Exam 19: Introduction to Macroeconomics and Gross Domestic Product

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Explain the difference between gross domestic product (GDP)and the older concept of gross national product (GNP).

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Real gross domestic product (GDP)increases if

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The phase of the business cycle where economic activity is decreasing is called

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A doctor receives $50,000 per month from her patients (and their insurance companies)as payment for her services.Each month she buys medical supplies for $10,000 and she pays a lab $15,000 for analyzing slides.The total contribution to gross domestic product (GDP)this month is

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When an unemployed worker receives a payment from the government as a result of being unemployed,it is

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Real gross domestic product (GDP)would be a better measure of economic well-being if it included the value of

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A company produces a computer.It pays $100 for the keyboard and outer case,$200 for the internal hardware,and $100 for the software.It sells the computer to a consumer for $500.The contribution to gross domestic product (GDP)is

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The best measure of the average living standards of people in the country is the

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What does economics research have to say about the old adage that money can't buy happiness? Be specific.

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Assuming the price level increased,real gross domestic product (GDP)is greater than nominal GDP if the current period is ________ the base period,and real GDP is less than nominal GDP if the current year is ________ the base period.

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The table shows a series of market transactions in the life of an automobile.Describe two different ways that these transactions could contribute to gross domestic product (GDP)for the years 2017 and 2018.Which way is used in practice? The table shows a series of market transactions in the life of an automobile.Describe two different ways that these transactions could contribute to gross domestic product (GDP)for the years 2017 and 2018.Which way is used in practice?

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The difference between microeconomics and macroeconomics is a matter of

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How does the focus of macroeconomics differ from that of microeconomics when it comes to income,output,employment,and prices?

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When you buy a new car built by Ford,it is included in the ________ category of gross domestic product (GDP).

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Country A has a gross domestic product (GDP)of $200,000 and a population of 1,000.Country B has a GDP of $400,000 and a population of 4,000.Which of the following is true?

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Ford produces 100,000 cars this year and only sells 95,000.The 5,000 cars that are not sold ________ listed in ________ category of gross domestic product (GDP).

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The four major expenditure categories of gross domestic product (GDP)are

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Many economists say that the Great Recession of 2007-2009,rather than being simply an unusually long cyclical contraction,produced permanent changes in the economy.How is this claim supported by the graph,shown below,of U.S.real gross domestic product (GDP)since the year 1993? Many economists say that the Great Recession of 2007-2009,rather than being simply an unusually long cyclical contraction,produced permanent changes in the economy.How is this claim supported by the graph,shown below,of U.S.real gross domestic product (GDP)since the year 1993?

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Nominal gross domestic product (GDP)increases if

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The sale of American-grown corn to China is included in the ________ category of gross domestic product (GDP).

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