Exam 7: Measuring Domestic Output and National Income

Net exports are negative when

Net exports is a positive number when

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, the price index for year 1 is

Personal Taxes \ 40 Social Security Contributions 15 Taxes on Production and Imports 20 Corporate Income Taxes 40 Transfer Payments 22 U.S. Exports 24 Undistributed Corporate Profits 35 Government Purchases 90 Gross Private Domestic Investment 75 U.S. Imports 22 Personal Consumption Expenditures 250 Consumption of Fixed Capital (depreciation) 25 Net Foreign Factor Income 10 Statistical Discrepancy 0 Refer to the accompanying data (all ?gures in billions of dollars). PI is

Which of the following is a private transfer payment?

If depreciation exceeds gross investment,

An economy is enlarging its stock of capital goods

Assume that in year 1, an economy's nominal GDP was $350 billion and in year 2, it was $375 billion. Based on this information, we

Personal income usually exceeds disposable income.

Which of the following is the smallest dollar amount in the United States?

Year Units of Output Price Per Unit 1 3 \ 3 2 4 4 3 6 5 4 7 7 5 8 8 Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a ?ve-year period are shown in the table. The price index for year 1 is

Real GDP is

Suppose that inventories were $80 billion in year 1 and $70 billion in year 2. For year 2, national income accountants would

Exports are subtracted from imports in calculating U.S. GDP because exports are not available for domestic consumption.

Economy A: gross investment equals depreciation Economy B: depreciation exceeds gross investment Economy C: gross investment exceeds depreciation Other things equal, the information suggests that the production capacity in economy

Gross Investment \ 18 National Income 100 Net Exports 2 Personal Income 85 Personal Consumption Expenditures 70 Saving 5 Government Purchases 20 Net Domestic Product 105 Statistical Discrepancy 0 Refer to the accompanying data (all ?gures in billions of dollars). Consumption of ?xed capital (depreciation) is

In 2017, the three largest economies in the world were (listed in order, from largest)

Gross domestic private investment, as defined in national income accounts, would include the following, except

Disposable Income \ 200 Net Private Domestic Investment 40 US Imports 15 National Income 300 Personal Taxes 31 Net Exports 9 Gross Private Domestic Investment 55 Net Foreign Factor Income 10 Statistical Discrepancy 0 Refer to the accompanying national income data (in billions of dollars). In these data, U.S. GDP is

Gross Private Domestic Investment \ 46 Exports of the U.S. 9 Disposable Income 190 Personal Saving 10 Government Purchases 84 Net Foreign Factor Income 10 Consumption of Fixed Capital 52 Dividends 13 Imports of the U.S. 12 Taxes on Production and Imports 22 Personal Taxes 38 Social Security Contributions 23 Statistical Discrepancy 0 Refer to the accompanying data. All ?gures are in billions of dollars. Personal income is