Exam 26: Measuring Domestic Output and National Income

Suppose that GDP was $200 billion in year 1 and that all other components of expenditures remained the same in year 2 except that business inventories fell by $10 billion.GDP in year 2 is:

A nation's gross domestic product (GDP):

Assume that the size of the underground economy increases both absolutely and relatively over time.As a result:

(Consider This)When making a capital stock and reservoir analogy,the:

Answer the question on the basis of the following data.All figures are in billions of dollars. Proprietors' Income \ 20 Compensation of Employees 300 Consumption of Fixed Capital 15 Gross Investment 80 Rents 10 Interest 20 Exports 30 Imports 50 Corporate Profits 25 Taxes on Production and Imports 5 Net Foreign Factor Income 0 Statistical Discrepancy 0 Refer to the data.National income is:

Which of the following is not economic investment?

Answer the question on the basis of the following information: Only three goods are produced in an economy in the following amounts: A = 10,B = 30,C = 5.The current year per unit prices of these three goods are A = $2,B = $3,and C = $1. Refer to the information.Nominal GDP in the current year is:

Suppose nominal GDP in 2009 was $100 billion and in 2010 it was $260 billion.The general price index in 2009 was 100 and in 2010 it was 180.Between 2009 and 2010 the real GDP rose by approximately:

(Consider This)Capital is a:

Answer the question on the basis of the following data.All figures are in billions of dollars. Proprietors' Income \ 20 Compensation of Employees 300 Consumption of Fixed Capital 15 Gross Investment 80 Rents 10 Interest 20 Exports 30 Imports 50 Corporate Profits 25 Taxes on Production and Imports 5 Net Foreign Factor Income 0 Statistical Discrepancy 0 Refer to the data.Gross domestic product is:

Suppose that GDP was $200 billion in year 1 and that all other components of expenditures remained the same in year 2 except that business inventories increased by $10 billion.GDP in year 2 is:

Net exports are:

The concept of net domestic investment refers to:

Environmental pollution is accounted for in:

Real GDP refers to:

Answer the question on the basis of the following data.All figures are in billions of dollars. Gross Investment \ 18 National Income 100 Net Exports 2 Personal Income 85 Personal Consumption Expenditures 70 Saving 5 Government Purchases 20 Net Domestic Product 105 Statistical Discrepancy 0 The gross domestic product for the above economy is:

If the economy adds to its inventory of goods during some year:

Exports are subtracted from imports in calculating U.S.GDP because exports are not available for domestic consumption.

In determining real GDP,economists adjust the nominal GDP by using the:

Which of the following is an intermediate good?