Exam 6: Measuring Total Output and Income

Pfeister Inc., a firm located in New York, is a German manufacturer of heavy-duty glass doors.It uses glass-cutting machinery imported from Germany in production.The firm's output of glass doors will be counted in:

Use the following to answer questions Exhibit: Components of GDP for an Economy 1 -(Exhibit: Components of GDP for an Economy 1) What is the value of GDP?

The amount by which the value of a firm's output exceeds the value of the goods and services that the firm purchases from other firms is called _____.

For computing GDP, the official measure of the value of all goods produced during a period for use in the production of other goods is called:

Disposable personal income is that part of income that households:

GDP is the sum of:

Use the following to answer questions Exhibit: Circular Flow Model -(Exhibit: Circular Flow Model) The exhibit shows a simplified circular flow model where only consumption goods are being produced.The arrow marked "C" represents the flow of:

Use the following to answer questions Exhibit: The Circular Flow for the United States -(Exhibit: The Circular Flow for the United States) Washington State purchases four airplanes from Boeing.This expenditure falls under the:

Of the following, which statistic do economists use to measure the business cycle?

Goods and services produced abroad and sold in the domestic economy are called _____.

Transfer payments are:

GDP is the total market value of all final goods and services produced within an economy during a year.

If your ticket wins the lottery, the earnings you receive:

Use the following to answer questions Exhibit: Output and Income Data for the Economy of Argonia -What is a value-added tax (VAT) ?

Economic data adjusted for price level changes are said to be expressed in terms of current dollars.

If we sum up the value added at every stage of production of a good, we will get: