Answer the following statements true (T) or false (F)
1 . U.S. gross domestic product (GDP) measures the market value of all goods and services
produced by Americans in one year.
2. A product that was produced in 2013 and not sold until 2014 is counted as part of GDP in
2013.
3. The value added in an industry includes the wages earned by workers in the industry.
4. The value of a sale of a share of stock is considered to be an investment in national income
accounting.
5.Gross private domestic investment can be divided into replacement investment and net
investment.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
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Suppose that a product benefits from a successful advertising campaign. The result is that
A) the supply of the product decreases. B) the supply of the product increases. C) the demand for the product increases. D) the demand for the product decreases.
Which of the following is the best example of an activity that would be undertaken by an entrepreneur?
a. Buying and selling of stocks and bonds. b. Starting a new business. c. Working on an assembly line. d. Running for political office.