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 1 is

The components of consumption expenditures include all of the following except

Acme Steel Co. produces 1000 tons of steel. Steel sells for $30 per ton. Acme pays wages of $10,000. Acme buys $15,000 worth of coal,which is needed to produce the steel. Acme pays $2,000 in taxes. Acme's contribution to GDP is

In the labor force,we include.

For the following questions, suppose an economy produces only food and clothing, and that price and quantity data are given in the table below. -For the following questions,suppose an economy produces only pens and pencils,and that the quantity and price data is given by this table What is the real GDP in year 2 using base year 1?

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

Additions to inventory are

Value added is equal to the value of a firm's production minus

For the following questions, suppose an economy produces only food and clothing, and that price and quantity data are given in the table below. -Suppose that Year 2 is the base year. The CPI for Year 1 is approximately

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. Private savings must equal

Even when measured accurately,GDP may be a misleading measure of economic welfare because it cannot account for

For the following questions, suppose an economy produces only food and clothing, and that price and quantity data are given in the table below. -What is approximately the growth rate of real GDP using base year 1?

Suppose we have the following information about a furniture maker: furniture sales $100M,wood purchases $60M,wages $25M,tax on profits $5M,profits $10M. What is the contribution to GDP of this company using the product approach?

In recent years,which of the following has comprised less than 5% of GDP?

In recent U.S. history

The unemployment rate equals

Real GDP values current production at

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 real GDP of Year 2 is

The components of investment expenditures include all of the following except

Government expenditures includes all of the following except