Post 20: Quiz Corrections

Reviewing Facts
1. a; h; National income accounting is the process of tracking production, income, and consumption in a nation's economy (229)
2. b; a; Nominal GDP is the current GDP (232)
7. f; g; Coincident indicators change as the economy moves from one phase to another. (240)
8. g; f; Lagging indicators change months after an upturn of downturn in the economy has occurred (240)

Understanding Ideas
2: d; b; GDP does not include products such as used cars or secondhand clothing...goods were accounted in the year they were produced (230)
4. d; a; Gathering the necessary data is a slow and time consuming process. (233)

Matching
1. b; d; National income accounting is the process of tracking production, income, and consumption in a nation's economy (229)
2. i; b; Nominal GDP is the current GDP (232)
4. t; f; GNP measures the total dollar value of all final output produced with factors of production owned by residents of a country during one year (234)
12. c; s; Capital Deepening - an increase in the amount of capital goods available per worker (245)