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.


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