Exam 5: Gdp: a Measure of Total Production and Income

Suppose GDP is $10 billion,consumption expenditure is $7 billion,investment is $2 billion,and government expenditure on goods and services is $2 billion.Net exports of goods and services must be

A country with a real GDP per person similar to real GDP per person in Australia but with limited political freedom is generally considered to have

During last year,a country produced 20,000 pizzas and 10,000 hamburgers and nothing else.The pizzas sold for $10.00 each and the hamburgers for $3.00 each.Nominal GDP was

Because of the circular flows of expenditure and income in the economy,total ________ equals total ________ equals total ________.

GDP is best defined as the ________ in a given time period.

Which of the following is NOT directly included in Australia's GDP?

In Australia,between 1959/60 and 2013/14,there has been i.a consistent,non-changing growth rate of potential GDP per person. Ii)an increase in the standard of living based on real GDP per person. Iii)fluctuations in real GDP per person around potential GDP per person.

If you buy a five-year-old TV from a friend,the amount you paid for the TV is

Wobet is a small country that produces only steak and potatoes.Steaks have a price of $10 each and potatoes have a price of $1 each.Suppose that Wobet produces 10 steaks and 20 potatoes in 2010.Using ________,Wobet has GDP equal to ________.

In 2013/14,Australian GDP was

GDP includes the goods and services produced

Nominal GDP measures the value of goods and services produced in a given year,valued using

Which of the following is included in Germany's GDP? i.BMWs produced in a German-owned factory in South Carolina ii.The value of the shares sold on the German stock exchange,the Frankfurt Stock Exchange iii.China produced by the English-owned Wedgewood Company at a factory in Berlin,Germany

Australia's net exports include

As measured,GDP omits which of the following? i.Illegal sales of goods and services ii.Changes in the amount of leisure time iii.Household production of goods and services

The purchase of iron ore by China is classified in Australian GDP accounts as

-The table above gives the production and prices for a small nation that produces only bread and soda.The base year is 2015.What is real GDP in 2016?

A new technology is discovered that results in all new cars producing 50 per cent less pollution.The technology costs nothing to produce and cars do not change in price.As a result of the technology,there is a reduction in the number of visits people make to the doctor to complain of breathing difficulties.Which of the following is true?

If the income and expenditure approaches do NOT add to exactly the same estimate of GDP,the difference is called

The Great Moderation describes the period