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41) The value of Gross Domestic Product (GDP), when estimated by the income approach, is the sum of

A) consumption expenditures, investment spending, and profits.

B) consumption, wages, rents, interest, and profits.

C) income earned by all factors of production, indirect business taxes, corporate income taxes, and personal income taxes.

D) depreciation, business income adjustments less indirect business taxes, U.S. net income earned abroad and income earned domestically by factors of production.

42) According to the above table, Gross Domestic Product as calculated by the income approach is

A) $10,121 billion.

B) $10,646 billion.

C) $14,925 billion.

D) $15,619 billion.

43) According to the above table, net domestic product is

A) $8,813 billion.

B) $12,603 billion.

C) $13,092 billion.

D) $13,750 billion.

44) According to the above table, national income is

A) $13,271 billion.

B) $11,917 billion.

C) $10,770 billion.

D) $10,646 billion.

45) According to the above table, Gross Domestic Product is

A) $14,140.

B) $13,965.

C) $13,315.

D) $12,115

46) According to the above table, net domestic product is

A) $14,390.

B) $13,190.

C) $12,540.

D) $12,365.

47) Calculating Gross Domestic Product (GDP) by the income approach would require including

A) all transfer payments by the government.

B) all wages paid.

C) all restaurant sales.

D) the market value of all final goods and any profits.

48) Which of the following is included in the calculation of Gross Domestic Product (GDP) using the income approach?

A) I only

B) II only

C) Both I and II

D) Neither I nor II

49) Non-income expense items included in the Gross Domestic Product (GDP) calculation include

A) depreciation and indirect business taxes.

B) depreciation and corporate profits.

C) corporate profits tax and indirect business taxes.

D) indirect business taxes and corporate profits.

50) Indirect business taxes refer to

A) depreciation expenses.

B) sales and local taxes paid by business.

C) payments for low-skilled labor.

D) dividend taxes paid by the corporation.

 

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