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

The base year is 2014.A country only produces Blu-ray players.The price of a Blu-ray player in 2014 was $100.The price of a Blu-ray player was $90 in 2015.The quantity of Blu-ray players produced in 2014 was 10,000 units and in 2015 was 10,500 units.Nominal GDP in 2015 equals

The largest expenditure category in Australia is

Everything else the same,if government expenditure increases by $400 billion and imports increase by $400 billion,then GDP

The relationship between real GDP and potential GDP over the business cycle can be best summarised by which of the following statements?

If real GDP is greater than nominal GDP for a particular year,then

A measure of a country's production is its

GDP handles household production by

An increase in nominal GDP could result from an increase in i.production. Ii)prices. Iii)subsidies.

Spending on financial assets ________ counted as part of GDP ________.

Economists define investment to include purchases of

-The table above gives data for a nation.What is the amount of the country's GDP?

The Human Development Index was proposed because

John was researching the economic growth of a country between 2010 and 2015.Using 2010 as the base year,he calculated a 12 per cent increase for real GDP and a 10 per cent increase for nominal GDP.His results indicate that

Last year in Candamica,consumption expenditure was $20 billion,interest,rent and profit were $2.5 billion,government expenditure on goods and services was $7 billion,net exports of goods and services was $5 billion,and investment was $2 billion.Hence total expenditure was

Over the business cycle,

Which of the following statements is correct?

The National Bureau of Economic Research describes a recession as

Assume that a small country produces only green peppers and red peppers.Last year,it produced 100 green peppers and 50 red peppers and sold them at prices of $2 per green pepper and $3 per red pepper.This year,it produced 150 green peppers and 60 red peppers and sold them at prices of $2 per green pepper and $4 per red pepper.What is real GDP this year if the base year is last year?

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

________ is most likely to contribute to an improvement in our living standard.