Exam 21: Measuring National Output and National Income

If GNP is $600 billion, receipts of factor income from the rest of the world are $50 billion, and payments of factor income to the rest of the world are $30 billion, then GDP is

GDP understates the value of output produced by an economy because it

If real GDP in 2016 using 2015 prices is equal to the nominal GDP of 2016, then

Related to the Economics in Practice on p. 437: Actions that impact the state of the environment, like pollution, are considered ________ activities in terms of the national income and product accounts.

If receipts of factor income from the rest of the world are less than payments of factor income to the rest of the world, then

If real GDP in 2016 using 2015 prices is higher than nominal GDP of 2016, then

Net national product is

The value of all motorcycles produced by Harley Davidson in the United States is

Profits earned in the United States by foreign-owned companies are included in

When GDP is measured using "adjustments for price changes" it is known as the

A country's GNP will definitely exceed its GDP if ________ foreign companies produce in the country and ________ of the country's companies produce abroad.

Per capita gross national income (GNI) decreases when

Refer to the information provided in Table 21.9 below to answer the question(s) that follow. Table 21.9 -Refer to Table 21.9. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is

If real GDP in 2016 using 2015 prices is higher than nominal GDP of 2016, then

If gross investment in 2016 is $750 billion and depreciation in 2016 is $850 billion, net investment in 2016 is

Profits earned in a foreign country by U.S.-owned companies are included in

The single largest expenditure component in GDP is

Refer to the information provided in Table 21.5 below to answer the question(s) that follow. Table 21.5 -Refer to Table 21.5. The value of gross domestic product in billions of dollars is

The yearly value of worn out machinery is called

When calculating GDP, ________ are added and ________ are subtracted.