Exam 5: Measuring a Nations Income

Table 5-4 Use the following table to answer the following questions. -Refer to the Table 5-4.Using 2014 as the base year,what can we conclude for 2013?

Table 5-1 -Refer to the Table 5-1.What is the national income for this economy?

Which example will increase Canadian net exports?

Melissa is a Canadian resident.In a typical year,she receives wages from a local employer and dividends from owning shares in some foreign companies.How do these incomes contribute to Canadian GDP? How does the income approach to GDP differ from the way GNP is calculated?

A company makes 500,000 smart phones in the second quarter.It sells 300,000 of them before the end of the second quarter,and holds the others in its warehouse.How is the second quarter GDP affected?

With respect to GDP,how are transfer payments treated?

A Canadian oil company purchases new drilling equipment.What impact does this purchase have on investment and GDP?

If Susan decides to groom her dog herself instead of having Petworld groom him for her,what is the impact on GDP?

In a simple circular-flow diagram,how are total income and total expenditure interrelated?

National income differs from net national product in that it includes business subsidies.What does national income exclude,as opposed to net national product?

In 2014,how large were Canadian government purchases of goods and services?

Greg,a Canadian citizen,works in the United States but lives with his family in Canada.How does his employment impact GDP and GNP?

Which of the following best defines a transfer payment?

Which example would affect GDP,as measured by Statistics Canada?

How is a country's wealth related to other measures of well-being such as life expectancy and literacy?

What was the approximate GDP per person in Canada in 2014?

Table 5-1 -Refer to the Table 5-1.What is the disposable personal income for this economy?

When a firm produces consumer goods and adds some to inventory rather than selling them,how is the increase in inventory counted in GDP?

If a small country has current nominal GDP of $30 billion and the GDP deflator is 40,what is its real GDP?

If real GDP doubles and the GDP deflator doubles,what will happen to nominal GDP?