Exam 23: Measuring a Nation S Income

Susan switches from going to Speedy Lube for an oil change to changing the oil in her car herself. Which of the following is correct? The value of changing the oil is

On the basis of the information presented in the table below, which presents the correct ordering of real GDP per person from highest to lowest?

For the economy as a whole,

Figure 23-2. -Refer to Figure 23-2. Identify the location for markets for factors of production and markets for goods and services.

How is net national product (NNP) calculated?

In the economy of Talikastan in 2015, consumption was $6000, exports were $1000, GDP was $10,000, government purchases were $1800, and imports were $1200. What was Talikastan's investment in 2015?

A statistical discrepancy

Which of the following is a way to compute GDP?

Table 23-6 The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013 . Prices and Quantities -Refer to Table 23-6. In 2012, this country's GDP deflator was

Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?

You find that your paycheck for the year is higher this year than last. Does that mean that your real income has increased? Explain carefully.

When economists talk about growth in the economy, they measure that growth as the

Rocket Energy Drink Company buys sugar to produce energy drinks. At the end of a quarter both its inventory of sugar and its inventory of energy drinks has increased. Investment for the quarter will include

All of the following are examples of a nondurable good except

Calculate GDP for an economy with exports of $5 trillion, investment of $1.5 trillion, consumption spending of $11 trillion, imports of $6 trillion, and government purchases of $3 trillion.

In the economy of Talikastan in 2015, exports were $500, GDP was $6400, government purchases were $1700, imports were $400, and investment was $1800. What was Talikastan's consumption in 2015?

Grapes are considered intermediate goods

Which of the following transactions adds to U.S. GDP for 2015?

Macroeconomics is the study of the economy as a whole.

What measure of GDP shows the value of goods and services produced if we valued these good and services at the prices that prevailed in some specific year in the past?