Exam 19: GDP: Measuring Total Production and Income

An example of an intermediate good would be

Gross domestic product is calculated by summing up

If nominal GDP exceeds real GDP for a specific year, then the GDP deflator must be

Over the last 50 years, has the ratio of household production to gross domestic product in the United States increased or decreased? Consider the effect of the increased number of women working outside the home, and the effect of advances in technology in household production such as microwaves, coffee makers, power tools, etc.

Table 19-22 -Refer to Table 19-22. Consider the data above for a simple economy: Using 2009 as the base year, calculate nominal GDP, real GDP, and the GDP deflator for 2013. Show your work.

Home Depot sells new and used doors to contractors who build new homes. Home Depot also sells new and used doors to homeowners. Which of the following would be counted in GDP?

Macroeconomics seeks to understand

Is nominal GDP measured in terms of quantity or in terms of dollars? If dollars, the value of the dollar from what period? Is real GDP measured in terms of quantity or in terms of dollars? If dollars, the value of the dollar from what period?

If real GDP increases we know for sure that

Which of the following are not considered part of government purchases?

Which of the following is not true about the composition of GDP in 2012?

Which of the following is considered a durable good?

When Ford increases the production of cars in Australia, which of the following occurs?

Gross domestic product is generally ________ national income.

An example of a transfer payment is

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

The underground economy can be described as

Article Summary For only the second time in the previous 10 quarters, China's GDP grew at a faster rate than from the same period a year earlier. From July through September 2013, China's GDP increased 7.8 percent, but a decline in exports, growing inflation, and slowing growth in factory production all suggest that growth will be slowing down. China has recently been attempting to restructure its economy by moving toward increasing consumption and relying less on exports and investments as a means to achieving more sustainable economic growth. In the first nine months of 2013, 46 percent of growth was due to consumption, 56 percent was due to investment, and exports accounted for negative 1.7 percent. Source: Aileen Wang and Kevin Yao, "China's third-quarter GDP growth fastest this year, but outlook dim," Reuters, October 18, 2013. -Refer to the Article Summary. In China, ________ is (are) the main driver of economic growth, while in the United States, ________ is the main driver of economic growth.

Which of the following would result in GDP for an economy equal to $10 trillion?

Table 19-26 -National income equals gross national product minus