NatEcon_ex2

Which income is personal income less personal taxes (personal Income taxes, personal property taxes, and inheritance taxes)?

• Personal income

• National income

• Net income

• Disposable income

How many components of GDP are there?

• 3

• 5

• 2

• 4

The national income accounts provide a basis for appropriate public policies to improve ___.

• political performance

• social performance

• educational performance

• economic performance

Which component of GDP is explained by the following quote: "Spending by households on goods and services, not including spending on new houses."

• Investment

• Government purchase

• Net exports

• Consumption

How many types are there for the economic growth?

• 3

• 4

• 2

• 5

GDP is measured using ___, not quantities

• strict rules

• market values

• predefined prices

• assumptions

Which component of GDP is explained by the following quote: "Exports minus imports."

• Consumption

• Investment

• Net exports

• Government purchase

Which component of GDP is explained by the following quote: "Spending by federal, state, and local governments on goods and services."

• Investment

• Net exports

• Government purchase

• Consumption

Which component of GDP is explained by the following quote: "Spending by firms on new factories, office buildings, machinery, and inventories, and spending by households on new houses."

• Government purchase

• Investment

• Net exports

• Consumption

Which type of the economy is described in the following quote: "Buying and selling of goods and services that are concealed from the government to avoid taxes or regulations or because the goods and services are illegal."

• Official economy

• Monopoly

• Underground economy

• Market economy