the JLTIPLE CHOICE. Choose the one alternative that best completes the statement or estion ( 351) 1) When economists use market values to aggregate output, they sum the: A) number of items produced B) inputs of each item produced C) price times the quantity of each item produced D) quantity of items produced 2) If an economy produces 3 million oranges that sell for SO 25 each and 100,000 as that sell for $25.000 cach, then when the market value of total output is calculated A) the market value foranges is excluded B) oranges receive the same weight as cars C) oranges receive a greater weight than cars D) oranges receive a smaller wicht than can 3) Goverment purchases include all of the following rent: A) the construction of a new courthouse built by a county government B) the purchase of new m y hande by the US Army C) the salary paid to an clementary school teacher employed by a local public school district D) social security benefits paid by the federal government 4) In which of the following situations would GDP not change? A) Without reducing the number of automobiles sold, domestic automobile producers decide to reduce the number of automobiles they produce, rather than producing cars that would end up as unsold inventory. B) As domestic consumers huy fewer tobacco products, tobacco manufacturers instead sell their products, at the same price, to foreign buyers. C) Domestic consumers begin to buy less imported wine, and instead spend as much money on domestically produced wine. D) More and more domestic consumers opt to build a new home, rather than spending the same money on an already existing home 120 5) Given the following data for the economy, compute the value of GDP. Government purchases of goods and services 101 Consumption Expenditures Exports Imports Change in inventories Construction of new homes and apartments Sales of existing homes and apartments Government payments to retirees 17 Husiness fixed investment 9 A) 56 B) 83 141 D90 6) The following table provides data for an economy in a certain year Consumption expenditures Imports Government purchases of goods and services Construction of new homes and apartments Sales of homes and apartments Exports Government payments to retires