GOFFE ECON 104 QUIZ 1 QUESTIONS
& ACTUAL PASSED ANSWERS RATED
100% COMPLETE
GDP - Correct Answer ✔✔ the total market value of all final goods and services
produced annually in an economy
GDP per capita - Correct Answer ✔✔ Gross domestic product divided by the number of
people in the population, represents average national income
Capital (K) - Correct Answer ✔✔ manufactured goods owned by firms to produce other
goods and services
Investment (I) - Correct Answer ✔✔ spending on capital equipment, inventories, and
structures, including household purchases of new housing
Intermediate Goods - Correct Answer ✔✔ products that are purchased for resale or
further processing or manufacturing
Final Goods - Correct Answer ✔✔ goods and services that have been purchased for
final use and not for resale or further processing or manufacturing
GDP by Production - Correct Answer ✔✔ the market value of all final goods and
services produced domestically in that year
GDP by Expenditures - Correct Answer ✔✔ the total amount of money spent by
households and the government on goods and services in a year
Consumption (C) - Correct Answer ✔✔ the purchase of final goods and services by
households, excluding new housing
Government Expenditures (G) - Correct Answer ✔✔ Cash spent by a government in
one year, G = purchases + transfers + interest payments
GDP by Income - Correct Answer ✔✔ GDP measured by the total income of
households and firms in an economy in a year
Income - Correct Answer ✔✔ money received, especially on a regular basis, for work or
through investments
the value of income will always equal the market value and the value of dollars spent
per transaction
& ACTUAL PASSED ANSWERS RATED
100% COMPLETE
GDP - Correct Answer ✔✔ the total market value of all final goods and services
produced annually in an economy
GDP per capita - Correct Answer ✔✔ Gross domestic product divided by the number of
people in the population, represents average national income
Capital (K) - Correct Answer ✔✔ manufactured goods owned by firms to produce other
goods and services
Investment (I) - Correct Answer ✔✔ spending on capital equipment, inventories, and
structures, including household purchases of new housing
Intermediate Goods - Correct Answer ✔✔ products that are purchased for resale or
further processing or manufacturing
Final Goods - Correct Answer ✔✔ goods and services that have been purchased for
final use and not for resale or further processing or manufacturing
GDP by Production - Correct Answer ✔✔ the market value of all final goods and
services produced domestically in that year
GDP by Expenditures - Correct Answer ✔✔ the total amount of money spent by
households and the government on goods and services in a year
Consumption (C) - Correct Answer ✔✔ the purchase of final goods and services by
households, excluding new housing
Government Expenditures (G) - Correct Answer ✔✔ Cash spent by a government in
one year, G = purchases + transfers + interest payments
GDP by Income - Correct Answer ✔✔ GDP measured by the total income of
households and firms in an economy in a year
Income - Correct Answer ✔✔ money received, especially on a regular basis, for work or
through investments
the value of income will always equal the market value and the value of dollars spent
per transaction
