Consider the following data, where gross domestic product (GDP) values are measured in millions of dollars, to answer the next questions: \[\begin{array} { l l c l } \hline \text { Year } & \text { Nominal GDP } & \text { Real GDP } & \text { GDP Deflator } \\ \hline 2009 & & \$ 500 & 100 \\ 2010 & \$ 551.2 & & 106 \\ 2011 & \$ 600.6 & \$ 546 & \\ 2012 & & \$ 600.6 & 120 \\ \hline \end{array}\] -What was the inflation rate between 2010 and 2011? Round to the nearest decimal.

A) 3.8 percent B) 4.0 percent C) 3.6 percent D) 2.0 percent E) 2.2 percent A) 3.8 percent B) 4.0 percent C) 3.6 percent D) 2.0 percent E) 2.2 percent

Consider the following data that gives the quantity produced and unit price for three different goodsacross two different years to answer the next questions. Assume that the base year is 2015. \[\begin{array} { l l l l l } \hline \text { Good } & \text { 2015 Price } & \text { 2015 Quantity } & \text { 2016 Price } & \text { 2016 Quantity } \\ \hline \text { A } & \$ 2 & 250 & \$ 3 & 200 \\ \text { B } & \$ 3 & 300 & \$ 2 & 400 \\ \text { C } & \$ 4 & 400 & \$ 5 & 500 \\ \hline \end{array}\] -What was the gross domestic product GDP) deflator in 2016?

A) 108.3 B) 103 C) 120 D) 130 E) 110 A) 108.3 B) 103 C) 120 D) 130 E) 110

Consider the following data that identifies real gross domestic product (GDP) in comparison to the long-run trend of real GDP to answer the next questions: $\begin{array} { l l l } \hline \text { Quarter } & \begin{array} { l } \text { Real GDP } \\ \text { (billions of dollars) } \end{array} & \begin{array} { l } \text { Long-Run Trend of Real } \\ \text { GDP (billions of dollars) } \end{array} \\ \hline 1 & 4,000 & 4,000 \\ 2 & 4,160 & 4,120 \\ 3 & 4,326 & 4,244 \\ 4 & 4,413 & 4,371 \\ 5 & 4,501 & 4,502 \\ 6 & 4,591 & 4,637 \\ 7 & 4,499 & 4,776 \\ 8 & 4,409 & 4,919 \\ 9 & 4,673 & 5,067 \\ 10 & 4,954 & 5,219 \\ 11 & 5,252 & 5,376 \\ 12 & 5,376 & 5,537 \\ \hline \end{array}$ -On average, what percentage does real gross domestic product GDP) grow over the long run?

A) 1 percent B) 2 percent C) 3 percent D) 4 percent E) 5 percent A) 1 percent B) 2 percent C) 3 percent D) 4 percent E) 5 percent

Exam 6: Introduction to Macroeconomics and Gross Domestic Product

Joe sells the house he has lived in for 10 years to the Smith family for $300,000. He receives $50,000 more than his original purchase price 10 years ago. Joe pays his real estate agent a 5 percent sales commission. This transaction will increase gross domestic product GDP) by

(Multiple Choice)

4.9/5

(37)

Question 21

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

(Essay)

4.8/5

(42)

Question 22

If real gross domestic product GDP) equals nominal GDP, then

(Multiple Choice)

4.8/5

(43)

Question 23

If nominal gross domestic product GDP) is increasing, which of the following may be true?

(Multiple Choice)

4.8/5

(36)

Question 24

Nominal gross domestic product GDP) is equal to

(Multiple Choice)

4.9/5

(37)

Question 25

Gross domestic product GDP) increases if prices decrease by _and quantities produced increase by__ .

(Multiple Choice)

4.8/5

(35)

Question 26

Company X sells paper to company Y for $100,000. Company Y uses the paper to make textbooks, selling them to consumers for $500,000. The total contribution to gross domestic product GDP) is

(Multiple Choice)

4.7/5

(47)

Question 27

Consider the following data, where gross domestic product (GDP) values are measured in millions of dollars, to answer the next questions: Year Nominal GDP Real GDP GDP Deflator 2009 \ 500 100 2010 \ 551.2 106 2011 \ 600.6 \ 546 2012 \ 600.6 120 -What was the inflation rate between 2010 and 2011? Round to the nearest decimal.

(Multiple Choice)

4.8/5

(37)

Question 28

A country with a small per capita gross domestic product GDP) is

(Multiple Choice)

4.8/5

(42)

Question 29

Consider the following data that gives the quantity produced and unit price for three different goodsacross two different years to answer the next questions. Assume that the base year is 2015. Good 2015 Price 2015 Quantity 2016 Price 2016 Quantity A \ 2 250 \ 3 200 B \ 3 300 \ 2 400 C \ 4 400 \ 5 500 -What was the gross domestic product GDP) deflator in 2016?

(Multiple Choice)

4.8/5

(40)

Question 30

Explain why intermediate goods and used goods do not count in gross domestic product GDP).

(Essay)

4.7/5

(32)

Question 31

Real gross domestic product GDP) is equal to

(Multiple Choice)

4.9/5

(37)

Question 32

Consider the following data that identifies real gross domestic product (GDP) in comparison to the long-run trend of real GDP to answer the next questions: Quarter Real GDP (billions of dollars) Long-Run Trend of Real GDP (billions of dollars) 1 4,000 4,000 2 4,160 4,120 3 4,326 4,244 4 4,413 4,371 5 4,501 4,502 6 4,591 4,637 7 4,499 4,776 8 4,409 4,919 9 4,673 5,067 10 4,954 5,219 11 5,252 5,376 12 5,376 5,537 -On average, what percentage does real gross domestic product GDP) grow over the long run?

(Multiple Choice)

4.8/5

(39)

Question 33

Real gross domestic product GDP) can be calculated as

(Multiple Choice)

4.9/5

(41)

Question 34

Consumption is approximately of _______gross domestic product (GDP).

(Multiple Choice)

4.8/5

(38)

Question 35

If over a period of time real gross domestic product GDP) decreases while nominal GDP increases, then this implies

(Multiple Choice)

4.8/5

(39)

Question 36

The contraction phase of a business cycle is best described as the time

(Multiple Choice)

4.8/5

(32)

Question 37

A shortcoming of nominal gross domestic product (GDP) is that

(Multiple Choice)

4.9/5

(37)

Question 38

Gross domestic product GDP) per capita is a good, but imperfect, measure of

(Multiple Choice)

4.8/5

(38)

Question 39

The state of Florida spends $3 million to repave highways. This is included in the _____category of gross domestic product (GDP).

(Multiple Choice)

4.8/5

(34)

Question 40

Joe sells the house he has lived in for 10 years to the Smith family for $300,000. He receives $50,000 more than his original purchase price 10 years ago. Joe pays his real estate agent a 5 percent sales commission. This transaction will increase gross domestic product GDP) by

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

If real gross domestic product GDP) equals nominal GDP, then

If nominal gross domestic product GDP) is increasing, which of the following may be true?

Nominal gross domestic product GDP) is equal to

Gross domestic product GDP) increases if prices decrease by _and quantities produced increase by__ .

Company X sells paper to company Y for $100,000. Company Y uses the paper to make textbooks, selling them to consumers for $500,000. The total contribution to gross domestic product GDP) is

A country with a small per capita gross domestic product GDP) is

Explain why intermediate goods and used goods do not count in gross domestic product GDP).

Real gross domestic product GDP) is equal to

Real gross domestic product GDP) can be calculated as

Consumption is approximately of _______gross domestic product (GDP).

If over a period of time real gross domestic product GDP) decreases while nominal GDP increases, then this implies

The contraction phase of a business cycle is best described as the time

A shortcoming of nominal gross domestic product (GDP) is that

Gross domestic product GDP) per capita is a good, but imperfect, measure of

The state of Florida spends $3 million to repave highways. This is included in the _____category of gross domestic product (GDP).

Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand Y

Market Outcomes and Tax Incidence

Price Controls

Unemployment

The Price Level and Inflation

Savings, Interest Rates, and the Market for Loanable Funds

Financial Markets and Securities

Economic Growth and the Wealth of Nations

Growth Theory

The Aggregate Demandaggregate Supply Model

Recessions, Expansions, and the Debate Over How to Manage Them

Federal Budgets: the Tools of Fiscal Policy

Fiscal Policy

Money and the Federal Reserve

Monetary Policy

International Trade

International Finance

Filters

Exam 6: Introduction to Macroeconomics and Gross Domestic Product

Joe sells the house he has lived in for 10 years to the Smith family for $300,000. He receives $50,000 more than his original purchase price 10 years ago. Joe pays his real estate agent a 5 percent sales commission. This transaction will increase gross domestic product GDP) by

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

If real gross domestic product GDP) equals nominal GDP, then

If nominal gross domestic product GDP) is increasing, which of the following may be true?

Nominal gross domestic product GDP) is equal to

Gross domestic product GDP) increases if prices decrease by _____and quantities produced increase by______ .

Company X sells paper to company Y for $100,000. Company Y uses the paper to make textbooks, selling them to consumers for $500,000. The total contribution to gross domestic product GDP) is

A country with a small per capita gross domestic product GDP) is

Explain why intermediate goods and used goods do not count in gross domestic product GDP).

Real gross domestic product GDP) is equal to

Real gross domestic product GDP) can be calculated as

Consumption is approximately of _______gross domestic product (GDP).

If over a period of time real gross domestic product GDP) decreases while nominal GDP increases, then this implies

The contraction phase of a business cycle is best described as the time

A shortcoming of nominal gross domestic product (GDP) is that

Gross domestic product GDP) per capita is a good, but imperfect, measure of

The state of Florida spends $3 million to repave highways. This is included in the _____category of gross domestic product (GDP).

Five Foundations of Economics

Model Building and Gains From Trade

The Market at Work: Supply and Demand Y

Market Outcomes and Tax Incidence

Price Controls

Unemployment

The Price Level and Inflation

Savings, Interest Rates, and the Market for Loanable Funds

Financial Markets and Securities

Economic Growth and the Wealth of Nations

Growth Theory

The Aggregate Demandaggregate Supply Model

Recessions, Expansions, and the Debate Over How to Manage Them

Federal Budgets: the Tools of Fiscal Policy

Fiscal Policy

Money and the Federal Reserve

Monetary Policy

International Trade

International Finance

Filters

Gross domestic product GDP) increases if prices decrease by _and quantities produced increase by__ .