Assignment 1 The deadline is October 8 1) The sale of A) a used textbook does enter GNP. B) a used textbook does not enter GNP, but the sale of a used house does. C) both a used textbook and a used house do not enter GNP. D) a used house does not enter GNP, but the sale of a used book does. E) None of the above. 2) For most macroeconomists A) gross national income and gross national product are the same B) gross national income exceeds gross national product C) gross national product exceeds gross national income D) it is hard to tell whether gross national income equal gross national product. E) None of the above. 3) GNP equals GDP A) minus net receipts of factor income from the rest of the world. B) plus receipts of factor income from the rest of the world C) minus receipts of factor income from the rest of the world. D) plus net receipts of factor income from the rest of the world E) None of the above. 4) Government purchases are defined as A) only goods purchased by federal, state, or local goverments. B) all goods and services purchased by the federal government C) all goods and services purchased by the federal or state government. D) all goods and services purchased by the federal state, or local government E) None of the above. 5) Which one of the following expressions is the most accurate? A) CA=EX-IM B) CA-IM-EX C) CA-EX-IM D) CA-EX + IM E) None of the above