MSC: Understanding 29. Using the expenditure approach, investment includes: household residential expenditures. a. firm structures, equipment, and inventories. b. fixed firm and household structures, equipment, and inventories. c. government and firm equipment expenditures. d. government defense and firm equipment expenditures. e. ANS: C DIF: Moderate REF: 2.2 TOP: II.B. MSC: Understanding 30. Which of the following is/are NOT included in the expenditure approach to national income accounting? changes in stock prices d. transfer payments a. None of these answers is correct. e. taxes b. Social Security c. ANS: E DIF: Moderate REF: 2.2 TOP: II.B. MSC: Applying 31. Which of the following are included in the expenditure approach to national income accounting? household service expenditures d. defense expenditures a. All of these answers are correct. e. firm expenditures on equipment b. residential expenditures c. ANS: E DIF: Moderate REF: 2.2 TOP: II.B. MSC: Applying 32. In 2015, the U.S. GDP was about ________, and ________ was/were the largest share. $5 trillion; net exports a. $22.5 billion; government expenditures b. $10.5 trillion; investment c. $13.6 billion; consumption d. $17.9 trillion; consumption e. ANS: E DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering 33. During the 1940s, ________ increased sharply as a percentage of U.S. GDP because of ________. government expenditure; World War II a. residential investment; the war on poverty b. nonresidential investment; the space program c. durable consumption expenditures; rationing of nondurable goods d. transfer payments; the New Deal e. ANS: A DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering 34. Which of the following is/are NOT included in the expenditure approach to national income accounting? All of these answers are correct. d. software a. None of these answers is correct. e. taxes b. defense expenditures c. ANS: B DIF: Moderate REF: 2.2 TOP: II.B.
MSC: Understanding 29. Using the expenditure approach, investment includes: a. household residential expenditures. b. firm structures, equipment, and inventories. c. fixed firm and household structures, equipment, and inventories. d. government and firm equipment expenditures. e. government defense and firm equipment expenditures. ANS: C DIF: Moderate REF: 2.2 TOP: II.B. MSC: Understanding 30. Which of the following is/are NOT included in the expenditure approach to national income accounting? a. transfer payments d. changes in stock prices b. taxes e. None of these answers is correct. c. Social Security ANS: E DIF: Moderate REF: 2.2 TOP: II.B. MSC: Applying 31. Which of the following are included in the expenditure approach to national income accounting? a. defense expenditures d. household service expenditures b. firm expenditures on equipment e. All of these answers are correct. c. residential expenditures ANS: E DIF: Moderate REF: 2.2 TOP: II.B. MSC: Applying 32. In 2015, the U.S. GDP was about ________, and ________ was/were the largest share. a. $5 trillion; net exports b. $22.5 billion; government expenditures c. $10.5 trillion; investment d. $13.6 billion; consumption e. $17.9 trillion; consumption ANS: E DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering 33. During the 1940s, ________ increased sharply as a percentage of U.S. GDP because of ________. a. government expenditure; World War II b. residential investment; the war on poverty c. nonresidential investment; the space program d. durable consumption expenditures; rationing of nondurable goods e. transfer payments; the New Deal ANS: A DIF: Easy REF: 2.2 TOP: II.B. MSC: Remembering 34. Which of the following is/are NOT included in the expenditure approach to national income accounting? a. software d. All of these answers are correct. b. taxes e. None of these answers is correct. c. defense expenditures ANS: B DIF: Moderate REF: 2.2 TOP: II.B.