1. Which of the following is not included in GDP calculations?

the value of high-definition television sets produced, but not sold, during the year

the value of 500 shares of Microsoft stock sold to an investor

the value of a haircut

the value of an accountant's services

2. Which of the following is not part of the expenditure approach to measuring GDP?

consumption.

interest.

government purchases.

net exports.

investment.

3. Which of the following represents the largest component of GDP?

net exports.

government purchases.

interest.

consumption.

investment.

4. Changes in inventories are included in which category under the expenditure approach to GDP accounting?

interest

investment

government purchases

net exports

consumption

5. Government purchases, under the expenditure approach to GDP accounting, do not include:

Social Security benefit payments to retirees.

state government purchases of road-building services.

the salaries of military officers.

federal government purchases of computers.

6. Which of the following is not part of the income approach to measuring GDP:

profit

rent

investment

wages

7. Real GDP is:

All of this year's final goods and services expressed in base year dollars (adjusted for inflation).

All of this year's final goods and services expressed in current year dollars (not adjusted for inflation).

All of this year's intermediate goods and services expressed in current year dollars (not adjusted for inflation).

All of this year's intermediate goods and services expressed in base year dollars (adjusted for inflation).

8. "Nonmarket output" is omitted from GDP because ______.

they fail to make enough of an impact on the economy.

they are covered by other economic measurements.

no money is exchanged so there is no way to accurately track this output.

people who do them are often non-citizens.

9. If real GDP decreased by 1% and nominal GDP increased by 2%, then output:

decreased and the price level increased.

increased and the price level increased.

increased and the price level decreased.

decreased and the price level decreased.

10. If nominal GDP increased from $4,500 billion in 2012 to $5,000 billion in 2013 and the GDP deflator increased from 100 to 105 over the same time period, what is the 2013 Real GDP (RGDP)?

$4,725 billion

$5,250 billion

$4,762 billion

$4,500 billion