National income accounting can best be characterized as a: A)set of rules used t

Question

National income accounting can best be characterized as a: A)set of rules used to summarize economic activity over a given period of time.
B)method for comparing different political systems.
C)microeconomic model of the economy used by the Federal Reserve bank.
D)statistical measure of the income received by consumers as opposed to businesses.
E)standardized economic report authored by politicians.


Identify the correct statement. A)National income accounting measures only the flow of output between the different sectors of the economy.
B)National income accounting summarizes the level of production in an economy over a decade.
C)National income accounting explains diagrammatically the flows of goods and services and of money expenditures (income).
D)National income accounting summarizes and categorizes the productive activity in an economy over a year.
E)National income accounting measures the total money supply in the economy.

Which of the following would be included in the calculation of the GDP for the year 2010? A)Purchase of a 2004 model Volkswagen sedan in 2010.
B)Swapping of baseball cards among two college students.
C)Car repairs done by a person on his/her own.
D)Fresh lemonade sold at a local diner.
E)A lamp sold at a garage sale.

Which of the following must be included in the calculation of GDP? A)The sale of a used car to an auto dealer.
B)Bartering lawn care services for car washes.
C)A father staying at home to attend to his child.
D)The sale of an illegal cable box.
E)Payment made for a SAT preparation class.

Productive activity in the underground economy: A)results in an overstatement of actual income and production in the national accounting system.
B)consists of unrecorded cash transactions.
C)is estimated and included in the national income accounting system.
D)poses no problem for the measurement of gross domestic product.
E)does not affect GDP but is included in the value-added computations.

Which of the following would not be included in the calculation of GDP? A)Vegetables grown and consumed by a nonfarm family.
B)The purchase of a new Porsche.
C)The sale of meat at the local grocery store.
D)The government purchase of an F-14 fighter plane.
E)The payment made to an accountant for the preparation of tax forms.

If the value of intermediate goods and services are included in GDP, then: A)GDP would be understated.
B)GDP would act as a true indicator of economic welfare.
C)there would be double-counting.
D)there would be undercounting.
E)GDP would be able to give a clearer picture of the economy.

Which of the following will be categorized as an intermediate good in national income accounting? A)The value of oregano used as a seasoning for pizzas.
B)The crops consumed by a farmer National income accounting can best be characterized as a: A)set of rules used to summarize economic activity over a given period of time.
B)method for comparing different political systems.
C)microeconomic model of the economy used by the Federal Reserve bank.
D)statistical measure of the income received by consumers as opposed to businesses.
E)standardized economic report authored by politicians.
National income accounting can best be characterized as a:

Identify the correct statement. A)National income accounting measures only the flow of output between the different sectors of the economy.
B)National income accounting summarizes the level of production in an economy over a decade.
C)National income accounting explains diagrammatically the flows of goods and services and of money expenditures (income).
D)National income accounting summarizes and categorizes the productive activity in an economy over a year.
E)National income accounting measures the total money supply in the economy.
Identify the correct statement. A)National income accounting measures only the flow of output between the different sectors of the economy.
B)National income accounting summarizes the level of production in an economy over a decade.
C)National income accounting explains diagrammatically the flows of goods and services and of money expenditures (income).
D)National income accounting summarizes and categorizes the productive activity in an economy over a year.
E)National income accounting measures the total money supply in the economy.
Identify the correct statement.
Which of the following would be included in the calculation of the GDP for the year 2010? A)Purchase of a 2004 model Volkswagen sedan in 2010.
B)Swapping of baseball cards among two college students.
C)Car repairs done by a person on his/her own.
D)Fresh lemonade sold at a local diner.
E)A lamp sold at a garage sale.
Which of the following would be included in the calculation of the GDP for the year 2010? A)Purchase of a 2004 model Volkswagen sedan in 2010.
B)Swapping of baseball cards among two college students.
C)Car repairs done by a person on his/her own.
D)Fresh lemonade sold at a local diner.
E)A lamp sold at a garage sale.
Which of the following would be included in the calculation of the GDP for the year 2010?
Which of the following must be included in the calculation of GDP? A)The sale of a used car to an auto dealer.
B)Bartering lawn care services for car washes.
C)A father staying at home to attend to his child.
D)The sale of an illegal cable box.
E)Payment made for a SAT preparation class.
Which of the following must be included in the calculation of GDP? A)The sale of a used car to an auto dealer.
B)Bartering lawn care services for car washes.
C)A father staying at home to attend to his child.
D)The sale of an illegal cable box.
E)Payment made for a SAT preparation class.
Which of the following must be included in the calculation of GDP?
Productive activity in the underground economy: A)results in an overstatement of actual income and production in the national accounting system.
B)consists of unrecorded cash transactions.
C)is estimated and included in the national income accounting system.
D)poses no problem for the measurement of gross domestic product.
E)does not affect GDP but is included in the value-added computations.
Productive activity in the underground economy: A)results in an overstatement of actual income and production in the national accounting system.
B)consists of unrecorded cash transactions.
C)is estimated and included in the national income accounting system.
D)poses no problem for the measurement of gross domestic product.
E)does not affect GDP but is included in the value-added computations.
Productive activity in the underground economy:
Which of the following would not be included in the calculation of GDP? A)Vegetables grown and consumed by a nonfarm family.
B)The purchase of a new Porsche.
C)The sale of meat at the local grocery store.
D)The government purchase of an F-14 fighter plane.
E)The payment made to an accountant for the preparation of tax forms.
Which of the following would not be included in the calculation of GDP? A)Vegetables grown and consumed by a nonfarm family.
B)The purchase of a new Porsche.
C)The sale of meat at the local grocery store.
D)The government purchase of an F-14 fighter plane.
E)The payment made to an accountant for the preparation of tax forms.
Which of the following would not be included in the calculation of GDP?
If the value of intermediate goods and services are included in GDP, then: A)GDP would be understated.
B)GDP would act as a true indicator of economic welfare.
C)there would be double-counting.
D)there would be undercounting.
E)GDP would be able to give a clearer picture of the economy.
If the value of intermediate goods and services are included in GDP, then: A)GDP would be understated.
B)GDP would act as a true indicator of economic welfare.
C)there would be double-counting.
D)there would be undercounting.
E)GDP would be able to give a clearer picture of the economy.
If the value of intermediate goods and services are included in GDP, then:
Which of the following will be categorized as an intermediate good in national income accounting? A)The value of oregano used as a seasoning for pizzas.
B)The crops consumed by a farmer Which of the following will be categorized as an intermediate good in national income accounting? A)The value of oregano used as a seasoning for pizzas.
B)The crops consumed by a farmer Which of the following will be categorized as an intermediate good in national income accounting?

Explanation / Answer

Hi, If you like my answer, please rate my answer first and according to my answer...that way only I can earn points. Thanks National income accounting can best be characterized as a: A)set of rules used to summarize economic activity over a given period of time. (National Income measure the amount of earnings earned by the economy) Identify the correct statement. D)National income accounting summarizes and categorizes the productive activity in an economy over a year. (by definition) Which of the following would be included in the calculation of the GDP for the year 2010? D)Fresh lemonade sold at a local diner.(Lemonade is produced locally) Which of the following must be included in the calculation of GDP? E)Payment made for a SAT preparation class. (Amount of service provided) Productive activity in the underground economy: E)does not affect GDP but is included in the value-added computations. (hidden from GDP accounting) Which of the following would not be included in the calculation of GDP? A)Vegetables grown and consumed by a non-farm family. (Not 100% sure, should be accounted for by theory and definition of GDP) If the value of intermediate goods and services are included in GDP, then: C)there would be double-counting. (This is a fact) Which of the following will be categorized as an intermediate good in national income accounting? C)The present value of a car produced a couple of years before. (car not yet produced) To avoid double counting in calculating GDP, B)the value of intermediate goods and services should be excluded. (This is a fact) The term value added is used to describe the: D)amount paid in the final sale of a product or service. (Closest definition)

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