Exam 4: Gdp: Measuring Total Production, Income and Economic Growth

Given the following information, calculate the GDP deflator for both 2017 and 2018. What does the value of the deflator in the year 2017 tell you about that year with respect to the base year? What happened to prices in 2018 as compared to 2017? _____________________________________________________________________________________________ _____________________________________________________________________________________________

'Household production' refers to:

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

Explain the difference between 'gross domestic product' and 'gross national income'. _____________________________________________________________________________________________ _____________________________________________________________________________________________

Gross domestic product is the total market value of all:

To make the calculation of real GDP more accurate, the Australian Bureau of Statistics (ABS)switched to using:

Which of the following would not be included in the expenditure category called 'investment'?

The 'GDP deflator' is equal to:

Which of the following issues would be considered as part of the study of macroeconomics?

If real GDP increases, we know for sure that:

Refer to Table 4.2 for the following questions. Table 4.2 -Refer to Table 4.2. Calculate the GDP deflator in 2018.

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

'Transfer payments' are not included in GDP because:

When the Australian Bureau of Statistics (ABS)calculates real GDP using the average of prices in the current year and the year preceding it, and this average changes from year-to-year, this is called calculating GDP using:

If an increase in crime causes people to spend money on police and security systems, GDP will rise.

Refer to Table 4.2 for the following questions. Table 4.2 -Refer to Table 4.2. Calculate the GDP deflator in 2017.

In an 'underground economy', the production of goods and services are:

In a small economy, consumption spending in 2018 is $6 000, government spending is $1 200, gross investment is $1 500, exports are $2 000, and imports are $1 000. What is gross domestic product in 2018?

What is a 'final good'?

The drawback to calculating real GDP using base year prices is that: