Exam 11: Measuring a Nations Production and Income

If an economy produced 220 pounds of jelly beans at $5 per pound and 90 pounds of gum drops at $2 per pound in 2016, its real gross domestic product (GDP) was

One of the flaws of GDP is that it

Depreciation is

In a business cycle, the date at which a recession starts is called a trough.

The common term for a severe recession is a

When GDP is measured in "current prices" it is known as the

Between 2013 and 2016, a country's nominal GDP grew by 18 percent and its inflation rate (based on the chain-weighted price index for GDP) was 11 percent. How fast did real GDP grow over this period?

GDP understates the value of output produced by an economy because it

Explain the difference between U.S. GDP and U.S. GNP.

Which of the following is NOT a component of gross domestic product?

Net exports include goods produced

A chain-weighted index