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

The following table contains statistics for the country of Caddyville in 2013. -Refer to the table above.What is the size of the labor force in Caddyville for 2013?

A French tourist spent $1,200 in the United States this year.This transaction led to a(n)________.

Polonia produces two goods,X and Y.The quantity produced of the two goods and their prices in two different years are given in the table below: a)Calculate the real GDP of Polonia in Year 2 taking Year 1 as the base year. b)What is the growth rate of Polonia's real GDP between Year 1 and Year 2?

Explain the concept of an identity.

The following table provides data for the small country of Nabou. -Refer to the above table.How much do GNP and GDP differ for Nabou?

If Dell buys a computer from a foreign producer for $500 and sells it to Best Buy for $800,who then sells it to a consumer for $1,200,what is Dell's value added,Best Buy's value added,and the computer's contribution to GDP?

GDP is a measure of ________,not a measure of ________.

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,which of the following is not true?

Which of the following will lead to a decrease in the GDP of a country,all other variables remaining unchanged?

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.What is nominal GDP for 2016?

The table below contains data for the country of Wandalian for the year 2017. -Refer to the above table.What was Wandalian's investment in 2017?

Which equality is not guaranteed by the circular flow diagram?

A person is officially unemployed if three conditions are satisfied: he or she ________.

Which of the following would be included in the investment category of 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 real GDP for 2016?

Which of the following questions can be answered using the concepts of macroeconomics?

Which of the following is an example of a macroeconomic aggregate?

How is leisure treated in the calculation of the GDP of an economy? Does such a calculation imply that GDP is a good measure of well-being? Why or why not?

Scenario: Sarah takes care of her son instead of sending him to a day care that charges $12,000 annually. -Refer to the scenario above.Which of the following will happen if she puts him into a day care?

Explain the difference between the GDP deflator and the Consumer Price Index.