MOD 10-12 Macroeco
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Gross Domestic Product (GDP) in a nation is:
the total dollar value of all final goods and services produced in the nation's economy in a year.
When consumers purchase imported products, this is:
subtracted from GDP.
Suppose that in 2008, consumption spending is $7,000, government purchasing is $2,000 and investment spending is $1,500. If GDP for 2008 is $10,300, then:
Spending on exports is $600 and spending on imports is $800.
According to the circular flow diagram, which of the following economic agents engages in consumer spending?
households
Domestic purchases of foreign-produced goods and services during a period are classified as:
imports.
An intermediate good would be:
lumber used in building a house.
