1. Which of the following is false?

Group of answer choices

GDP equation is Y = C + G + I + NX

(C) Consumption is done by households

(I) Firms make investments

(G) Governments make government purchases

(NX) Foreign Trade isn't included into GDP

2. Which model(s) are important to have some background information to fully understand the GDP calculation? (referenced in the video)

Group of answer choices

PPF

Circular Flow Model

Both the Circular Flow Model and the PPF

A runway model to ensure your fashionable while learning economics

3. Which items were omitted from the CFM, but we need to consider when calculating GDP?

Group of answer choices

Government Taxes, Financial System, and Foreign Trade

Households and Firms

Markets for Goods and Services

Markets for Factors of produciton

4. When a household is involved in an economic activity, it is most likely which component of GDP?

Group of answer choices

Consumption

Government Purchases

Net Exports

None of the above

5. Which of the following is false?

Group of answer choices

GDP is an acronym for Gross Domestic Product

Microeconomics focuses on the efficient allocation of a firms scarce resrouces

GDP includes the financial sector

GDP measures economic growth

6. Which of the following isn't included into GDP?

Group of answer choices

Market values that are under the table (cash, no taxes)

Final goods sold to retail consumers

Goods and services

Currently produced items

Within the time period being measured

7. Which of the following isn't included into GDP?

Group of answer choices

A US citizen producing something in the US

An intermediate good

A new item

A service

8. Which of the following is included into GDP?

Group of answer choices

Mortgage payments

stocks and bonds

transfer payments

social security

rent payments