Exam 6: Tracking the U. S. Economy.

Table 6.4 Table 6.4 Year Price Index Nominal GDP 2001 100 \ 95 billion 2002 105 \ 110 billion 2003 110 \ 120 billion 2004 120 \ 125 billion 2005 132 \ 137.5 billion -Refer to Table 6.4, which shows the price indexes and the nominal gross domestic product (GDP) for an economy from 2001 to 2005. The real GDP _____ between 2002 and 2003.

From 2009 to 2013, the price level in the United States increased by 8.3 percent. With 2009 as the base year, this implies that the price index in 2013 was _____

The value of the films starring Charlie Chaplin, produced in the United States and still aired, will not be included in this year's U.S. gross domestic product (GDP) because _____

If the real gross domestic product (GDP) for the base year is $3 trillion, then the nominal gross domestic product (GDP) for that year is _____

Which of the following will be excluded from the measurement of gross domestic product (GDP)?

The circular-flow model of income and expenditures in the economy includes _____

Depreciation refers to a decrease in the value of a durable good caused by _____

Which of the following is not a component of aggregate expenditure?

Which of the following is an example of a leakage into the circular flow of income and expenditure?

Table 6.1 ​ $\begin{array}{l}\text { Table } 6.1\\\begin{array} { c c c c } \text { Real GDP (\$) } & \text { Consumption (\$) } & \begin{array} { c } \text { Planned } \\\text { Investment } ( \$ )\end{array} & \begin{array} { c } \text { Government } \\\text { Purchases (\$) }\end{array} \\\hline 1,800 & 1,540 & 100 & 200 \\1,900 & 1,620 & 100 & 200 \\2,000 & 1,700 & 100 & 200 \\2,100 & 1,780 & 100 & 200 \\2,200 & 1,860 & 100 & 200 \\2,300 & 1,940 & 100 & 200\end{array}\end{array}$ -Refer to Table 6.1, which shows the real gross domestic product (GDP), consumption, planned investment, and government purchases for an economy. The aggregate expenditure in equilibrium is _____.

The consumer price index (CPI) overstates the true inflation rate because it ignores changes in consumers' purchasing patterns as relative prices change.

If the nominal gross domestic product (GDP) is $6 trillion for a particular year, and the real GDP is $3 trillion, then the GDP price index is 167.

Any spending other than by households or any income other than from resource earnings is known as _____

An inflation measure that adjusts the weights from year to year in calculating a price index is known as a(an) _____

An example of economic activity where income must be imputed is _____

Gross domestic product (GDP) figures tend to understate the quantity of goods and services available because _____

The value added by a firm is defined as _____

Table 6.3 Table 6.3 Product Quantity in market basket Price in base year (\ ) Price in current year (\ ) Bread 10 1.00 1.50 Milk 5 1.00 2.00 Gum 50 0.20 0.50 -Refer to Table 6.3, which shows the current and base-year prices of different goods in a market basket. The consumer price index (CPI) for the current year is _____.

The existence of the underground economy causes gross domestic product (GDP) statistics to _____

A chain-weighted index recognizes the fact that the composition of output changes over time.