Table 51 National Income Accounts (Dollar Figures Are in Billions)

question 95

Multiple Choice

Table 5.1 National Income Accounts (dollar figures are in billions)
$\begin{array}{|l|r|}\hline \text { Expenditures for consumer goods and services } & \$ 4,565 \\\hline \text { Exports } & \$ 740 \\\hline \text { Government purchases of goods and services } & \$ 1,465 \\\hline \text { Social Security taxes } & \$ 510 \\\hline\text { Net investment } & \$ 225 \\\hline\text { Indirect business taxes } & \$ 520 \\\hline\text { Imports } & \$ 825 \\\hline \text { Gross investment } & \$ 865 \\\hline \text { Corporate income taxes } & \$ 185 \\\hline \text { Personal incometaxes } & \$ 750 \\\hline \text { Corporateretained earnings } & \$ 45 \\\hline\text { Net foreign factor income } & \$ 20 \\\hline \text { Govermment transfer payments to households } & \$ 690 \\\hline \text { Net interest payments to households } & \$ 0 \\\hline\end{array}$


On the basis of Table 5.1,gross domestic product is

• A)$6,340 billion.
• B)$6,170 billion.
• C)$6,995 billion.
• D)$7,080 billion.

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Definitions:

Distributed Practice

Spacing the study of material to be remembered by including breaks between study periods.

Cramming

An intensive, short-term study technique characterized by long hours of continuous study just before an exam.

Spacing Studying

The practice of distributing learning sessions or practice over time, rather than condensing them into short blocks, to improve long-term memory retention.

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the event, often referred to as the "I-knew-it-all-along" phenomenon.