which of the following is included in this year's GDP?

Unemployment compensation is

Which of the following is always measured in prices from a base-year?

Which of the following items is counted as part of government purchases?

If total spending rises from one year to the next, then which of the following could not be true?

The term real GDP refers to a country's actual GDP as opposed to its estimated GDP.