Exam 6: Introduction to Macroeconomics and Gross Domestic Product

You bought a popular video game last year for $75 and sold it to a store this year for $20.The store sells the used game to a consumer for $50.This adds _____ to GDP when the store sells the game to the consumer.

Consider the following data, which shows the quantities and prices of two goods produced in the economy, to answer the next three questions: -Assuming these are the only two goods produced in the economy,what is the value of the GDP?

Nominal GDP increased from $15.44 trillion to $15.75 trillion,and the price level increased from 116.5 to 122.3.Which of the following is true?

If real GDP grew by 4% and nominal GDP grew by 3%,then the inflation rate was:

Consider the following data to answer the next five questions: -Which two countries have the same average living standard?

The consumption category includes:

Nominal GDP increased from $15.76 trillion to $16.39 trillion,and the price level increased from 112.6 to 114.8.Which of the following is true?

Consider the following data, which shows the quantities and prices of two goods produced in the economy, to answer the next three questions: -Company X sells leather to company Y for $60,000.Company Y uses the leather to make shoes,selling them to consumers for $180,000.The total contribution to GDP is:

Consider the following data, where GDP values are measured in millions of dollars, to answer the next seven questions: -What is the value of nominal GDP in 2009?

If GDP is increasing,is the country necessarily producing a larger quantity of goods and services? Explain.

Consider the following figure to answer the next five questions: -During which year was average income climbing the most rapidly?

Joe owns a crab shack.When he produces and sells ________ meals in a given day,his income earned will ________.

You bought a popular video game last year for $75 and sold it to a store this year for $20.The store sells the used game to a consumer for $40.When you sell your game to the store,how is this included in GDP?

When people in the United States buy clothing made in China,this counts as:

If real GDP grew by 2% and the inflation rate was 2%,then nominal GDP grew by:

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012. -Real GDP is GDP measured in:

GDP is not a good measure of:

A computer company builds a new factory.This is included in the ________ category of GDP.

Explain why real GDP is preferred to nominal GDP as a measure of economic growth.

The consumption category of GDP includes all purchases of final goods and services by households except: