Question : 61) ________ is/are the payment for the factor of production : 1244707

 

 

61) ________ is/are the payment for the factor of production ________.

A) Wages; capital

B) Interest; labor

C) Profit; entrepreneurship

D) Rent; capital

 

62) Investment spending includes spending on

A) stocks.

B) food.

C) changes in business inventories.

D) transfer payments.

 

63) Which of the following are not considered part of government purchases?

A) welfare benefits

B) teacher’s salaries paid by a local government

C) a tank purchased by the federal government

D) a bridge purchased by the state government

64) Consumption expenditures do not include household purchases of

A) medical care.

B) education.

C) new houses.

D) durable goods.

 

65) Which of the following is considered a durable good?

A) medical care

B) clothing

C) food

D) a washing machine

 

66) Government spending ________ is included in gross domestic product.

A) at federal, state, and local levels of government

B) at the federal level of government only

C) at state and local levels of government only

D) on defense goods only

 

67) Assuming that the United States is the domestic economy, ________ are goods and services produced by ________ and purchased by ________.

A) exports; foreign countries; the United States

B) exports; the United States; the United States

C) imports; foreign countries; foreign countries

D) imports; foreign countries; the United States

68) The largest component of spending in GDP is

A) consumption spending.

B) investment spending.

C) government spending.

D) net export spending.

 

Article Summary

For only the second time in the previous 10 quarters, China’s GDP grew at a faster rate than from the same period a year earlier. From July through September 2013, China’s GDP increased 7.8 percent, but a decline in exports, growing inflation, and slowing growth in factory production all suggest that growth will be slowing down. China has recently been attempting to restructure its economy by moving toward increasing consumption and relying less on exports and investments as a means to achieving more sustainable economic growth. In the first nine months of 2013, 46 percent of growth was due to consumption, 56 percent was due to investment, and exports accounted for negative 1.7 percent.

Source: Aileen Wang and Kevin Yao, “China’s third-quarter GDP growth fastest this year, but outlook dim,” Reuters, October 18, 2013.

 

69) Refer to the Article Summary. The decline in export growth will hurt China’s GDP because

A) a decrease in exports will decrease net exports, assuming no change in imports.

B) a decline in export growth indicates an increase in import growth.

C) exports are added to imports when calculating GDP.

D) exports are subtracted from imports when calculating GDP.

 

70) Refer to the Article Summary. In China, ________ is (are) the main driver of economic growth, while in the United States, ________ is the main driver of economic growth.

A) consumption, investment

B) net exports; government purchases

C) investment; consumption

D) consumption; net exports

 

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