What I learned from taking three online quizzes.
1. National income accounting provides information about a nation's economic activities.
2. To actually compute GDP, economists use the output-expenditure model. The model adds the output produced by the four sectors of the product market.
3. Personal consumption expenditures include durable goods, nondurable goods, and services.
4. Economists divide gross investment into two subcategories: fixed investment and inventory investment.
5. Government transfer payments are not included when calculating government purchases. Transfer payments include Social Security payments and various types of government aid.
6. To measure changes in prices over time, economists use price indexes.
7. Barter transactions, housework, and do-it-yourself home repairs are examples of nonmarket activities. Transactions that do not involve money and are not recorded are nonmarket activities.
8. To calculate national income, economists subtract subsidies and indirect taxes from net national product.
9. The business cycle is divided into four stages.
10. The contraction phase is a period of business slowdown.
11. Many economists agree that the level of business investment, availability of money and credit, expectations about future economic activity, and external factors affect the business cycle.
12. Coincident indicators change as the economy moves from one phase of the business cycle to another.
13. Lagging indicators help economists predict the duration of economic upturns or downturns.
14. Economic indicators are collected by the U.S. Department of Commerce.
15. Capital deepening is an increase in the amount of capital goods available per worker.