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64.Which of the following expenditures are not included in the consumption component of GDP? a.maid service b.purchase of a new home c.a new videocassette recorder d.a restaurant meal e.tax preparation service 65.Other things equal, increased imports decrease GDP. a.True b.False 66.U.S. imports are a.not added to U.S. GDP because they are produced abroad b.added to U.S. GDP because they are consumed domestically c.added to U.S. GDP because they represent an increase in inventories d.added to U.S. GDP as government purchases because the government decides what goods may be imported e.not added to U.S. GDP because they are intermediate goods 67.Use the following data to calculate GDP: consumption = $2,000; gross investment = $600; government purchases = $500; net exports = -$40; transfer payments = $340. a.GDP = $2,720 b.GDP = $3,060 c.GDP = $3,140 d.GDP = $3,400 e.GDP cannot be determined due to insufficient data 68The largest component of aggregate expenditure is a.government purchases b.transfer payments c.imports d.consumption e.investment 69.Katrina pays $40 for a meal at a fancy restaurant. The ingredients used in it probably cost the restaurant $10. The value added to GDP by the purchase of this meal is a.$30 b.$40 c.$70 d.$40 plus the wages paid the chef and waiters e.$40 plus the profit earned by the restaurant's owner 71In the resource market, a.businesses borrow money to buy the capital resources they need b.businesses sell services to the households c.firms provide the resources to the households d.households sell the resources to firms in return for factor payments e.resources flow from the business sector to the household sector 71.Disposable income equals personal income minus indirect business taxes. a.True b.False

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1. 64.Which of the following expenditures are not included in the consumption component of GDP? b.purchase of a new home 65.Other things equal, increased imports decrease GDP. a.True 66.U.S. imports are a.not added to U.S. GDP because they are produced abroad 67.Use the following data to calculate GDP: consumption = $2,000; gross investment = $600; government purchases = $500; net exports = -$40; transfer payments = $340. b.GDP = $3,060 68The largest component of aggregate expenditure is d.consumption 69.Katrina pays $40 for a meal at a fancy restaurant. The ingredients used in it probably cost the restaurant $10. The value added to GDP by the purchase of this meal is a.$30 71/0? In the resource market, a.businesses borrow money to buy the capital resources they need 71.Disposable income equals personal income minus indirect business taxes. a.True