12. According to the expenditure approach, if is GDP, is consumption, is investment, is Y C I G government purchases, and is net exports, the national income identity can be written as: NX . d. . a. . e. . b. . c. ANS: E DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering 13. According to the expenditure approach, if is GDP, is consumption, is investment, is Y C I G government purchases, and is net exports, the national income identity can be written as: NX . d. . a. . e. . b. . c. ANS: C DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering 14. According to the expenditure approach, if is GDP, is consumption, is investment, is Y C I G government purchases, and is net exports, which of the following is the national income NX identity? d. a. e. b. c. ANS: B DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering Refer to the following table when answering the following questions. Table 2.1: U.S. 2010 and 2015 Expenditures ($ billions) 2015 2010 12,284 10,202 Personal consumption expenditures 4,012 3,363 Goods 8,272 6,839 Services 3,057 2,101 Gross private domestic investment 2,963 2,039 Fixed investment 2,311 1,658 Nonresidential 652 381 Residential 93 62 Change in private inventories Net exports of goods and services –522 –513 2,264 1,852 Exports 2,786 2,365 Imports 3,218 3,174 Government consumption 1,225 1,304 Federal 1,993 1,870 State and local 15. Consider Table 2.1. Total GDP in 2010 was about ________ billion. $36,698 d. $16,520 a. $15,459 e. $14,964 b. $11,790 c. ANS: B DIF: Moderate REF: 2.2 TOP: II.B.
12. According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as: a. . d. . b. . e. . c. . ANS: E DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering 13. According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as: a. . d. . b. . e. . c. . ANS: C DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering 14. According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, which of the following is the national income identity? a. d. b. e. c. ANS: B DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering Refer to the following table when answering the following questions. Table 2.1: U.S. 2010 and 2015 Expenditures ($ billions) 2010 2015 Personal consumption expenditures 10,202 12,284 Goods 3,363 4,012 Services 6,839 8,272 Gross private domestic investment 2,101 3,057 Fixed investment 2,039 2,963 Nonresidential 1,658 2,311 Residential 381 652 Change in private inventories 62 93 Net exports of goods and services –513 –522 Exports 1,852 2,264 Imports 2,365 2,786 Government consumption 3,174 3,218 Federal 1,304 1,225 State and local 1,870 1,993 15. Consider Table 2.1. Total GDP in 2010 was about ________ billion. a. $16,520 d. $36,698 b. $14,964 e. $15,459 c. $11,790 ANS: B DIF: Moderate REF: 2.2 TOP: II.B.