Question 1

How does gross national product (GNP)differ from gross domestic product (GDP)in terms of definition?

Accepted Answer

A)  GNP includes production of all workers who typically reside in the country, even if some of their production occurs in another country. 
B)  GNP only includes production by citizens of that country, while GDP includes the production by foreigners in the country. 
C)  GNP includes production of all goods produced and consumed within the country and not the production of goods that are exported or imported. 
D)  GNP includes production of all goods within a country's borders, while GDP includes production of good produced outside the boarders but owned by residents of the country. 
A)  GNP includes production of all workers who typically reside in the country, even if some of their production occurs in another country. 
B)  GNP only includes production by citizens of that country, while GDP includes the production by foreigners in the country. 
C)  GNP includes production of all goods produced and consumed within the country and not the production of goods that are exported or imported. 
D)  GNP includes production of all goods within a country's borders, while GDP includes production of good produced outside the boarders but owned by residents of the country.

Question 2

In the United States,GDP is calculated by the ________.

Accepted Answer

A)  Census Bureau 
B)  Chief Financial Officers Council 
C)  Council of Economic Advisors 
D)  Bureau of Economic Analysis 
A)  Census Bureau 
B)  Chief Financial Officers Council 
C)  Council of Economic Advisors 
D)  Bureau of Economic Analysis

Question 3

Ritzland produces only one good.10,000 units of the good were produced in Ritzland during a certain year and were sold at $42 per unit.The price of each unit of the good 2 years before was $37.
a)Find the real and nominal GDPs of Ritzland taking $37 as the base price.
b)Calculate the GDP deflator for Ritzland for the year in question.

Accepted Answer

a)Real GDP is the total value of a count

Question 4

________ is the market value of the final goods and services produced in a country during a particular period of time.

Accepted Answer

A)  GNP 
B)  GDP 
C)  Net product value 
D)  Total product 
A)  GNP 
B)  GDP 
C)  Net product value 
D)  Total product

How does gross national product (GNP)differ from gross domestic product (GDP)in terms of definition?

In the United States,GDP is calculated by the ________.

________ is the market value of the final goods and services produced in a country during a particular period of time.

The Principles and Practice of Economics

Economic Methods and Economic Questions

Optimization: Doing the Best You Can

Demand, Supply, and Equilibrium

Aggregate Incomes

Economic Growth

Why Isn't the Whole World Developed?

Employment and Unemployment

Credit Markets

The Monetary System

Short-Run Fluctuations

Countercyclical Macroeconomic Policy

Macroeconomics and International Trade

Open Economy Macroeconomics

Filters

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

How does gross national product (GNP)differ from gross domestic product (GDP)in terms of definition?

In the United States,GDP is calculated by the ________.

________ is the market value of the final goods and services produced in a country during a particular period of time.

The Principles and Practice of Economics

Economic Methods and Economic Questions

Optimization: Doing the Best You Can

Demand, Supply, and Equilibrium

Aggregate Incomes

Economic Growth

Why Isn't the Whole World Developed?

Employment and Unemployment

Credit Markets

The Monetary System

Short-Run Fluctuations

Countercyclical Macroeconomic Policy

Macroeconomics and International Trade

Open Economy Macroeconomics

Filters