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91) The income approach to measuring GDP

A) adds the dollar value of final goods and services.

B) adds the income received by all factors of production.

C) excludes durable consumer goods since they last more than a year.

D) excludes profits since profits are a cost of production.

92) The computation of GDP by adding up all components of national income including wages, interest, rent and profits is

A) the expenditure approach.

B) the income approach.

C) transfer payments.

D) the value of all securities.

93) The largest component of gross domestic income is

A) interest payments.

B) wages.

C) profits.

D) taxes.

94) Indirect business taxes include all of the following EXCEPT

A) sales taxes.

B) taxes on business property.

C) taxes on corporate profits.

D) taxes on business equipment.

95) If households receive $100 in interest payments and make interest payments of $110, wages equal $500, rental receipts are $200, royalties are $100, profits are $200, depreciation is $50, and indirect business taxes are $50, then gross domestic income is

A) $1090.

B) $1110.

C) $1180.

D) $1280.

96) Because of terrible winter storms, gross domestic product for the first quarter of the calendar year falls by 10 percent. As a result, gross domestic income

A) falls by less than 10 percent.

B) also falls by 10 percent because they always have to be equal.

C) falls by more than 10 percent because incomes always vary more than GDP.

D) would not change since the time span is less than a year.

97) Which of the following is from the calculation of investment for GDP purposes?

A) the purchase of new capital goods

B) changes in business inventories

C) new home construction

D) all of the above

98) Net exports is equal to

A) total exports minus total imports.

B) total imports minus total exports.

C) total exports adjusted for price changes.

D) total exports minus transfer payments.

99) Indirect business taxes include

A) property taxes and corporate income taxes.

B) sales taxes and income taxes.

C) business property taxes and sales taxes.

D) income taxes and Social Security taxes.

100) If no other national income variables change when ________ increase, then GDP will decrease.

A) inventories

B) imports

C) investments

D) levels of pollution

 

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