Exam 21: Measuring National Output and National Income

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 GDP deflator in year 2 is

The change in capital stock in a period is equal to

Related to the Economics in Practice on p. 432: The National Income and Product Accounts (NIPAs) allow policymakers and economists to analyze the impact of

Which of the following would be counted in 2016's GDP?

The difference between GNP and GDP is depreciation.

In 2016 final sales equal $500 billion and the change in business inventories is -$40 billion. GDP in 2016 is

Studies estimate the size of the informal economy in the United States at about ________ percent of GDP.

Which of the following is subtracted from national income to get to personal income?

GDP is not a perfect measure of social welfare and the society's economic well-being because

If in a year there is a negative inventory investment, then final sales

If the change in business inventories is positive, then final sales are

Related to the Economics in Practice on p. 437: If the effects of pollution on society as a measure of welfare were included in GDP calculations, the measured level of GDP would most likely

Refer to the information provided in Table 21.7 below to answer the question(s) that follow. Table 21.7 -Refer to Table 21.7. The value of disposable income in billions of dollars

Related to the Economics in Practice on p. 427: The value of the used goods sold on eBay from a U.S. seller to a U.S. buyer is

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 gross private domestic investment in billions of dollars is

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. Personal consumption expenditures in billions of dollars are

If real GDP rises, then so must nominal GDP.

For any year beyond the base year, nominal GDP must be greater than real GDP.

Net investment is

Disposable personal income is personal income minus personal taxes.