Question 1

If we want to calculate the U.S.real GDP in Mexican pesos,we would use the following:

Accepted Answer

A)    
B)    
C)    
D)    
E) none of the above 
A)    
B)    
C)    
D)    
E) none of the above

Question 2

Using the expenditure approach,consumption expenditures include:

Accepted Answer

A) household purchases of durable and nondurable goods and services. 
B) household purchases of durable and nondurable goods. 
C) household purchases of durable and nondurable goods and taxes. 
D) household purchases of durable and nondurable goods and residences. 
E) household purchases of nondurable goods. 
A) household purchases of durable and nondurable goods and services. 
B) household purchases of durable and nondurable goods. 
C) household purchases of durable and nondurable goods and taxes. 
D) household purchases of durable and nondurable goods and residences. 
E) household purchases of nondurable goods.

Question 3

Real gross national product is defined as:

Accepted Answer

A) the value of all goods and services produced by an economy's citizens,regardless of where they live,over a period of time,at base-year prices. 
B) the value of all goods and services produced by an economy's citizens,regardless of where they live,over a period of time,at current prices. 
C) the value of all goods and services produced by an economy,within its borders,over a period of time,at current prices. 
D) the value of all goods produced by an economy,within its borders,over a period of time,at current prices. 
E) the value of all goods and services produced by an economy,within its borders,over a period of time,at base-year prices. 
A) the value of all goods and services produced by an economy's citizens,regardless of where they live,over a period of time,at base-year prices. 
B) the value of all goods and services produced by an economy's citizens,regardless of where they live,over a period of time,at current prices. 
C) the value of all goods and services produced by an economy,within its borders,over a period of time,at current prices. 
D) the value of all goods produced by an economy,within its borders,over a period of time,at current prices. 
E) the value of all goods and services produced by an economy,within its borders,over a period of time,at base-year prices.

Question 4

United States expenditure shares by households,firms,and the government have been relatively _____ except during __________.

Accepted Answer

A) constant;the 1970s 
B) variable;the Great Depression 
C) constant;World War II 
D) constant;Vietnam War 
E) variable;the 1990s 
A) constant;the 1970s 
B) variable;the Great Depression 
C) constant;World War II 
D) constant;Vietnam War 
E) variable;the 1990s

Question 5

Real GDP is the __________ of all goods and services produced in a period of time using __________ prices.

Accepted Answer

A) summation;current 
B) value;base year 
C) value;1970 
D) value;1945 
E) summation;base year 
A) summation;current 
B) value;base year 
C) value;1970 
D) value;1945 
E) summation;base year

Question 6

Using the expenditure approach to national income accounting,when discussing government expenditures,do we include transfer payments? Why or why not?

Accepted Answer

No.The expenditure approach concentrates

Question 7

Nominal gross domestic product is defined as:

Accepted Answer

A) the value of all goods and services produced by an economy,within its borders,over a period of time,at base-year prices. 
B) the value of all goods produced by an economy,within its borders,over a period of time,at current prices. 
C) the value of all goods and services produced by an economy,within its borders,over a period of time,at current prices. 
D) the value of all goods and services produced by an economy's citizens,regardless of where they live,over a period of time,at current prices. 
E) the value of all goods and services produced by an economy's citizens,regardless of where they live,over a period of time,at base-year prices. 
A) the value of all goods and services produced by an economy,within its borders,over a period of time,at base-year prices. 
B) the value of all goods produced by an economy,within its borders,over a period of time,at current prices. 
C) the value of all goods and services produced by an economy,within its borders,over a period of time,at current prices. 
D) the value of all goods and services produced by an economy's citizens,regardless of where they live,over a period of time,at current prices. 
E) the value of all goods and services produced by an economy's citizens,regardless of where they live,over a period of time,at base-year prices.

Question 8

Consider the data in Table 2.4.When we convert the Eurozone's nominal GDP into dollars but do not adjust for price differences,the U.S.economy is about __________ times __________ than the Eurozone economy.

Accepted Answer

A) 1.22;smaller 
B) 1.35;smaller 
C) 1.35;bigger 
D) 1.22;bigger 
E) Not enough information is given. 
A) 1.22;smaller 
B) 1.35;smaller 
C) 1.35;bigger 
D) 1.22;bigger 
E) Not enough information is given.

Question 9

-Consider Table 2.3.Using the Paasche index,real GDP in 2004 is:

Accepted Answer

A) $8,475. 
B) $8,500. 
C) $8,600. 
D) $9,150. 
E) $8,875. 
A) $8,475. 
B) $8,500. 
C) $8,600. 
D) $9,150. 
E) $8,875.

Question 10

Identify which of the following goods are part of the current year's U.S.GDP and which are considered current year's U.S.GNP;explain.
(a)a Ford produced in Mexico
(b)a Toyota produced in California
(c)a meal you make for a dinner party
(d)an American made vintage T-shirt from LedZeppelin's 1971 North American Tour you bought online last week

Accepted Answer

(a)Part of U.S.GNP but not GDP as it's n

Question 11

-Consider Table 2.3.Using the Laspeyres index,the percent change in real GDP was about:

Accepted Answer

A) 6 percent. 
B) 5 percent. 
C) 0 percent. 
D) 1 percent. 
E) Not enough information is given. 
A) 6 percent. 
B) 5 percent. 
C) 0 percent. 
D) 1 percent. 
E) Not enough information is given.

Question 12

Define E = $/£ as the dollar/pound exchange rate and  
As the United Kingdom's nominal GDP;then  
,the United Kingdom's nominal GDP in dollars,is given by:

Accepted Answer

A)    . 
B)    . 
C)    . 
D)    . 
E) none of the above 
A)    . 
B)    . 
C)    . 
D)    . 
E) none of the above

Question 13

Nominal GDP is given by __________ where the price level is the __________.

Accepted Answer

A) Nominal GDP = Price level $\times$ Real GDP;GDP deflator 
B) Nominal GDP = Price level ÷ Real GDP;GDP deflator 
C) Nominal GDP = Price level + Real GDP;CPI 
D) Nominal GDP = Price level - Real GDP;GDP deflator 
E) Nominal GDP = Price level $\times$ Real GDP;CPI 
A) Nominal GDP = Price level $\times$ Real GDP;GDP deflator 
B) Nominal GDP = Price level ÷ Real GDP;GDP deflator 
C) Nominal GDP = Price level + Real GDP;CPI 
D) Nominal GDP = Price level - Real GDP;GDP deflator 
E) Nominal GDP = Price level $\times$ Real GDP;CPI

Question 14

In 2005,investment expenditures accounted for about __________ of total GDP.

Accepted Answer

A) 70 percent 
B) 40 percent 
C) 16 percent 
D) 19 percent 
E) 11 percent 
A) 70 percent 
B) 40 percent 
C) 16 percent 
D) 19 percent 
E) 11 percent

Question 15

Which of the following are not included in the expenditure approach to National Income Accounting?

Accepted Answer

A) software 
B) taxes 
C) defense expenditures 
D) a and b 
E) none of the above 
A) software 
B) taxes 
C) defense expenditures 
D) a and b 
E) none of the above

Question 16

According to the expenditure approach to GDP,investment expenditures include purchases of residential housing.

Accepted Answer

A) True 
 B)False

Question 17

Nominal GDP means that the value of all goods and services is measured in __________ prices.

Accepted Answer

A) average 
B) last year's 
C) the base year's 
D) current 
E) constant 
A) average 
B) last year's 
C) the base year's 
D) current 
E) constant

Question 18

Consider the data in Table 2.4.When we convert the Eurozone's nominal GDP into dollars and adjust for price differences,the U.S.economy is about __________ times __________ than the Eurozone economy.

Accepted Answer

A) 1.35;smaller 
B) 1.35;bigger 
C) 1.22;bigger 
D) 1.22;smaller 
E) Not enough information is given. 
A) 1.35;smaller 
B) 1.35;bigger 
C) 1.22;bigger 
D) 1.22;smaller 
E) Not enough information is given.

Question 19

The percent change in the nominal GDP is given as:

Accepted Answer

A) percent change in the price level + percent change in Real GDP. 
B) percent change in the price level - percent change in Real GDP. 
C) percent change in the price level $\times$ percent change in Real GDP. 
D) percent change in the price level ÷ percent change in Real GDP. 
E) price level $\times$ percent change in Real GDP. 
A) percent change in the price level + percent change in Real GDP. 
B) percent change in the price level - percent change in Real GDP. 
C) percent change in the price level $\times$ percent change in Real GDP. 
D) percent change in the price level ÷ percent change in Real GDP. 
E) price level $\times$ percent change in Real GDP.

Question 20

According to the income approach to GDP,the largest portion of GDP is net operating surplus.

Accepted Answer

A) True 
 B)False

If we want to calculate the U.S.real GDP in Mexican pesos,we would use the following:

Using the expenditure approach,consumption expenditures include:

Real gross national product is defined as:

United States expenditure shares by households,firms,and the government have been relatively _ except during ______.

Real GDP is the of all goods and services produced in a period of time using prices.

Using the expenditure approach to national income accounting,when discussing government expenditures,do we include transfer payments? Why or why not?

Nominal gross domestic product is defined as:

Consider the data in Table 2.4.When we convert the Eurozone's nominal GDP into dollars but do not adjust for price differences,the U.S.economy is about times than the Eurozone economy.

-Consider Table 2.3.Using the Paasche index,real GDP in 2004 is:

-Consider Table 2.3.Using the Laspeyres index,the percent change in real GDP was about:

Define E = $/£ as the dollar/pound exchange rate and As the United Kingdom's nominal GDP;then ,the United Kingdom's nominal GDP in dollars,is given by:

Nominal GDP is given by where the price level is the .

In 2005,investment expenditures accounted for about __________ of total GDP.

Which of the following are not included in the expenditure approach to National Income Accounting?

According to the expenditure approach to GDP,investment expenditures include purchases of residential housing.

Nominal GDP means that the value of all goods and services is measured in __________ prices.

Consider the data in Table 2.4.When we convert the Eurozone's nominal GDP into dollars and adjust for price differences,the U.S.economy is about times than the Eurozone economy.

The percent change in the nominal GDP is given as:

According to the income approach to GDP,the largest portion of GDP is net operating surplus.

Introduction to Macroeconomics

An Overview of Long- Run Economic Growth

A Model of Production

The Solow Growth Model

Growth and Ideas

The Labor Market,wages,and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

Exam 2: Measuring the Macroeconomy

If we want to calculate the U.S.real GDP in Mexican pesos,we would use the following:

Using the expenditure approach,consumption expenditures include:

Real gross national product is defined as:

United States expenditure shares by households,firms,and the government have been relatively _____ except during __________.

Real GDP is the __________ of all goods and services produced in a period of time using __________ prices.

Using the expenditure approach to national income accounting,when discussing government expenditures,do we include transfer payments? Why or why not?

Nominal gross domestic product is defined as:

Consider the data in Table 2.4.When we convert the Eurozone's nominal GDP into dollars but do not adjust for price differences,the U.S.economy is about __________ times __________ than the Eurozone economy.

-Consider Table 2.3.Using the Paasche index,real GDP in 2004 is:

-Consider Table 2.3.Using the Laspeyres index,the percent change in real GDP was about:

Define E = $/£ as the dollar/pound exchange rate and As the United Kingdom's nominal GDP;then ,the United Kingdom's nominal GDP in dollars,is given by:

Nominal GDP is given by __________ where the price level is the __________.

In 2005,investment expenditures accounted for about __________ of total GDP.

Which of the following are not included in the expenditure approach to National Income Accounting?

According to the expenditure approach to GDP,investment expenditures include purchases of residential housing.

Nominal GDP means that the value of all goods and services is measured in __________ prices.

Consider the data in Table 2.4.When we convert the Eurozone's nominal GDP into dollars and adjust for price differences,the U.S.economy is about __________ times __________ than the Eurozone economy.

The percent change in the nominal GDP is given as:

According to the income approach to GDP,the largest portion of GDP is net operating surplus.

Introduction to Macroeconomics

An Overview of Long- Run Economic Growth

A Model of Production

The Solow Growth Model

Growth and Ideas

The Labor Market,wages,and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

United States expenditure shares by households,firms,and the government have been relatively _ except during ______.

Real GDP is the of all goods and services produced in a period of time using prices.

Consider the data in Table 2.4.When we convert the Eurozone's nominal GDP into dollars but do not adjust for price differences,the U.S.economy is about times than the Eurozone economy.

Nominal GDP is given by where the price level is the .

Consider the data in Table 2.4.When we convert the Eurozone's nominal GDP into dollars and adjust for price differences,the U.S.economy is about times than the Eurozone economy.