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Tracking and measuring international flows of goods and assets are based on principles of:

economics.statistics.historical precedents.accounting.


2.

Summaries of international flows of goods and assets are recorded in a nation’s: national income and product accounts.balances with the IMF.

balance of payments accounts.balance on international indebtedness.


3.

Gross national expenditure in a closed economy is defined as: government spending net of taxes.personal consumption spending, government spending, and investment spending.personal consumption spending, government spending, investment spending, and spending on exports.production of consumer goods, government services, and capital goods.


4.

In a closed economy, income generated from production is equal to:

GNE.GDP.GNI.GNE, GDP, and GNI.


5.

In a closed economy in which no international economic activity occurs, which of the following is NOT true?

Production in the nation must equal total demand (spending on final goods and services).Total spending is equal to the sum of consumer spending, business investment, and government purchases.Value added in the economy is equal to income paid to factors of production.Value added in the economy is equal to the sum of consumer spending, business investment, and government purchases.