Exam 23: Measuring a Nation S Income

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 2011, this country's nominal GDP was

Changes in the GDP deflator reflect

The goal of macroeconomics is to explain the economic changes that affect many households, firms, and markets simultaneously.

Disposable personal income is

The government purchases component of GDP includes salaries paid to soldiers but not Social Security benefits paid to the elderly.

The U.S. buys $500 billion of goods and $250 billion of services from foreign countries. Foreign countries buy $250 billion of goods and $300 billion of services from the U.S. What is net exports?

Table 23-5 The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Prices and Quantities -Refer to Table 23-5. In 2015, this country's

Changes in the GDP deflator reflect only changes in the prices of goods and services.

Consumption is $7 trillion, investment is $1.5 trillion, government expenditures are $2 trillion, government transfer payments are $1 trillion, exports are $1.50 trillion and imports are $1.25 trillion. What is GDP?

Which of the following is an example of a durable good?

Estimates of the values of which of the following non-market goods or services are included in GDP?

Which of the following transactions would be included in GDP for 2015?

Quality Motors is a Japanese-owned company that produces automobiles; all of its automobiles are produced in American plants. In 2008, Quality Motors produced $25 million worth of automobiles and sold $12 million in the U.S. and $13 million in Mexico. In addition, it sold $2 million from the previous year's inventory in the U.S. The transactions just described contribute how much to U.S. GDP for 2008?

The term economists use to describe a situation in which the economy's overall price level is rising is

What three types of goods are included in investment spending?

In a simple circular-flow diagram, firms use the money they get from a sale to

Real GDP per person tells us the income and expenditure of the average person in the economy.

Real GDP evaluates current production using prices that are fixed at past levels and therefore shows how the economy's overall production of goods and services changes over time.

Which of the following values would be included in U.S. GDP for 2015?

U.S. GDP excludes the production of most illegal goods.