Exam 5: The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates

The value of a country's exports during a particular year was $120,000 and the value of its imports was $85,000.Which of the following is true?

The following table contains statistics for the country of Gregorville in 2017, a country in which all must either attend school, be available for work, or be retired. -Refer to the table above.What is the labor force participation if 5,000 of those actively looking for a job find one?

A retailer buys goods worth $15,000 from a manufacturer and sells them for $18,250.The retailer adds a value of ________ to the production process.

Scenario: A typical resident of the country of Univertopia consumes a simple basket of goods consisting of soda, pizza, and Frisbees. The base year's basket contains 500 sodas, 200 pizzas, and 40 Frisbees. The prices of these goods over 8 years are given in the table. -Refer to the scenario above.Using 2014 as the base year,what is the Consumer Price Index for 2016?

Genovia produced 10 million tons of wheat in a particular year.Of this,1 million tons had to be thrown away because of a pest infestation.How would this affect the calculation of the GDP of the country for that year?

Which of the following will be included in the calculation of GDP using the income-based method of national accounting?

The following table contains statistics for the country of Gregorville in 2017, a country in which all must either attend school, be available for work, or be retired. -Refer to the table above.What is the labor force if 5,000 of those actively looking for a job find one?

Explain the differences between real GDP and nominal GDP.

Which of the following questions cannot be answered using the concepts of macroeconomics?

The table below shows a list of goods purchased by Susan in two different years. Calculate the Consumer Price Index for Year 2,taking Year 1 as the base year.

Which of the following is omitted in the calculation of GDP?

In 2015,which category made up the smallest share of U.S.GDP?

Rita cooked a meal,which would have been worth $100 at the nearest eatery,for her family.What impact would this have on the calculation of GDP? Explain your answer.

Which of the following is an example of labor income?

An apparel manufacturer bought raw materials worth $60,000 in a particular year and earned a total revenue of $90,000.If the manufacturer had no other expenditure,it added a value of ________ to the production process.

An macroeconomics class is likely to discuss ________.

Why are the values of inputs not included in the calculation of the GDP?

The following table contains prices and quantities for the three goods produced in the country of Linfieldia. -Refer to the table above.Assuming that 2015 is the base year,what is the GDP deflator for 2016?

Which of the following will be included in the calculation of GDP using the expenditure method?

The country described in the table below produces and consumes only three goods: energy drinks, pizza, and t-shirts. The quantity produced and price of each good in 2016 and 2017 are provided. -Refer to the above table.Assuming that 2016 is the base year,by what percentage did prices change between 2016 and 2017?