Question 1 (1 point) Gross domestic product is defined as: a consumer spending + government purchases + investment spending + imports-exports. b d e consumer spending + government transfers + investment spending + exports - imports. consumer spending + government purchases + investment spending + exports - imports. disposable income + taxes + investment spending + exports + imports. consumer spending + government purchases + financial spending + exports - imports. Question 2 (1 point) Gross domestic product or GDP is: the total dollar value of intermediate goods and services produced in the economy in a given time period. a b the total dollar value of household income earned in a given time period. the total dollar value of wages paid to producing workers in a given time period. d the total dollar value of final goods and services produced in the economy in a given time period. e the total dollar value of government production in a given time period. Question 3 (1 point) The intermediate goods are not counted in the calculation of GDP, because: these goods are not produced for the market. these are produced in the underground economy. a b C these goods were not produced in the current year. d these goods involve financial transactions. e that involves double-counting. Question 4 (1 point) Purchases of foreign-produced goods and services during a period are classified as: a net exports. b transfer payments. foreign currency exchanges. d imports. e exports.