\[\begin{array} { | l | r | } \hline \text { Gross Private Domestic Investment } & \$ 1,593 \\ \hline \text { Personal Taxes } & 1,113 \\ \hline \text { Transfer Payments } & 1,683 \\ \hline \text { Taxes on Production and Imports } & 695 \\ \hline \text { Corporate Income Taxes } & 213 \\ \hline \text { Personal Consumption Expenditures } & 7,304 \\ \hline \text { Consumption of Fixed Capital } & 1,393 \\ \hline \text { US Exports } & 1,059 \\ \hline \text { Dividends } & 434 \\ \hline \text { Government Purchases } & 1,973 \\ \hline \text { Net Foreign Factor Income } & 10 \\ \hline \text { Undistributed Corporate Profits } & 141 \\ \hline \text { Social Security Contributions } & 748 \\ \hline \text { US Imports } & 1,483 \\ \hline \text { Statistical Discrepancy } & 50 \\ \hline \end{array}\] Refer to the accompanying national income data (in billions of dollars). Corporate pro?ts are equal to

A) $442 billion. B) $532 billion. C) $621 billion. D) $788 billion. A) $442 billion. B) $532 billion. C) $621 billion. D) $788 billion.

\[\begin{array} { | c | c | c | } \hline \text { Year } & \text { Nominal GDP } & \text { Price Index } \\ \hline 1 & \$ 550 & \$ 140 \\ \hline 2 & 560 & 135 \\ \hline 3 & 576 & 120 \\ \hline 4 & 586 & 117 \\ \hline 5 & 604 & 108 \\ \hline \end{array}\] The economy described in the table has experienced a

A) declining nominal GDP. B) rising price level. C) declining real GDP. D) rising real GDP. A) declining nominal GDP. B) rising price level. C) declining real GDP. D) rising real GDP.

\[\begin{array} { | l | r | } \hline \text { Gross Private Domestic Investment } & \$ 1,593 \\ \hline \text { Personal Taxes } & 1,113 \\ \hline \text { Transfer Payments } & 1,683 \\ \hline \text { Taxes on Production and Imports } & 695 \\ \hline \text { Corporate Income Taxes } & 213 \\ \hline \text { Personal Consumption Expenditures } & 7,304 \\ \hline \text { Consumption of Fixed Capital } & 1,393 \\ \hline \text { US Exports } & 1,059 \\ \hline \text { Dividends } & 434 \\ \hline \text { Government Purchases } & 1,973 \\ \hline \text { Net Foreign Factor Income } & 10 \\ \hline \text { Undistributed Corporate Profits } & 141 \\ \hline \text { Social Security Contributions } & 748 \\ \hline \text { US Imports } & 1,483 \\ \hline \text { Statistical Discrepancy } & 50 \\ \hline \end{array}\] Refer to the accompanying national income data (in billions of dollars). Net exports are equal to

A) ?$155 billion. B) $288 billion. C) ?$424 billion. D) $1,483 billion. A) ?$155 billion. B) $288 billion. C) ?$424 billion. D) $1,483 billion.

\[\begin{array} { | l | c | } \hline \text { Personal Consumption Expenditures } & \$ 400 \\ \hline \text { Government Purchases } & 128 \\ \hline \text { Gross Private Domestic Investment } & 88 \\ \hline \text { Net Exports } & 7 \\ \hline \text { Net Foreign Factor Income } & 0 \\ \hline \text { Consumption of Fixed Capital } & 43 \\ \hline \text { Taxes on Production and Imports } & 50 \\ \hline \text { Compensation of Employees } & 369 \\ \hline \text { Rents } & 12 \\ \hline \text { Interest } & 15 \\ \hline \text { Proprietors' Income } & 52 \\ \hline \text { Corporate Income Taxes } & 36 \\ \hline \text { Dividends } & 24 \\ \hline \text { Undistributed Corporate Profits } & 22 \\ \hline \text { Statistical Discrepancy } & 0 \\ \hline \end{array}\] Refer to the accompanying national income data for the economy. All ?gures are in billions of dollars. The national income is

A) $561. B) $573. C) $580. D) $530. A) $561. B) $573. C) $580. D) $530.

\[\begin{array} { | l | c | } \hline \text { Personal Consumption Expenditures } & \$ 400 \\ \hline \text { Government Purchases } & 128 \\ \hline \text { Gross Private Domestic Investment } & 88 \\ \hline \text { Net Exports } & 7 \\ \hline \text { Net Foreign Factor Income } & 0 \\ \hline \text { Consumption of Fixed Capital } & 43 \\ \hline \text { Taxes on Production and Imports } & 50 \\ \hline \text { Compensation of Employees } & 369 \\ \hline \text { Rents } & 12 \\ \hline \text { Interest } & 15 \\ \hline \text { Proprietors' Income } & 52 \\ \hline \text { Corporate Income Taxes } & 36 \\ \hline \text { Dividends } & 24 \\ \hline \text { Undistributed Corporate Profits } & 22 \\ \hline \text { Statistical Discrepancy } & 0 \\ \hline \end{array}\] Refer to the accompanying national income data for the economy. All ?gures are in billions of dollars. Net domestic product is

A) $520. B) $580. C) $623. D) $573. A) $520. B) $580. C) $623. D) $573.

\[\begin{array} { | l | r | } \hline \text { Personal Taxes } & \$ 23 \\ \hline \text { Net Private Domestic Investment } & 33 \\ \hline \text { Net Exports } & 6 \\ \hline \text { National Income } & 278 \\ \hline \text { U.S. Exports } & 20 \\ \hline \text { Gross Private Domestic Investment } & 56 \\ \hline \text { Disposable Income } & 220 \\ \hline \text { Taxes on Production and Imports } & 32 \\ \hline \text { Undistributed Corporate Profits } & 15 \\ \hline \text { Proprietors' Income } & 45 \\ \hline \text { Net Foreign Factor Income } & 0 \\ \hline \text { Statistical Discrepancy } & 0 \\ \hline \end{array}\] Refer to the accompanying national income data. All ?gures are in billions of dollars. Personal income is

A) $229. B) $253. C) $274. D) $243. A) $229. B) $253. C) $274. D) $243.

\[\begin{array} { | c | c | c | } \hline \text { Year } & \text { Nominal GDP } & \text { Price Index } \\ \hline 1 & \$ 550 & \$ 140 \\ \hline 2 & 560 & 135 \\ \hline 3 & 576 & 120 \\ \hline 4 & 586 & 117 \\ \hline 5 & 604 & 108 \\ \hline \end{array}\] In the economy described in the table, real GDP for year 3 is

A) $512. B) $428. C) $480. D) $691. A) $512. B) $428. C) $480. D) $691.

\[\begin{array} { | l | r | } \hline \text { Personal Consumption Expenditures } & \$ 4,500 \\ \hline \text { Consumption of Fixed Capital } & 150 \\ \hline \text { Gross Private Domestic Investment } & 800 \\ \hline \text { Government Purchases } & 950 \\ \hline \text { Exports } & 65 \\ \hline \text { Imports } & 85 \\ \hline \end{array}\] Refer to the accompanying data about a hypothetical economy (in billions of dollars). How much are net exports of this economy?

A) +$150 billion B) ?$20 billion C) +$20 billion D) ?$65 billion A) +$150 billion B) ?$20 billion C) +$20 billion D) ?$65 billion

Exam 7: Measuring Domestic Output and National Income

Suppose nominal GDP in year 1 was $100 billion and in year 2 it was $260 billion. The general price index in year 1 was 100 and in year 2 it was 180. Real GDP in year 2 was

(Multiple Choice)

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Question 121

Gross Private Domestic Investment \ 1,593 Personal Taxes 1,113 Transfer Payments 1,683 Taxes on Production and Imports 695 Corporate Income Taxes 213 Personal Consumption Expenditures 7,304 Consumption of Fixed Capital 1,393 US Exports 1,059 Dividends 434 Government Purchases 1,973 Net Foreign Factor Income 10 Undistributed Corporate Profits 141 Social Security Contributions 748 US Imports 1,483 Statistical Discrepancy 50 Refer to the accompanying national income data (in billions of dollars). Corporate pro?ts are equal to

(Multiple Choice)

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Question 122

"Corporate proﬁts" in the national income accounts consists of the following, except

(Multiple Choice)

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Question 123

Year Nominal GDP Price Index 1 \ 550 \ 140 2 560 135 3 576 120 4 586 117 5 604 108 The economy described in the table has experienced a

(Multiple Choice)

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Question 124

Government purchases in national income accounts would include payments for

(Multiple Choice)

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Question 125

During the 2007-2009 recession,

(Multiple Choice)

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Question 126

Gross Private Domestic Investment \ 1,593 Personal Taxes 1,113 Transfer Payments 1,683 Taxes on Production and Imports 695 Corporate Income Taxes 213 Personal Consumption Expenditures 7,304 Consumption of Fixed Capital 1,393 US Exports 1,059 Dividends 434 Government Purchases 1,973 Net Foreign Factor Income 10 Undistributed Corporate Profits 141 Social Security Contributions 748 US Imports 1,483 Statistical Discrepancy 50 Refer to the accompanying national income data (in billions of dollars). Net exports are equal to

(Multiple Choice)

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Question 127

The value added of a ﬁrm is the market value of

(Multiple Choice)

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Question 128

Personal Consumption Expenditures \ 400 Government Purchases 128 Gross Private Domestic Investment 88 Net Exports 7 Net Foreign Factor Income 0 Consumption of Fixed Capital 43 Taxes on Production and Imports 50 Compensation of Employees 369 Rents 12 Interest 15 Proprietors' Income 52 Corporate Income Taxes 36 Dividends 24 Undistributed Corporate Profits 22 Statistical Discrepancy 0 Refer to the accompanying national income data for the economy. All ?gures are in billions of dollars. The national income is

(Multiple Choice)

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Question 129

Historically, real GDP has increased less rapidly than nominal GDP because

(Multiple Choice)

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Question 130

Personal Consumption Expenditures \ 400 Government Purchases 128 Gross Private Domestic Investment 88 Net Exports 7 Net Foreign Factor Income 0 Consumption of Fixed Capital 43 Taxes on Production and Imports 50 Compensation of Employees 369 Rents 12 Interest 15 Proprietors' Income 52 Corporate Income Taxes 36 Dividends 24 Undistributed Corporate Profits 22 Statistical Discrepancy 0 Refer to the accompanying national income data for the economy. All ?gures are in billions of dollars. Net domestic product is

(Multiple Choice)

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Question 131

The amount of after-tax income received by households is measured by

(Multiple Choice)

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Question 132

Personal Taxes \ 23 Net Private Domestic Investment 33 Net Exports 6 National Income 278 U.S. Exports 20 Gross Private Domestic Investment 56 Disposable Income 220 Taxes on Production and Imports 32 Undistributed Corporate Profits 15 Proprietors' Income 45 Net Foreign Factor Income 0 Statistical Discrepancy 0 Refer to the accompanying national income data. All ?gures are in billions of dollars. Personal income is

(Multiple Choice)

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Question 133

The U.S. government agency responsible for compiling the national income accounts is the

(Multiple Choice)

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Question 134

In calculating the GDP, national income accountants

(Multiple Choice)

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Question 135

Year Units of Output Price Per Unit 1 20 \ 4 2 25 4 3 30 6 Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen as the base year, real GDP for year 1 is

(Multiple Choice)

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Question 136

Year Nominal GDP Price Index 1 \ 550 \ 140 2 560 135 3 576 120 4 586 117 5 604 108 In the economy described in the table, real GDP for year 3 is

(Multiple Choice)

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Question 137

The National Income and Product Accounts (NIPA) help economists and policymakers to

(Multiple Choice)

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Question 138

Personal Consumption Expenditures \ 4,500 Consumption of Fixed Capital 150 Gross Private Domestic Investment 800 Government Purchases 950 Exports 65 Imports 85 Refer to the accompanying data about a hypothetical economy (in billions of dollars). How much are net exports of this economy?

(Multiple Choice)

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Question 139

Which of the following best deﬁnes national income?

(Multiple Choice)

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Question 140

Suppose nominal GDP in year 1 was $100 billion and in year 2 it was $260 billion. The general price index in year 1 was 100 and in year 2 it was 180. Real GDP in year 2 was

"Corporate proﬁts" in the national income accounts consists of the following, except

Year Nominal GDP Price Index 1 \ 550 \ 140 2 560 135 3 576 120 4 586 117 5 604 108 The economy described in the table has experienced a

Government purchases in national income accounts would include payments for

During the 2007-2009 recession,

The value added of a ﬁrm is the market value of

Historically, real GDP has increased less rapidly than nominal GDP because

The amount of after-tax income received by households is measured by

The U.S. government agency responsible for compiling the national income accounts is the

In calculating the GDP, national income accountants

Year Units of Output Price Per Unit 1 20 \ 4 2 25 4 3 30 6 Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen as the base year, real GDP for year 1 is

Year Nominal GDP Price Index 1 \ 550 \ 140 2 560 135 3 576 120 4 586 117 5 604 108 In the economy described in the table, real GDP for year 3 is

The National Income and Product Accounts (NIPA) help economists and policymakers to

Personal Consumption Expenditures \ 4,500 Consumption of Fixed Capital 150 Gross Private Domestic Investment 800 Government Purchases 950 Exports 65 Imports 85 Refer to the accompanying data about a hypothetical economy (in billions of dollars). How much are net exports of this economy?

Which of the following best deﬁnes national income?

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, and Government Failure

An Introduction to Macroeconomics

Economic Growth

Business Cycles, Unemployment, and Inflation

Basic Macroeconomic Relationships

The Aggregate Expenditures Model

Aggregate Demand and Aggregate Supply

Fiscal Policy, Deficits, and Debt

Money, Banking, and Financial Institutions

Money Creation

Interest Rates and Monetary Policy

Financial Economics

Extending the Analysis of Aggregate Supply

Current Issues in Macro Theory and Policy

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

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