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Suppose that last year domestic firms spent $80 billion on final purchases of plant and equipment, of which $15 billion replaced equipment that had worn out during the year. In addition, firms collectively added $10 billion to inventories and new construction totaled $35 billion. In calculating GDP, national income accountants would add gross investment of:

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Potential real GDP isA.the level of GDP attained when only some firms have excess capacity.B.the level of GDP attained when all firms have excess capacity.C.the level of GDP attained when all firms are producing at capacity.D.the level of GDP attained when most firms are producing at capacity and unemployment is low.

According to most​ economists, is it a serious shortcoming of GDP that it does not count household production or production in the underground​ economy?A.Most economists would answer​ "yes" because these types of production are likely to be a large component of the economy​ (or a large percentage of measured​ GDP), especially in countries like the United States.B.Most economists would answer​ "no" because these types of production do not affect the most important use of the GDP​ measure, which is to measure changes in total production over short periods of time.This is the correct answer.C.Most economists would answer​ "yes" because these types of production are likely to change significantly from one year to the next.D.Most economists would answer​ "no" because the purpose of measuring GDP is to see how the economy performs over fairly long periods of a decade or more.

Which of the following is a reason why the public debt may impose a burden on future​ generations?A.Future generations will not have as much income as current generations.B.Future taxes mayhave to be increased to repay the debt.C.Current government spending is not used for infrastructure and capital investment.D. Foreign owners of U.S. debt will not spend their income on U.S. products.

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