Exam 21: Measuring National Output and National Income

Refer to the information provided in Table 21.1 below to answer the question(s) that follow. Table 21.1 -Refer to Table 21.1. The value for net exports in billions of dollars is

If gross investment in 2017 is $750 billion and depreciation in 2017 is $750 billion, net investment in 2017 is

GNP converted into dollars using an average exchange rate over several years adjusted for rates of inflation is

The base year of an index is

Refer to the information provided in Table 21.10 below to answer the question(s) that follow. Table 21.10 -Refer to Table 21.10. Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is

Refer to the information provided in Table 21.8 below to answer the question(s) that follow. Table 21.8 -Refer to Table 21.8. The value for national income in billions of dollars is

A farmer buys a new tractor from John Deere to use on her cotton farm. This tractor is included in GDP as

Refer to the information provided in Table 21.8 below to answer the question(s) that follow. Table 21.8 -Refer to Table 21.8. The value for disposable personal income in billions of dollars is

If depreciation equals zero and retained earnings equal $25 billion, then

The largest income component of GDP is

If GNP is $800 billion and depreciation is $90 billion, then net national product is

Indirect taxes include all of the following except

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. If year 1 is the base year, the value for this economy's inflation rate between year 1 and year 2 is

Which of the following is included in both the U.S. GDP and GNP?

Depreciation is included in GDP, but excluded from NNP.

Related to the Economics in Practice on p. 432: The National Income and Product Accounts (NIPAs) were originally developed for the Commerce Department

Refer to the information provided in Table 21.2 below to answer the question(s) that follow. Table 21.2 -Refer to Table 21.2. The value for net exports in billions of dollars is

Which prices are used to measure goods and services in calculating GDP?

Dairy Queen opens a branch in Estonia. The sales of the restaurant enter the U.S. GDP and the Estonian GNP.

If disposable personal income is $500 billion and personal saving is $15 billion, the personal saving rate is