To avoid double counting in the calculation of GDP, which types of goods are typically excluded from the calculation?
A) intermediate goods
B) capital goods
C) inventory goods
D) nonmarket goods
E) value-added goods
A
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When the exchange rate between the U.S. dollar and the euro changes from 1.07 euros per dollar to 0.93 euros per dollar, then the
A) U.S. dollar has depreciated against the dollar. B) U.S. dollar has depreciated against the euro. C) euro has depreciated against the dollar. D) U.S. dollar has appreciated against the euro. E) euro has depreciated against the euro.
When the government's outlays exceed its tax revenues, the national debt
A) shrinks thanks to the budget surplus. B) grows to finance the budget deficit. C) grows to finance the budget surplus. D) shrinks thanks to the budget deficit. E) does not change because it has nothing to do with government outlays and tax revenue.