1)The old Gross National Product (GNP) measurement was replaced by the newer Gross Domestic Product (GDP) definition in 1992 What was one of the biggest differences between the two Multiple Choice A) GDP counts all economic activity in the U S and Canada B) GDP counts the activities of the underground economy and the old GNP did not C) GDP no longer counted foreign activities of American businesses located in other nations D) GDP did a more aggressive job in tracking the foreign activities of American business 2)The most dangerous super volcano in the U S is the Yellowstone volcano If that volcano erupted, then it would cause great damage over many states Everything said up to this point is true Conclusion An exploding volcano can be classifed as a positive externality True or False 3)What does the B2B activity stand for with respect to the term Gross Output Multiple Choice A) This is simply the final goods and services produced by business that is already counted inside the GDP statistic B) The B2B concept is an idea known as Business 2 Boom It is part of the Classical Economist (1776 to 1930s) School of Thought that says most wealth is created by the business community C) It represents the sale of goods and services between the business community that is not captured by GDP as they try to add value to the goods and services as they get them ready for the highest and best use (i e turning raw steel into a car) D) The whole B2B activity is simply a popular movement to lower business taxes 4) Assume that the U S government created 1,000,000 new simple clerical jobs within the federal bureaucracy These jobs would involve some computer data entry work and calling or emailing the estimated 30 million Social Security, Medicare, and welfare receipients to re verify that they still qualify for government benefits Conclusion The Keynesian theory says that creating these types of government clerical jobs are a classic way to create both GDP and new wealth for society True or False

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1)The old Gross National Product (GNP) measurement was replaced by the newer Gross Domestic Product (GDP) definition in 1992. What was one of the biggest

1)The old Gross National Product (GNP) measurement was replaced by the newer Gross Domestic Product (GDP) definition in 1992.What was one of the biggest differences between the two?

Multiple Choice

A) GDP counts all economic activity in the U.S. and Canada.
B) GDP counts the activities of the underground economy and the old GNP did not.
C) GDP no longer counted foreign activities of American businesses located in other nations.
D) GDP did a more aggressive job in tracking the foreign activities of American business.

2)The most dangerous super-volcano in the U.S. is the Yellowstone volcano. If that volcano erupted, then it would cause great damage over many states.Everything said up to this point is true.Conclusion:An exploding volcano can be classifed as a "positive externality."

True or False

3)What does theB2B activitystand for with respect to the termGross Output?

Multiple Choice

A) This is simply the final goods and services produced by business that is already counted inside the GDP statistic.
B) The B2B concept is an idea known as "Business 2 Boom." It is part of the Classical Economist (1776 to 1930s) School of Thought that says most wealth is created by the business community.
C) It represents the sale of goods and services between the business community that is not captured by GDP as they try to "add value" to the goods and services as they get them ready for the highest and best use (i.e. turning raw steel into a car).
D) The whole B2B activity is simply a popular movement to lower business taxes.

4) Assume that the U.S. government created 1,000,000 new simple clerical jobs within the federal bureaucracy. These jobs would involve some computer data entry work and calling or emailing the estimated 30 million Social Security, Medicare, and welfare receipients to re-verify that they still qualify for government benefits.

Conclusion: The Keynesian theory says that creating these types of government clerical jobs are a classic way to create both GDP and new wealth for society.

True or False