2)GDP per capita:

a)is an average income per person in an economy.

b)tells us about how the output is allocated in an economy.

c)tells us about what you can buy with a given amount of money in that country.

d)All of these statements are true.

10) Inventory is the stock of goods that a company:

Multiple Choice

a)produces now but has contractually already sold it.

b)produces this year, but keeps to sell them next year.

c)produced last year, but had to sell for below cost.

d)produces and sells in a given time period.

11) All are examples of government purchases that would be included in GDP except:

Multiple Choice

a)the salaries of those in the military working in California.

b)salaries paid by the government to foreign contractors in Iraq.

c)replacement calculators for the Congressional Budget Office.

d)pencils for the employees of the FBI to use.

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