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Quiz for ECON 203 - Principles of Macroeconomics with Corman at Northern Colorado (UNC)

Quiz Information

Material Type:Quiz
Professor:Corman
Class:ECON 203 - Principles of Macroeconomics
Subject:ECON-Economics
University:University of Northern Colorado
Term:Spring 2011
Keywords:
  • Financial Asset
  • Total Income
  • The Economy
  • Corporate Bonds
  • Market Value
  • Consumption
  • Macroeconomics
  • Goods and Services
  • Expenditure
  • Social Security
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Sample Document Text

Nick Villani Corman ECON 203 Monday February 7, 2011 Introduction to Macroeconomics Which of the following are actually included in deriving this year?s GDP? Explain your answer in each case. a. Interest on an AT&T bond -This is included in this year?s GDP because the interest received will be part of the purchaser?s total income b. Social security payments received by a retired factory worker -This is included in this year?s GDP because the social security payments are considered income for the factory worker which eventually will be included in the income of the entire economy. Considered a consumption c. The services of a painter in painting the family home -This is included in this year?s GDP because if we assume the painter is being paid for his services, they are to become part of his total income which is clearly a part of GDP. Considered a consumption d. The income of a dentist -This is included in this year?s GDP because th...

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