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# Question

111) Given the following data, calculate the GDP.

wages = \$500government spending= \$2,500private investment = \$2,100

rent= \$100consumer spending= \$7,800net exports = \$-400

A) GDP = \$11,400

B) GDP = \$12,000

C) GDP = \$12,400

D) GDP = \$13,000

112) The appropriate formula for computing Gross Domestic Product using the income approach (excluding depreciation and indirect income taxes) is

A) consumption + investment + government spending + net exports

B) wages + rent + interest + profits

C) wages + rent + interest + profits + indirect business taxes

D) wages + rent + interest + profits + indirect business taxes + depreciation

113) To calculate GDP once national income has been computed, we must

114) The difference between Gross Domestic Income (GDI) and Gross Domestic Product (GDP) is that

A) GDI is GDP less indirect business taxes and depreciation.

B) GDP is GDI less indirect business taxes and depreciation.

C) GDI is equal to GDP.

D) GDP is always smaller than GDI.

115) Which sector of our economy accounts for the largest percentage to total spending?

A) households

C) government

D) exports

116) In calculating GDP using the expenditure approach, the largest component is

A) consumption spending.

B) government spending.

C) investment spending.

D) spending on durable goods.

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