Question 1

Assume that total output consists of 4 apples and 6 oranges and that apples cost $1 each and oranges cost $0.50 each. In this case, the value of GDP is:

Accepted Answer

A) 10 pieces of fruit. 
B) $7. 
C) $8. 
D) $10. 
A) 10 pieces of fruit. 
B) $7. 
C) $8. 
D) $10.

Question 2

If GDP (measured in billions of current dollars) is $5,465 and the sum of consumption, investment, and government purchases is $5,496, while exports equal $673, imports are:

Accepted Answer

A) $673. 
B) -$673. 
C) $704. 
D) -$704. 
A) $673. 
B) -$673. 
C) $704. 
D) -$704.

Question 3

If the GDP deflator in 2009 equals 1.25 and nominal GDP in 2009 equals $15 trillion, what is the value of real GDP in 2009?

Accepted Answer

A) $12 trillion 
B) $12.5 trillion 
C) $15 trillion 
D) $18.75 trillion 
A) $12 trillion 
B) $12.5 trillion 
C) $15 trillion 
D) $18.75 trillion

Question 4

All of the following are a flow except:

Accepted Answer

A) the number of new automobile purchases. 
B) the number of people losing their jobs. 
C) business expenditures on plant and equipment. 
D) the government debt. 
A) the number of new automobile purchases. 
B) the number of people losing their jobs. 
C) business expenditures on plant and equipment. 
D) the government debt.

Question 5

Disposable personal income:

Accepted Answer

A) is computed by subtracting personal tax and nontax payments from personal income. 
B) is generally greater than personal income. 
C) includes corporate profits but not dividends. 
D) does not include government transfers to individuals. 
A) is computed by subtracting personal tax and nontax payments from personal income. 
B) is generally greater than personal income. 
C) includes corporate profits but not dividends. 
D) does not include government transfers to individuals.

Question 6

In the national income accounts, goods bought for future use are classified as which type of expenditure?

Accepted Answer

A) services 
B) investment 
C) government purchases 
D) net exports 
A) services 
B) investment 
C) government purchases 
D) net exports

Question 7

Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 5 in 2009, then the GDP deflator in 2009, using a base year of 2002, was approximately:

Accepted Answer

A) 1.5. 
B) 1.7. 
C) 1.9. 
D) 2.0. 
A) 1.5. 
B) 1.7. 
C) 1.9. 
D) 2.0.

Question 8

Real GDP is measured in dollars time.

Accepted Answer

A) current; at a point in 
B) current; per unit of 
C) constant; at a point in 
D) constant; per unit of 
A) current; at a point in 
B) current; per unit of 
C) constant; at a point in 
D) constant; per unit of

Question 9

The market value of all final goods and services produced within an economy in a given period of time is called:

Accepted Answer

A) industrial production. 
B) gross domestic product. 
C) the GDP deflator. 
D) general durable purchases. 
A) industrial production. 
B) gross domestic product. 
C) the GDP deflator. 
D) general durable purchases.

Assume that total output consists of 4 apples and 6 oranges and that apples cost $1 each and oranges cost $0.50 each. In this case, the value of GDP is:

If GDP (measured in billions of current dollars) is $5,465 and the sum of consumption, investment, and government purchases is $5,496, while exports equal $673, imports are:

If the GDP deflator in 2009 equals 1.25 and nominal GDP in 2009 equals $15 trillion, what is the value of real GDP in 2009?

All of the following are a flow except:

Disposable personal income:

In the national income accounts, goods bought for future use are classified as which type of expenditure?

Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 5 in 2009, then the GDP deflator in 2009, using a base year of 2002, was approximately:

Real GDP is measured in dollars time.

The market value of all final goods and services produced within an economy in a given period of time is called:

The Science of Macroeconomics

National Income Where It Comes From and Where It Goes

Money and Inflation

The Open Economy

Unemployment

Economic Growth I: Capital Accumulation and Population Growth

Economic Growth II: Technology, Empirics, and Policy

Introduction to Economic Fluctuations

Aggregate Demand I: Building the Is-Lm Model

Aggregate Demand II: Applying the Is-Lm Model

The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime

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Exam 2: The Data of Macroeconomics

Assume that total output consists of 4 apples and 6 oranges and that apples cost $1 each and oranges cost $0.50 each. In this case, the value of GDP is:

If GDP (measured in billions of current dollars) is $5,465 and the sum of consumption, investment, and government purchases is $5,496, while exports equal $673, imports are:

If the GDP deflator in 2009 equals 1.25 and nominal GDP in 2009 equals $15 trillion, what is the value of real GDP in 2009?

All of the following are a flow except:

Disposable personal income:

In the national income accounts, goods bought for future use are classified as which type of expenditure?

Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 5 in 2009, then the GDP deflator in 2009, using a base year of 2002, was approximately:

Real GDP is measured in dollars time.

The market value of all final goods and services produced within an economy in a given period of time is called:

The Science of Macroeconomics

National Income Where It Comes From and Where It Goes

Money and Inflation

The Open Economy

Unemployment

Economic Growth I: Capital Accumulation and Population Growth

Economic Growth II: Technology, Empirics, and Policy

Introduction to Economic Fluctuations

Aggregate Demand I: Building the Is-Lm Model

Aggregate Demand II: Applying the Is-Lm Model

The Open Economy Revisited: the Mundell-Fleming Model and the Exchange-Rate Regime

Filters