121.Because of transactions which take place in the underground economy, the:
a.GDP calculation tends to overstate the actual value of goods sold in the economy.
b.GDP calculation tends to accurately portray the value of goods sold in the economy.
c.GDP calculation tends to understate the actual value of goods sold in the economy.
d.value of the GDP calculation will be equal to the value of the national income calculation.
e.value of the GDP calculation through the expenditure approach will be greater then the value calculated through the income approach.
122.Because GDP does not account for improvements in the quality of goods, the GDP calculation:
a.tends to overstate the true value of output in the United States.
b.tends to understate the true value of output in the United States.
c.provides an accurate value of output in the United States.
d.provides the best measure of output in the United States.
e.measures the value correctly because price changes always capture the value of quality changes.
123.If a man marries his hired housekeeper, the value of GDP:
b.falls.d.rises, but the value of GDP falls.
124.GDP underestimates our economic well-being:
a.for of all the following reasons.
b.because it includes the value of work done by nannies.
c.because it ignores leisure.
d.because it includes the value of work done by householders.
e.because it includes the value of work done by illegal immigrants.
125.National income is calculated as GDP:
a.plus depreciation.c.minus imports.
b.plus exports.d.minus depreciation.
126.National income is derived from gross domestic product by subtracting:
c.an allowance for depreciation of capital equipment.
a.represents total wages and salaries in an economy.
b.equals GDP minus indirect business taxes.
c.equals GDP minus depreciation.
d.equals C + I + G + (X ? M).
e.is the value of existing capital stock used up in making goods.
128.National income is equal to gross domestic product minus:
a.indirect business taxes.
129.When depreciation is subtracted from:
a.personal income, we get national income.
b.gross domestic product, we get national income.
c.gross domestic product, we get personal income.
d.disposable personal income, we get gross domestic product.
130.The sum of payments made to resource owners for the use of their resources is:
a.gross domestic product.
b.net domestic product.
e.disposable personal income.
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