Exam 8: GDP: Measuring Total Production and Income

Why do we not count the value of intermediate goods and services in gross domestic product? Does the value of intermediate goods and services show up in gross domestic product? If so,how?

U.S.gross national product is defined as

Table 8-4 -Refer to Table 8-4.Consider the data above (in billions of dollars)for an economy: Gross domestic product (in billions of dollars)for this economy equals

Which of the following equations correctly measures GDP in an economy?

Macroeconomics,as opposed to microeconomics,includes the study of what determines the level of

If the GDP deflator is 142,by how much have prices changed since the base year?

"Household production" refers to

The output of Mexican citizens who work in Texas would be included in the

Suppose that in 2018,the national income in the United States was $200 billion,depreciation was $15 billion,personal taxes were $20 billion,and transfer payments were $10 billion.Gross domestic product in 2018 is

In the first half of 2017,automobile sales in the United States were lower than they were in the first half of 2016.The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses.

Which component of consumption spending is the greatest in a typical industrialized economy?

Table 8-30 -Refer to Table 8-30.The table above represents hypothetical data from the National Income Accounts for 2017.Use the data to calculate personal income and disposable personal income.

Which of the following would be directly counted in GDP in 2018?

To calculate GDP by the expenditure method,one must add

Investment,as defined by economists,would not include which of the following? Ford

If an American firm opens a production facility in India,the total value of the production will be included in the

If the value added of a firm is positive,will the firm necessarily have positive profits?

Investment,as defined by economists,would include the purchase of a

If real GDP in 2018 (using 2009 prices)is lower than nominal GDP of 2017,then

If prices in the economy rise,then