Macroeconomics Ture-False questions;
1 GDP per capita does not measure the value of all intermediate goods and services produced in the economy.
2 The largest spending category in GDP is consumption.
3 Most of the value added in GDP in the United States is added by consumers rather than business.
4 The peak of the business cycle provides evidence that the recession is soon to come.
5 Suppose there is an excess supply for water in Florida. This means that we can expect the price of water to increase in Florida over time.
6 A non-linear curve has the same slope between every pair of points.
7 On any given production possibility frontier, we see the maximum quantity of one good that can be produced for any given production of the other.