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Jose Vazquez

on 1 September 2016

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Transcript of ECON-2013-Class-8-GDP-I

What the World Eats Macroeconomy ECON 2013 Introduction to acroeconomics Dr. Jose J. Vazquez Economics Department M The We were just listening to music from:

A. Bright Eyes
B. Sufjan Stevens
C. The Weepies
D. James Taylor
E. Radiohead USA
Cost = 341.98 Ecuador
Income/person = $7,800 The Aboubakars of Breidjing Refugee Camp, Chad The Cassales of Cuernavaca, Mexico ross omestic roduct is the market value of all final goods and services produced within a country in a year. G D Factor Market Financial Market Goods Market Households Government Firms GDP = C + I + G + NX What has been the long-term average rate of real GDP growth in the U.S. since World War II?

A. 1.35%
B. 3.5%
C. 6.5%
D. 13.5%
E. None of the above
P A computer chip sold to Dell is an example of

A) a final good.
B) an intermediate good.
C)a service.
D)economic growth.
E) None of the above
You have spent half the summer building a garage. The tools you purchased for the job cost you $350. The wood you purchased for the garage cost you $4,000. If you hired someone to build the garage, he would charge you $25 per hour for 40 hours of work. After you build the garage, your mother gives you a present of $500 in stocks. How much does GDP rise for the current year?

E) None of the above The Revises of North Carolina Cost $341.98 The Fernandez of San Antonio, Texas Cost = $242.48 Cost = $189.09 The Aymes of Tingo, Ecuador Cost = $31.55 Cost = $1.22 The Al Haggans of Kuwait City, Kuwait Cost = $221.45 The Dongs of Beijing, China Cost = $155.06 Which of the following combinations contains only goods that can be counted towards consumption?

A) steel for use in factories, tar for building roads, and
MP3 players
B) personal computers, new home purchases by
households, and building materials
C) video game consoles, MP3 players, your college tuition,
and cakes
D) national defense equipment, army fatigues, tractors,
and building materials
E) None of the above
Part of investment spending, when considering the national income approach to calculating GDP, is the acquisition of which of the following?

A) capital goods
B) stocks and bonds
C) money
D) any number of financial
E) None of the above
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