Chapter 5 Test Onlin, questions and answers graded A+

Chapter 5 Test Onlin, questions and answers graded A+ Classify each of the following items as a final good or service or an intermediate good or​ service, and identify which is a component of consumption​ expenditure, investment, or government expenditure on goods and services. A. Aluminum sheets bought by BoeingAluminum sheets bought by Boeing B. The purchase of a new aircraft for the vice dash presidentThe purchase of a new aircraft for the vice-president C. New cars bought by Hertz comma the car rental firmNew cars bought by Hertz, the car rental firm D. Upper A haircut bought by a student A is an intermediate goodan intermediate good​, B is a final good that is government expenditurea final good that is government expenditure​, C is a final good that is investmenta final good that is investment​, and D is a final service that is consumption expenditurea final service that is consumption expenditure. The Commerce Department reported that in December​ 2015, retail sales rose by​ 0.2, net exports​ decreased, inventories held by businesses rose by 0.1​ percent, and total sales by businesses fell by 0.6 percent. Which component of GDP changed because retail sales​ increased? Which component of GDP changed because business inventories​ increased? Consumption​ expenditure; Investment Which of the following is an example of an intermediate good or service​? Samsung buys compressors for manufacturing refrigerators. The table shows some of the items in the U.S. National Income and Product Accounts in . Use the expenditure approach to calculate U.S. GDP in 2004 11.7 Trillion When sales of nondurable goods​ fell, ______ decreased. An example of a nondurable good is​ ______. consumption​ expenditure; a cup of coffee When sales of durable goods​ fell, ______ decreased. An example of a durable good is​ ______. Consumption expenditure and​ investment; a car purchased by a household or a delivery van purchased by FedEx An increase in inventories of durable goods increases​ _______. investment There is a new reason why GDP is a poor measure of economic​ well-being: It​ doesn't measure the benefits we gain from free apps and lots of other free stuff on the Internet. And none of the other indexes deal with this problem. includes only production that is traded in markets