Ec2050 Chapter 5 Quiz Answers

Written: Dec 28, 2018 2:41 PM - Dec 28, 2018 2:53 PMSubmission ViewYour quiz has been submitted successfully.Question 12 / 2 pointsA measure of a country's production is itsA) gross total output.B) general domestic production.C) gross domestic product.D) general daily product.E) gross daily production.Question 22 / 2 pointsGross Domestic Product measures theA) income of the business sector within a country.B) measures the market value of the domestic labor in a given year within a country.C) market value of the final goods and services produced in a given year within a country.D) market value of the final goods and services consumed by households in a given year within a country.E) quantity of the goods and services produced in a given year, listed item by item, within a country.Question 32 / 2 pointsConsumption expenditure includes spendingA) on intermediate goods and services by firms.B) by households and spending on office supplies by firms.C) on office supplies by firms.D) by governments when they are buying goods and services that consumers also buy.E) by households.Question 42 / 2 pointsIn order to measure gross domestic product, we can followA) three approaches: the expenditure approach, the income approach, and