Table 12-9 \[\begin{array} { | l | c | r | } \hline \text { Product } & \text { Quantity } & \begin{array} { c } \text { Price per } \\ \text { Unit } \end{array} \\ \hline \text { Steel } & 1,000 & \$ 100 \\ \hline \text { Pods } & 5,000 & 200 \\ \hline \text { Autos } & 500 & 25,000 \\ \hline \text { Legal services } & 100 & 2,000 \\ \hline \end{array}\] -Refer to Table 12-9.Suppose that the above table represents the goods and services produced in a very simple economy in 2013.Assume that steel is used as an input in the production of autos.Using that information,calculate GDP for the year 2013.

First,we must decide which goods to incl

Table 12-31 \[\begin{array} { | l | c | } \hline & \text { Billions of Dollars } \\ \hline \text { National income } & \$ 7,400 \\ \hline \text { Retained earnings } & 480 \\ \hline \text { Depreciation } & 660 \\ \hline \text { Interest on government bonds } & 450 \\ \hline \text { Transfer payments } & 1,000 \\ \hline \text { Personal taxes } & 1,100 \\ \hline \end{array}\] -Refer to Table 12-31.The table above represents hypothetical data from the National Income Accounts for 2013.Use the data to calculate personal income and disposable income.

Personal Income = National income - Reta

Table 12-18 \[\begin{array} { | l | c | r | r | r | } \hline & { \mathbf { 2 0 0 8 } } & & { \mathbf { 2 0 1 3 } } & \\ \hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\ \hline \text { Camera } & 100 & \$ 10 & 120 & \$ 12 \\ \hline \text { Legal services } & 50 & 15 & 45 & 20 \\ \hline \text { Books } & 200 & 40 & 210 & 45 \\ \hline \end{array}\] A very simple economy produces three goods: cameras, legal services, and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above. -Refer to Table 12-18.What is real GDP in 2013,using 2008 as the base year?

A) $28,885 B) $11,790 C) $11,200 D) $10,275 A) $28,885 B) $11,790 C) $11,200 D) $10,275

Table 12-15 \[\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal } \\ \text { GDP } \end{array} & \text { Real GDP } \\ \hline 2011 & \$ 13,399 & \$ 12,976 \\ \hline 2012 & 14,078 & 13,254 \\ \hline 2013 & 14,441 & 13,312 \\ \hline \end{array}\] -Refer to Table 12-15.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2012 equals

A) 94.1. B) 105.1. C) 106.2. D) 108.5. A) 94.1. B) 105.1. C) 106.2. D) 108.5.

Exam 12: Gdp: Measuring Total Production and Income

Table 12-9 Product Quantity Price per Unit Steel 1,000 \ 100 Pods 5,000 200 Autos 500 25,000 Legal services 100 2,000 -Refer to Table 12-9.Suppose that the above table represents the goods and services produced in a very simple economy in 2013.Assume that steel is used as an input in the production of autos.Using that information,calculate GDP for the year 2013.

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Question 41

Under what circumstances would the GDP deflator be less than 100 after the base year?

(Multiple Choice)

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Question 42

To make the calculation of real GDP more accurate,in 1996 the BEA switched to using

(Multiple Choice)

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Question 43

In comparing China to Canada,China's relatively growth rate in GDP would make you more likely to take a job in China,and China's relatively level of GDP would make you less likely to take a job in China.

(Multiple Choice)

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Question 44

What are the differences between national income,personal income,and disposable personal income?

(Essay)

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Question 45

In 2013,Ford Motor Company's sales were rising.These events were caused by

(Multiple Choice)

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Question 46

The informal sector can be a significant drag on the economies of developing countries because the firms in the informal sector

(Multiple Choice)

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Question 47

"Household production" refers to

(Multiple Choice)

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Question 48

Since real GDP is adjusted for inflation and nominal GDP is not,nominal GDP must always be higher than real GDP.Do you agree or disagree? Why?

(Essay)

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Question 49

Disposable personal income equals personal income

(Multiple Choice)

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Question 50

Table 12-26 Nominal GDP \ 10,000 \ 15,000 Real GDP 10,000 14,000 -Refer to Table 12-26.Given the information above,calculate the GDP deflator for both 2012 and 2013.What does the value of the deflator in the year 2012 tell you about that year with respect to the base year? What happened to prices in 2013 as compared to 2012?

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Question 51

is/are the payment for the factor of production .

(Multiple Choice)

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Question 52

Table 12-31 Billions of Dollars National income \ 7,400 Retained earnings 480 Depreciation 660 Interest on government bonds 450 Transfer payments 1,000 Personal taxes 1,100 -Refer to Table 12-31.The table above represents hypothetical data from the National Income Accounts for 2013.Use the data to calculate personal income and disposable income.

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Question 53

In the circular flow model,the value of total income for an economy ________ the value of total production.

(Multiple Choice)

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Question 54

The value of what a U.S.-owned McDonald's produces in South Korea is included in the U.S. and the South Korean .

(Multiple Choice)

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Question 55

If nominal GDP rises we can say that

(Multiple Choice)

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Question 56

The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100.

(True/False)

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Question 57

Table 12-18 Product Quantity Price Quantity Price Camera 100 \ 10 120 \ 12 Legal services 50 15 45 20 Books 200 40 210 45 A very simple economy produces three goods: cameras, legal services, and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above. -Refer to Table 12-18.What is real GDP in 2013,using 2008 as the base year?

(Multiple Choice)

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Question 58

The underground economy can be described as

(Multiple Choice)

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Question 59

Table 12-15 Year Nominal GDP Real GDP 2011 \ 13,399 \ 12,976 2012 14,078 13,254 2013 14,441 13,312 -Refer to Table 12-15.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2012 equals

(Multiple Choice)

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Question 60

Under what circumstances would the GDP deflator be less than 100 after the base year?

To make the calculation of real GDP more accurate,in 1996 the BEA switched to using

In comparing China to Canada,China's relatively growth rate in GDP would make you more likely to take a job in China,and China's relatively level of GDP would make you less likely to take a job in China.

What are the differences between national income,personal income,and disposable personal income?

In 2013,Ford Motor Company's sales were rising.These events were caused by

The informal sector can be a significant drag on the economies of developing countries because the firms in the informal sector

"Household production" refers to

Since real GDP is adjusted for inflation and nominal GDP is not,nominal GDP must always be higher than real GDP.Do you agree or disagree? Why?

Disposable personal income equals personal income

is/are the payment for the factor of production .

In the circular flow model,the value of total income for an economy ________ the value of total production.

The value of what a U.S.-owned McDonald's produces in South Korea is included in the U.S. and the South Korean .

If nominal GDP rises we can say that

The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100.

The underground economy can be described as

Table 12-15 Year Nominal GDP Real GDP 2011 \ 13,399 \ 12,976 2012 14,078 13,254 2013 14,441 13,312 -Refer to Table 12-15.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2012 equals

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

Under what circumstances would the GDP deflator be less than 100 after the base year?

To make the calculation of real GDP more accurate,in 1996 the BEA switched to using

In comparing China to Canada,China's relatively ________ growth rate in GDP would make you more likely to take a job in China,and China's relatively ________ level of GDP would make you less likely to take a job in China.

What are the differences between national income,personal income,and disposable personal income?

In 2013,Ford Motor Company's sales were rising.These events were caused by

The informal sector can be a significant drag on the economies of developing countries because the firms in the informal sector

"Household production" refers to

Since real GDP is adjusted for inflation and nominal GDP is not,nominal GDP must always be higher than real GDP.Do you agree or disagree? Why?

Disposable personal income equals personal income

________ is/are the payment for the factor of production ________.

In the circular flow model,the value of total income for an economy ________ the value of total production.

The value of what a U.S.-owned McDonald's produces in South Korea is included in the U.S.________ and the South Korean ________.

If nominal GDP rises we can say that

The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100.

The underground economy can be described as

Table 12-15 Year Nominal GDP Real GDP 2011 \ 13,399 \ 12,976 2012 14,078 13,254 2013 14,441 13,312 -Refer to Table 12-15.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2012 equals

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 comparing China to Canada,China's relatively growth rate in GDP would make you more likely to take a job in China,and China's relatively level of GDP would make you less likely to take a job in China.

is/are the payment for the factor of production .

The value of what a U.S.-owned McDonald's produces in South Korea is included in the U.S. and the South Korean .