Exam 8: Gdp: Measuring Total Production and Income

Table 19-11 -Refer to Table 19-11.Given the following information,calculate the rate of increase in the price level from 2010 to 2011.Use the percent change in the GDP deflator.

Table 19-13 -Refer to Table 19-13.Based on the table above,what is national income for this economy?

The Bureau of Economic Analysis divides it's statistics on GDP into four major categories.List the categories of expenditures and define each.

Debbie makes porcelain plates in her home and sells them to the Opus gallery.She spent $400 last month on supplies and made 50 plates.She sold the plates to the gallery at $25 per plate.The gallery sells all the plates for $40 each.For all of the 50 plates,what is Debbie's total value added? For all the 50 plates,what is the gallery's total value added?

Personal income is defined as

Which of the following would increase gross private domestic investment in an economy?

Nominal GDP measures the value of all final goods and services at base-year prices.

Table 19-16 -Refer to Table 19-16.The table above represents hypothetical data from the National Income Accounts for 2011.Use the data to calculate personal income and disposable income.

Table 19-7 -Refer to Table 19-7.Given the information above,calculate the GDP deflator in 2011.

Table 19-5 A very simple economy produces three goods: movies, burgers, and bikes. The quantities produced and their corresponding prices for 2006 and 2011 are shown in the table above. -Refer to Table 19-5.What is nominal GDP in 2006?

To calculate GDP using the value-added method,one would add up

Through the mid-1980s,consumption in the United States was ________ of GDP,and by the early 2000s,consumption was ________ of GDP.

How are intermediate goods treated in the calculation of GDP?

National income is defined as

Table 19-12 -Refer to Table 19-12.Given the information above,calculate the GDP deflator for both 2010 and 2011.What does the value of the deflator in the year 2010 tell you about that year with respect to the base year? What happened to prices in 2011 as compared to 2010?

Which of the following are included in gross domestic product for an economy in a given year?

The circular flow diagram shows that

Home Depot sells new and used doors to contractors who build new homes.Home Depot also sells new and used doors to homeowners.Which of the following would be counted in GDP?

Which of the following are not considered part of government purchases?

Between 2011 and 2012,if an economy's exports rise by $8 billion and its imports fall by $8 billion,by how much will GDP change between the two years,all else equal?