Exam 21: Measuring National Output and National Income

When differences between nominal GDP and real GDP result due to price changes and nothing else is compared, an index called the ________ is created.

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. The value for this economy's nominal GDP in year 2 is

Which of the following is an example of an intermediate good?

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 GDP deflator in year 2 is

In 2016 final sales equal $200 billion, and the change in business inventories is $50 billion. GDP in 2016

Value added is the difference between the value of good as they leave a stage of production and cost of the goods as they entered that stage of production.

New automobiles count as consumer durables.

Which of the following is not counted in the GNP of the United States?

Refer to the information provided in Table 21.6 below to answer the question(s) that follow. Table 21.6 -Refer to Table 21.6. The value of government spending in billions of dollars is

Since services do not involve the production of physical things, they are not included in GDP calculations.

If an economy produced 10 pizzas at $20 each and fifteen gallons of root beer at $5 each, the total value of these goods and services would be

The GDP of the U.S. in 2014 was around $17.4 trillion. This means

All economic activities in the economy are included in the GDP.

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 GDP in billions of dollars 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 2 is the base year, the value for this economy's real GDP in year 3 is

If no foreign companies produce in a country, but many of the country's companies produce abroad, then

In 2016 the change in business inventories is -$30 billion and GDP is $160 billion. Final sales in 2016 are

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. Personal consumption expenditures in billions of dollars are

GDP minus final sales gives a measure of the

Net investment equals