Table 12-20 \[\begin{array} { | l | r | r | } \hline & \mathbf { 2 0 1 2 } & { \mathbf { 2 0 1 3 } } \\ \hline \text { Nominal GDP } & \$ 10,000 & \$ 12,000 \\ \hline \text { Real GDP } & 9,500 & 10,500 \\ \hline \end{array}\] -Refer to Table 12-20.Given the following information,calculate the rate of increase in the price level from 2012 to 2013.

A) 8.6% B) 7.9% C) -7.9% D) -8.6% A) 8.6% B) 7.9% C) -7.9% D) -8.6%

Table 12-12 \[\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal } \\ \text { GDP } \end{array} & \text { Real GDP } \\ \hline 2008 & \$ 7,400 & \$ 7,537 \\ \hline 2009 & 7,813 & 7,813 \\ \hline 2010 & 8,301 & 8,165 \\ \hline 2011 & 8,760 & 8,516 \\ \hline \end{array}\] -Refer to Table 12-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is

A) 2008. B) 2009. C) 2010. D) 2011. A) 2008. B) 2009. C) 2010. D) 2011.

Table 12-5 \[\begin{array} { | c | c | c | c | } \hline \text { Stage of Production } & \text { Seller } & \text { Buyer } & \text { Price } \\ \hline 1 & \text { Steelmill } & \text { Auto manufacturer } & \$ 10,000 \\ \hline 2 & \text { Auto manufacturer } & \text { Auto dealer } & 18,000 \\ \hline 3 & \text { Auto dealer } & \text { Consumer } & 25,000 \\ \hline \end{array}\] Consider the table above showing three stages of production of an automobile. -Refer to Table 12-5.The value added by the automobile dealer equals

A) $7,000. B) $15,000. C) $18,000. D) $25,000. A) $7,000. B) $15,000. C) $18,000. D) $25,000.

Table 12-13 \[\begin{array} { | c | c | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Oranges } \\ \text { Produced } \end{array} & \begin{array} { c } \text { Price af } \\ \text { Oranges } \end{array} & \begin{array} { c } \text { Shirts } \\ \text { Prodiced } \end{array} & \begin{array} { c } \text { Price af } \\ \text { Shirts } \end{array} \\ \hline 2009 & 1,800 & \$ 0.90 & 110 & \$ 30.00 \\ \hline 2011 & 2,000 & 1.00 & 110 & 35.00 \\ \hline \end{array}\] Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts. -Refer to Table 12-13.Nominal GDP for Vicuna for 2009 equals

A) $4,920. B) $5,100. C) $5,300. D) $5,850. A) $4,920. B) $5,100. C) $5,300. D) $5,850.

Exam 12: Gdp: Measuring Total Production and Income

Table 12-20 Nominal GDP \ 10,000 \ 12,000 Real GDP 9,500 10,500 -Refer to Table 12-20.Given the following information,calculate the rate of increase in the price level from 2012 to 2013.

(Multiple Choice)

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Question 241

Which of the following would result in GDP for an economy equal to $10 trillion?

(Multiple Choice)

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Question 242

A transfer payment is a payment by the government to an individual

(Multiple Choice)

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Question 243

In the circular flow diagram,the value of all the income in the economy is greater than the value of goods and services produced in the economy.

(True/False)

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Question 244

In an "underground economy," the production of goods and services

(Multiple Choice)

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Question 245

If the GDP deflator is 142,by how much have prices changed since the base year?

(Multiple Choice)

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Question 246

Consumption spending is $4.5 billion,gross private domestic investment is $3 billion,and government expenditures are $2 billion.If GDP is $14 billion,which of the following could be true regarding exports and imports in the economy?

(Multiple Choice)

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Question 247

Table 12-12 Year Nominal GDP Real GDP 2008 \ 7,400 \ 7,537 2009 7,813 7,813 2010 8,301 8,165 2011 8,760 8,516 -Refer to Table 12-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is

(Multiple Choice)

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Question 248

Value added equals the market price of the firm's product minus

(Multiple Choice)

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Question 249

GDP is not a perfect measure of well-being because

(Multiple Choice)

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Question 250

National income is defined as

(Multiple Choice)

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Question 251

Which of the following would be directly counted in GDP in 2014?

(Multiple Choice)

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Question 252

Which of the following transactions would be included in the official calculation of GDP?

(Multiple Choice)

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Question 253

The U.S.work week has declined from 60 hours in 1890 to 40 hours today.The impact of the decline in working hours

(Multiple Choice)

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Question 254

The GDP deflator is equal to

(Multiple Choice)

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Question 255

In the first half of 2011,automobile sales in the United States were lower than they were in the first half of 2010.The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses.

(Multiple Choice)

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Question 256

Explain the difference between Gross Domestic Product and Gross National Product.Give an example of each.

(Essay)

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Question 257

Which of the following transactions would take place in the "underground economy"?

(Multiple Choice)

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Question 258

Table 12-5 Stage of Production Seller Buyer Price 1 Steelmill Auto manufacturer \ 10,000 2 Auto manufacturer Auto dealer 18,000 3 Auto dealer Consumer 25,000 Consider the table above showing three stages of production of an automobile. -Refer to Table 12-5.The value added by the automobile dealer equals

(Multiple Choice)

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Question 259

Table 12-13 Year Oranges Produced Price af Oranges Shirts Prodiced Price af Shirts 2009 1,800 \ 0.90 110 \ 30.00 2011 2,000 1.00 110 35.00 Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts. -Refer to Table 12-13.Nominal GDP for Vicuna for 2009 equals

(Multiple Choice)

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Question 260

Table 12-20 Nominal GDP \ 10,000 \ 12,000 Real GDP 9,500 10,500 -Refer to Table 12-20.Given the following information,calculate the rate of increase in the price level from 2012 to 2013.

Which of the following would result in GDP for an economy equal to $10 trillion?

A transfer payment is a payment by the government to an individual

In the circular flow diagram,the value of all the income in the economy is greater than the value of goods and services produced in the economy.

In an "underground economy," the production of goods and services

If the GDP deflator is 142,by how much have prices changed since the base year?

Consumption spending is $4.5 billion,gross private domestic investment is $3 billion,and government expenditures are $2 billion.If GDP is $14 billion,which of the following could be true regarding exports and imports in the economy?

Table 12-12 Year Nominal GDP Real GDP 2008 \ 7,400 \ 7,537 2009 7,813 7,813 2010 8,301 8,165 2011 8,760 8,516 -Refer to Table 12-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is

Value added equals the market price of the firm's product minus

GDP is not a perfect measure of well-being because

National income is defined as

Which of the following would be directly counted in GDP in 2014?

Which of the following transactions would be included in the official calculation of GDP?

The U.S.work week has declined from 60 hours in 1890 to 40 hours today.The impact of the decline in working hours

The GDP deflator is equal to

In the first half of 2011,automobile sales in the United States were lower than they were in the first half of 2010.The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses.

Explain the difference between Gross Domestic Product and Gross National Product.Give an example of each.

Which of the following transactions would take place in the "underground economy"?

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Market Efficiency and Market Failure

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Consumer Choice and Elasticity

Technology, production, and Costs

Firms in Perfectly Competitive Markets

Monopoly and Antitrust Policy

Monopolistic Competition and Oligopoly

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Comparative Advantage, international Trade, and Exchange Rates

Filters

Exam 12: Gdp: Measuring Total Production and Income

Table 12-20 Nominal GDP \ 10,000 \ 12,000 Real GDP 9,500 10,500 -Refer to Table 12-20.Given the following information,calculate the rate of increase in the price level from 2012 to 2013.

Which of the following would result in GDP for an economy equal to $10 trillion?

A transfer payment is a payment by the government to an individual

In the circular flow diagram,the value of all the income in the economy is greater than the value of goods and services produced in the economy.

In an "underground economy," the production of goods and services

If the GDP deflator is 142,by how much have prices changed since the base year?

Consumption spending is $4.5 billion,gross private domestic investment is $3 billion,and government expenditures are $2 billion.If GDP is $14 billion,which of the following could be true regarding exports and imports in the economy?

Table 12-12 Year Nominal GDP Real GDP 2008 \ 7,400 \ 7,537 2009 7,813 7,813 2010 8,301 8,165 2011 8,760 8,516 -Refer to Table 12-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is

Value added equals the market price of the firm's product minus

GDP is not a perfect measure of well-being because

National income is defined as

Which of the following would be directly counted in GDP in 2014?

Which of the following transactions would be included in the official calculation of GDP?

The U.S.work week has declined from 60 hours in 1890 to 40 hours today.The impact of the decline in working hours

The GDP deflator is equal to

In the first half of 2011,automobile sales in the United States were lower than they were in the first half of 2010.The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses.

Explain the difference between Gross Domestic Product and Gross National Product.Give an example of each.

Which of the following transactions would take place in the "underground economy"?

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Market Efficiency and Market Failure

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Consumer Choice and Elasticity

Technology, production, and Costs

Firms in Perfectly Competitive Markets

Monopoly and Antitrust Policy

Monopolistic Competition and Oligopoly

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Comparative Advantage, international Trade, and Exchange Rates

Filters

In the first half of 2011,automobile sales in the United States were lower than they were in the first half of 2010.The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses.