Exam 19: GDP: Measuring Total Production and Income

Table 19-1 -Refer to Table 19-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals

Table 19-26 -The output of Mexican citizens who work in Texas would be included in the

Legalizing all forms of illegal activities

Table 19-13 Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts. -Refer to Table 19-13. Nominal GDP for Vicuna for 2009 equals

If the GDP deflator is less than 100, then for that year nominal GDP ________ real GDP.

Table 19-15 -Refer to Table 19-15. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2012 equals

The table below describes the value added in the production of a gallon of gasoline by each stage of production. (The values are hypothetical.)

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

Table 19-18 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 19-18. What is nominal GDP in 2013 when 2008 is the base year?

Table 19-26 -The value of what a U.S.-owned McDonald's produces in South Korea is included in the U.S. ________ and the South Korean ________.

If the value added of a firm is positive, will the firm necessarily have positive profits?

Table 19-17 A very simple economy produces three goods: movies, burgers, and bikes. The quantities produced and their corresponding prices for 2006 and 2013 are shown in the table above. -Refer to Table 19-17. What is nominal GDP in 2013?

If prices are rising on average, then

Which of the following would increase GNP in the United States?

The "underground economy" is also referred to as

The U.S. work week has declined from 60 hours in 1890 to 40 hours today. The impact of the decline in working hours

The values of real GDP and real GNP are almost the same for the United States.

In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?

In an "underground economy," the production of goods and services

Table 19-17 A very simple economy produces three goods: movies, burgers, and bikes. The quantities produced and their corresponding prices for 2006 and 2013 are shown in the table above. -Refer to Table 19-17. What is real GDP in 2013, using 2006 as the base year?