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Review Test Submission_ Chapter 06

Review Test Submission_ Chapter 06

Q Question 1 1 out of 1 points The value of an economy's total output of goods and services is called _____. Question 2 1 out of 1 points The gross domestic product of a nation can be measured: Question 3 1 out of 1 points Of the following, which statistic do economists use to measure the business cycle? Question 4 1 out of 1 points In the long run, a country's material standard of living is determined by: Question 5 1 out of 1 points Let C = consumption, I = private investment, G = government purchases, and X n = net exports. Which of the following best represents the equation for GDP?

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1.Selected Answer: gross domestic product 2.Selected Answer: as the total value of income generated in producing total output. 3.Selected Answer: Changes in real gross domestic product 4.Selected Answer: Answers: 3/9/22, 1:20 PM Review Test Submission: Chapter 06 Measuring Total Output and ... Question 3 1 out of 1 points Of the following, which statistic do economists use to measure the business cycle? Selected Answer: Changes in real gross domestic product Changes in the inflation rate Changes in real gross domestic product Changes in the value of imports Changes in the implicit price deflator Question 4 1 out of 1 points In the long run, a country's material standard of living is determined by: its output relative to its population. 5.Selected Answer: GDP = C + I + G + X n