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expenditure approach T F 6. GDP is the value of all production during some specified period, usually would not let an far or fast one year. T F 7. GNP (Gross National Product) minus depreciation equals NNP (Net National Product). T F 8. The expenditure approach to calculating GDP entails summing together wages, interest, rents, profits, indirect business taxes, and depreciation. ing pove Great Depression

expenditure approach T F 6. GDP is the value of all production during some specified period, usually would not let an far or fast one year. T F 7. GNP (Gross National Product) minus depreciation equals NNP (Net National Product). T F 8. The expenditure approach to calculating GDP entails summing together wages, interest, rents, profits, indirect business taxes, and depreciation. ing pove Great Depression

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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part 6 7 8

unemployment are easily T F 2. The labor force includes all people in the civilian non-institutional population. T F T F T F T F T F T F T F T F T F bele year. 3. The Consumer Price Index (CPI) is constructed by the Bureau of Labor Statistics. 4. One of the major problems with relatively high inflation is that it tends to hurt economic activity and could destroy the market system eventually. 5. There are two conceptually different ways to measure GDP: the expenditure approach and investment approach. T F 6. GDP is the value of all production during some specified period, usually one year. 7. GNP (Gross National Product) minus depreciation equals NNP (Net National Product). 22 T F 10. Business cycles are typically divided into four distinct phases: peak, contraction, recovery, and expansion. 8. The expenditure approach to calculating GDP entails summing together wages, interest, rents, profits, indirect business taxes, and depreciation. 9. Some of the policies that authorities took to combat the Great Depression actually exacerbated it. 11. Demand and supply analysis can be very useful in explaining price and output movements in markets, and in such broad aggregate variables as the price level and national income. 12. All else assumed constant, decreases in aggregate demand tend to result in decreases in output and GDP. T F 13. All else assumed constant, increases in aggregate supply relative to aggregate demand tend to result in economic growth accompanied by deflation. T F 14. Structural unemployment occurs because some firms fail in the normal course of business activity. 15. A core ingredient to figuring out an inflation rate is the CPI (Consumer Price Index).
Transcribed Image Text:unemployment are easily T F 2. The labor force includes all people in the civilian non-institutional population. T F T F T F T F T F T F T F T F T F bele year. 3. The Consumer Price Index (CPI) is constructed by the Bureau of Labor Statistics. 4. One of the major problems with relatively high inflation is that it tends to hurt economic activity and could destroy the market system eventually. 5. There are two conceptually different ways to measure GDP: the expenditure approach and investment approach. T F 6. GDP is the value of all production during some specified period, usually one year. 7. GNP (Gross National Product) minus depreciation equals NNP (Net National Product). 22 T F 10. Business cycles are typically divided into four distinct phases: peak, contraction, recovery, and expansion. 8. The expenditure approach to calculating GDP entails summing together wages, interest, rents, profits, indirect business taxes, and depreciation. 9. Some of the policies that authorities took to combat the Great Depression actually exacerbated it. 11. Demand and supply analysis can be very useful in explaining price and output movements in markets, and in such broad aggregate variables as the price level and national income. 12. All else assumed constant, decreases in aggregate demand tend to result in decreases in output and GDP. T F 13. All else assumed constant, increases in aggregate supply relative to aggregate demand tend to result in economic growth accompanied by deflation. T F 14. Structural unemployment occurs because some firms fail in the normal course of business activity. 15. A core ingredient to figuring out an inflation rate is the CPI (Consumer Price Index).
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