Exam 8: GDP: Measuring Total Production and Income

The drawback to calculating real GDP using base-year prices is that

Real GDP per capita is calculated by dividing the value of real GDP for a country by the country's adult population.

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

Gross domestic product is generally ________ national income.

Table 8-15 -Refer to Table 8-15.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2017 equals

What is the underground economy and how could it hurt an economy? How does it hurt developing economies?

If the size of the underground economy is large,

Recent estimates put the size of the underground economy in the United States at ________ of measured GDP.

The size of the underground economy would tend to decrease if the government of a country

The purchase by a household in China of a CD produced in the United States is included in U.S.

The best measure of the income households actually have available to spend is

Even though it is generally true that the more goods and services people have,the better off they are,GDP provides only a rough measure of well-being.Assuming language is not an issue,what other factors besides GDP might you consider when deciding where to live and work?

Depreciation is

The nominal GDP of the U.S.in 2016 was approximately $18.6 trillion.This means that

Table 8-12 -Refer to Table 8-12.Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is

Total income in an economy is equal to

The size of the underground economy as a percent of GDP is larger in the United States as compared to poorer countries such as Zimbabwe.

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

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

In 2016,which component of GDP had a negative value?