Exam 8: GDP: Measuring Total Production and Income

Table 8-18 A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above. -Refer to Table 8-18.What is nominal GDP in 2013 when 2008 is the base year?

(Multiple Choice)

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Question 101

The nominal GDP of the U.S.in 2012 was approximately $16.2 trillion.This means that

(Multiple Choice)

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Question 102

During a business cycle expansion,total production and total employment .

(Multiple Choice)

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Question 103

In the first half of 2011,automobile sales in the United States were lower than they were in the first half of 2010.The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses.

(Multiple Choice)

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Question 104

Personal income is defined as

(Multiple Choice)

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Question 105

Which of the following is included in gross domestic product for an economy in a given year?

(Multiple Choice)

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Question 106

If China decides to enact laws to clean up the environment,what would be the effect on GDP?

(Multiple Choice)

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Question 107

Give two reasons why GDP does not reflect total production in an economy.

(Essay)

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Question 108

An example of an intermediate good would be

(Multiple Choice)

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Question 109

The total value of production from Ford's manufacturing plant in Cologne,Germany would be included in Germany's gross national product.

(True/False)

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Question 110

If Gladys sells her 1998 Jeep Cherokee for $3,500 in 2013,the sale of her car contributes $3,500 to 2013 GDP.

(True/False)

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Question 111

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

(Multiple Choice)

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Question 112

In the United States in 2013,the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment.This change will

(Multiple Choice)

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Question 113

Marla is an architect who is designing a home for Chuck.Chuck is paying Marla $150 per hour to design his new home.When Chuck and Marla get married,Marla continues to work on designing the home,but she no longer charges Chuck for her work.As a result,GDP because .

(Multiple Choice)

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Question 114

National income equals gross national product minus

(Multiple Choice)

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Question 115

Gross domestic product is calculated by summing up

(Multiple Choice)

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Question 116

In 2012,which component of GDP had a negative value?

(Multiple Choice)

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Question 117

Transfer payments are subtracted from national income to get to personal income.

(True/False)

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Question 118

Table 8-18 A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above. -Refer to Table 8-18.What is real GDP in 2013,using 2008 as the base year?

(Multiple Choice)

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Question 119

China's current rate of GDP growth is quite rapid.Its current growth rate is probably three times that of the United States.However,the levels of pollution are much higher in China.Would you consider China to be better off than the United States given this information? Why or why not?

(Essay)

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Question 120

Showing 101 - 120 of 266

Table 8-18 A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above. -Refer to Table 8-18.What is nominal GDP in 2013 when 2008 is the base year?

The nominal GDP of the U.S.in 2012 was approximately $16.2 trillion.This means that

During a business cycle expansion,total production and total employment .

In the first half of 2011,automobile sales in the United States were lower than they were in the first half of 2010.The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses.

Personal income is defined as

Which of the following is included in gross domestic product for an economy in a given year?

If China decides to enact laws to clean up the environment,what would be the effect on GDP?

Give two reasons why GDP does not reflect total production in an economy.

An example of an intermediate good would be

The total value of production from Ford's manufacturing plant in Cologne,Germany would be included in Germany's gross national product.

If Gladys sells her 1998 Jeep Cherokee for $3,500 in 2013,the sale of her car contributes $3,500 to 2013 GDP.

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

In the United States in 2013,the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment.This change will

Marla is an architect who is designing a home for Chuck.Chuck is paying Marla $150 per hour to design his new home.When Chuck and Marla get married,Marla continues to work on designing the home,but she no longer charges Chuck for her work.As a result,GDP because .

National income equals gross national product minus

Gross domestic product is calculated by summing up

In 2012,which component of GDP had a negative value?

Transfer payments are subtracted from national income to get to personal income.

Table 8-18 A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above. -Refer to Table 8-18.What is real GDP in 2013,using 2008 as the base year?

China's current rate of GDP growth is quite rapid.Its current growth rate is probably three times that of the United States.However,the levels of pollution are much higher in China.Would you consider China to be better off than the United States given this information? Why or why not?

Economics: Foundations and Models

Trade-Offs,comparative Advantage,and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

The Economics of Health Care

Firms,the Stock Market,and Corporate Governance

Comparative Advantage and the Gains From International Trade

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 8: GDP: Measuring Total Production and Income

Table 8-18 A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above. -Refer to Table 8-18.What is nominal GDP in 2013 when 2008 is the base year?

The nominal GDP of the U.S.in 2012 was approximately $16.2 trillion.This means that

During a business cycle expansion,total production ________ and total employment ________.

In the first half of 2011,automobile sales in the United States were lower than they were in the first half of 2010.The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses.

Personal income is defined as

Which of the following is included in gross domestic product for an economy in a given year?

If China decides to enact laws to clean up the environment,what would be the effect on GDP?

Give two reasons why GDP does not reflect total production in an economy.

An example of an intermediate good would be

The total value of production from Ford's manufacturing plant in Cologne,Germany would be included in Germany's gross national product.

If Gladys sells her 1998 Jeep Cherokee for $3,500 in 2013,the sale of her car contributes $3,500 to 2013 GDP.

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

In the United States in 2013,the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment.This change will

Marla is an architect who is designing a home for Chuck.Chuck is paying Marla $150 per hour to design his new home.When Chuck and Marla get married,Marla continues to work on designing the home,but she no longer charges Chuck for her work.As a result,GDP ________ because ________.

National income equals gross national product minus

Gross domestic product is calculated by summing up

In 2012,which component of GDP had a negative value?

Transfer payments are subtracted from national income to get to personal income.

Table 8-18 A very simple economy produces three goods: cameras,legal services,and books.The quantities produced and their corresponding prices for 2008 and 2013 are shown in the table above. -Refer to Table 8-18.What is real GDP in 2013,using 2008 as the base year?

China's current rate of GDP growth is quite rapid.Its current growth rate is probably three times that of the United States.However,the levels of pollution are much higher in China.Would you consider China to be better off than the United States given this information? Why or why not?

Economics: Foundations and Models

Trade-Offs,comparative Advantage,and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

The Economics of Health Care

Firms,the Stock Market,and Corporate Governance

Comparative Advantage and the Gains From International Trade

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

During a business cycle expansion,total production and total employment .

In the first half of 2011,automobile sales in the United States were lower than they were in the first half of 2010.The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses.

Marla is an architect who is designing a home for Chuck.Chuck is paying Marla $150 per hour to design his new home.When Chuck and Marla get married,Marla continues to work on designing the home,but she no longer charges Chuck for her work.As a result,GDP because .