Exam 19: Gdp: Measuring Total Production and Income

Steve Ballmer organized government spending data on the basis of four "missions" for government that he identified in the preamble to the U.S. Constitution. The data

In periods when prices are falling, on average,

If the size of the underground economy is large,

Which of the following headlines would be more closely related to what macroeconomists study than what microeconomists study?

Legalizing all forms of illegal activities

Increases in real GDP would understate the well-being of a country over time if, over that time period, the

The output of U.S. citizens who work in Canada would be included in the

Consumption expenditures do not include household purchases of

Depreciation is

Table 19-24 -Refer to Table 19-24. Given the following information, calculate the rate of increase in the price level from 2017 to 2018. Use the percent change in the GDP deflator.

Table 19-5 Consider the table above showing three stages of production of an automobile. -Refer to Scenario 19-1. The value of each canoe in gross domestic product equals

If the quantity of goods and services produced in the economy decreases,

Residential investment includes spending by firms on office buildings.

Gross domestic product is calculated by summing up

Table 19-2 -Refer to Table 19-2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals

How can a firm have a negative valued added, as supposedly some state-owned businesses did in the former Soviet Union? What has to be true for value added to be negative?

Table 19-29 -Refer to Table 19-29. Based on the table above, what is personal income for this economy?

In the circular flow model, the value of total income for an economy ________ the value of total production.

The purchase of a new automobile is included in

Describe briefly how the final value of an iPhone which costs $700 must be equal to the sum of incomes generated by the production of the iPhone.