Exam 8: GDP: Measuring Total Production and Income

Table 8-5 Consider the table above showing three stages of production of an automobile. -Refer to Table 8-5.The value of each automobile in gross domestic product equals

In the circular flow diagram,________ supply the factors of production,and ________ goods and services.

Table 8-19 -Refer to Table 8-19.Given the information above,calculate the GDP deflator in 2018.

Which of the following is included in both the U.S.GDP and U.S.GNP?

The Philippines and Vietnam have roughly the same size population.Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion.You should conclude

Between 2017 and 2018,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?

The measure of production that values production using current prices is called

How are intermediate goods treated in the calculation of GDP?

National income is defined as

Which of the following is considered a durable good?

During a business cycle expansion,total production ________ and total employment ________.

Table 8-22 2013 2018 -Refer to Table 8-22.Suppose that a very simple economy produces three goods: pizzas,haircuts,and backpacks.Suppose the quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.Use the information to compute real GDP in the year 2013 and 2018.Assume that 2013 is the base year.Is output higher in 2018 or 2013? Why?

If the GDP deflator is less than 100,which will be higher: nominal GDP or real GDP? Why?

Table 8-18 A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above. -Refer to Table 8-18.What is the GDP deflator in 2013 if 2018 is the base year?

Which of the following goods is directly counted in GDP?

Table 8-29 -Refer to Table 8-29.Based on the table above,what is personal income for this economy?

Table 8-16 -Refer to Table 8-16.Given the information above,what can we say has happened in the economy from 2017 to 2018?

A final good is one that

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

The circular flow of income shows that GDP can be measured as the sum of wages,interest,rent,and profits received by households or total expenditures on goods and services by households,firms,government,and the rest of the world.