11. Adidas is an America brand. The value of clothing that Adidas produces in Malaysia is part of Americas GDP and not ours.*

TRUE

FALSE

12. An economy's output, in essence, is also equal to its income because the value of everything that is produced is also the value of everything sold.*

TRUE

FALSE

13. Real GDP is nominal GDP subtracted from the price index.*

TRUE

FALSE

14. Double counting is one of the problems in calculating national income accounting.*

TRUE

FALSE

15. The total value of goods and services produced by factors of production owned by a country's citizens within the country and abroad is known as personal income*

TRUE

FALSE