Exam 2: Measurement

For the following question(s), suppose an economy produces only bread and computers. Assume that all production is consumed in each year, and that price and quantity data are given in the table below. -The nominal GDP of Year 2 is

The income-expenditure identity is best paraphrased as

The government deficit

For the following questions, suppose an economy produces only food and clothing, and that price and quantity data are given in the table below. -Construction of chain-weighted real GDP employs the technique of a

The expenditure components of GDP include all of the following except

For the following question(s), suppose an economy produces only bread and computers. Assume that all production is consumed in each year, and that price and quantity data are given in the table below. -If Year 1 is the base year,the GDP price deflator for Year 2 is approximately

Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages,pays $100 in taxes and pays $200 in interest on a loan. Jim's profit is

In Dakistan,3M people work,0.5M are unemployed and get UI benefits,0.1M are unemployed without UI benefits and 3M have no intention to work. The unemployment rate is (to the nearest %)

The large quantity of currency held per person in the United States reflects

GDP and GNP may differ

An example of a stock would be

Who among the following is considered to be in the labor force?

We learn the following about a ski resort: ticket sales $100M,snow making expenses $70M,wages $20M,interest on business loans $5M,and profits $5M. What is the contribution to GDP using the product approach?

Suppose that GDP is equal to 1000,national saving is equal to 200,the current account deficit is equal to 100,and the government budget deficit is equal to 50. Investment must equal

For the following question(s), suppose an economy produces only bread and computers. Assume that all production is consumed in each year, and that price and quantity data are given in the table below. -If Year 1 is the base year,the growth of real GDP is approximately

Suppose that g1 represents the ratio of year 2 GDP to year 1 GDP,both valued at year 1 prices. Suppose that g2 represents the ratio of year 2 GDP to year 1 GDP,both valued at year 2 prices. The ratio of chain-weighted year 2 GDP to chain-weighted year 1 GDP equals

All of the following present significant problems with measuring real GDP and the price level except

For the following question(s), suppose an economy produces only bread and computers. Assume that all production is consumed in each year, and that price and quantity data are given in the table below. -If Year 2 is the base year,the real GDP of Year 1 is

When there is positive inflation,

The three approaches to measuring GDP are called the