Question 1

Suppose that nominal GDP is $1,000 in 2009 and $1,500 in 2010. If the overall price level _____ between 2009 and 2010, we could say that real GDP _____.

Accepted Answer

A)  increased by 50%; stayed constant 
B)  increased by less than 50%; decreased 
C)  increased by more than 50%; increased 
D)  increased by 50%; increased 
A)  increased by 50%; stayed constant 
B)  increased by less than 50%; decreased 
C)  increased by more than 50%; increased 
D)  increased by 50%; increased

Question 2

A country's exports minus its imports during a period are:

Accepted Answer

A)  net exports. 
B)  gross exports. 
C)  net imports. 
D)  gross imports. 
A)  net exports. 
B)  gross exports. 
C)  net imports. 
D)  gross imports.

Question 3

The person who is usually credited with developing national income accounts is:

Accepted Answer

A)  Adam Smith. 
B)  John Maynard Keynes. 
C)  Simon Kuznets. 
D)  Milton Friedman. 
A)  Adam Smith. 
B)  John Maynard Keynes. 
C)  Simon Kuznets. 
D)  Milton Friedman.

Question 4

Chained dollars:

Accepted Answer

A)  is money that banks are required to keep in their vaults to back deposits. 
B)  is the measure of the value of intermediate goods. 
C)  is a method for calculating changes in real GDP using an early base year and a late base year. 
D)  is a method used to convert real to nominal GDP. 
A)  is money that banks are required to keep in their vaults to back deposits. 
B)  is the measure of the value of intermediate goods. 
C)  is a method for calculating changes in real GDP using an early base year and a late base year. 
D)  is a method used to convert real to nominal GDP.

Suppose that nominal GDP is $1,000 in 2009 and $1,500 in 2010. If the overall price level _ between 2009 and 2010, we could say that real GDP _.

A country's exports minus its imports during a period are:

The person who is usually credited with developing national income accounts is:

Chained dollars:

First Principles

Economic Models- Trade-Offs and Trade

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas- Meddling With Markets

Elasticity

Taxes

The Rational Consumer

International Trade

Decision Making by Individuals and Firms

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Macroeconomics- the Big Picture

Unemployment and Inflation

Long-Run Economic Growth

Savings, Investment Spending

Fiscal Policy

Money, Banking, and the Federal Reserve System

Monetary Policy

Inflation, Disinflation, and Deflation

Crises and Consequences

Macroeconomics- Events and Ideas

Open-Economy Macroeconomics

Graphs in Economics

Toward a Fuller Understanding

Consumer Preferences and Consumer Choice

Indifference Curve Analysis of Labor Supply

Filters

Exam 21: Gdp and the Consumer Price Index

Suppose that nominal GDP is $1,000 in 2009 and $1,500 in 2010. If the overall price level _____ between 2009 and 2010, we could say that real GDP _____.

A country's exports minus its imports during a period are:

The person who is usually credited with developing national income accounts is:

Chained dollars:

First Principles

Economic Models- Trade-Offs and Trade

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas- Meddling With Markets

Elasticity

Taxes

The Rational Consumer

International Trade

Decision Making by Individuals and Firms

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Macroeconomics- the Big Picture

Unemployment and Inflation

Long-Run Economic Growth

Savings, Investment Spending

Fiscal Policy

Money, Banking, and the Federal Reserve System

Monetary Policy

Inflation, Disinflation, and Deflation

Crises and Consequences

Macroeconomics- Events and Ideas

Open-Economy Macroeconomics

Graphs in Economics

Toward a Fuller Understanding

Consumer Preferences and Consumer Choice

Indifference Curve Analysis of Labor Supply

Filters

Suppose that nominal GDP is $1,000 in 2009 and $1,500 in 2010. If the overall price level _ between 2009 and 2010, we could say that real GDP _.