Refer to the following table when answering . In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting \[\begin{array} { l | r r } \hline & 2017 & 2018 \\ \hline \text { Quantity of pistachios } & 1,000 & 1,100 \\ \text { Quantity of video games } & 500 & 500 \\ \text { Price of pistachios } & \$ 1.00 & \$ 1.50 \\ \text { Price of video games } & \$ 15.00 & \$ 14.75 \\ \hline \end{array}\] -Consider Table 2.3. Using the Paasche index, real GDP in 2017 is:

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

Refer to the following table when answering . In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting \[\begin{array} { l | r r } \hline & 2017 & 2018 \\ \hline \text { Quantity of pistachios } & 1,000 & 1,100 \\ \text { Quantity of video games } & 500 & 500 \\ \text { Price of pistachios } & \$ 1.00 & \$ 1.50 \\ \text { Price of video games } & \$ 15.00 & \$ 14.75 \\ \hline \end{array}\] -Consider Table 2.3. Using the Laspeyres index, the percent change in nominal GDP was about:

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

Refer to the following table when answering . In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting \[\begin{array} { l | r r } \hline & 2017 & 2018 \\ \hline \text { Quantity of pistachios } & 1,000 & 1,100 \\ \text { Quantity of video games } & 500 & 500 \\ \text { Price of pistachios } & \$ 1.00 & \$ 1.50 \\ \text { Price of video games } & \$ 15.00 & \$ 14.75 \\ \hline \end{array}\] -Consider Table 2.3. Using the Laspeyres index, the real GDP in 2018 is:

A) $9,025 B) $8,500 C) $8,600 D) $9,150 E) $8,475 A) $9,025 B) $8,500 C) $8,600 D) $9,150 E) $8,475

Refer to the following table when answering . In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting \[\begin{array} { l | r r } \hline & 2017 & 2018 \\ \hline \text { Quantity of pistachios } & 1,000 & 1,100 \\ \text { Quantity of video games } & 500 & 500 \\ \text { Price of pistachios } & \$ 1.00 & \$ 1.50 \\ \text { Price of video games } & \$ 15.00 & \$ 14.75 \\ \hline \end{array}\] -Consider Table 2.3. Using the Laspeyres index, the percent change in real GDP was about:

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.

Exam 2: Measuring the Macroeconomy

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as:

(Multiple Choice)

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Question 81

Net exports are also called:

(Multiple Choice)

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Question 82

The National Income and Product Accounts provides a system for:

(Multiple Choice)

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Question 83

By how much does the current GDP rise in the following scenario? A real estate agent sells a house for $250,000 that the previous owners had purchased 10 years earlier for $90,000. The real estate agent earns a commission of $10,000.

(Multiple Choice)

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Question 84

Refer to the following table when answering . In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting 2017 2018 Quantity of pistachios 1,000 1,100 Quantity of video games 500 500 Price of pistachios \ 1.00 \ 1.50 Price of video games \ 15.00 \ 14.75 -Consider Table 2.3. Using the Paasche index, real GDP in 2017 is:

(Multiple Choice)

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Question 85

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. (Note: Ford is a company owned by U.S. citizens and Toyota is a company owned by Japanese citizens.) (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 Led Zeppelin's 1971 North American tour you bought online last week

(Essay)

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Question 86

Using the expenditure approach, investment includes:

(Multiple Choice)

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Question 87

Refer to the following table when answering . In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting 2017 2018 Quantity of pistachios 1,000 1,100 Quantity of video games 500 500 Price of pistachios \ 1.00 \ 1.50 Price of video games \ 15.00 \ 14.75 -Consider Table 2.3. Using the Laspeyres index, the percent change in nominal GDP was about:

(Multiple Choice)

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Question 88

U.S. expenditure shares by households, firms, and the government have been relatively except during .

(Multiple Choice)

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Question 89

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

(Multiple Choice)

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Question 90

If the nominal GDP rises by 6 percent and the real GDP rises by 3 percent, then the price level by .

(Multiple Choice)

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Question 91

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as:

(Multiple Choice)

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Question 92

You are a staff economist for your local bank and the bank manager claims that in 2012 the Chinese economy was bigger than in the United States. To prove him wrong you decide to put your economics training to work for you and decide to show him China's GDP in U.S. dollars, and to show him how smart you are, you also decide to calculate PPP GDP in China and compare that to the United States as well. You have the following data: In 2012, China's nominal GDP was CY 51.932 trillion (CY = Chinese yuan); the yuan-dollar exchange rate was CY 6.31/$1; nominal GDP in the United States was $15.685 trillion; the price level in the United States was 1.00 and the price level in China was 0.60. How big is China's economy?

(Essay)

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Question 93

Refer to the following table when answering . In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting 2017 2018 Quantity of pistachios 1,000 1,100 Quantity of video games 500 500 Price of pistachios \ 1.00 \ 1.50 Price of video games \ 15.00 \ 14.75 -Consider Table 2.3. Using the Laspeyres index, the real GDP in 2018 is:

(Multiple Choice)

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Question 94

GDP often is used as a "measure" of economic welfare; it includes all factors that contribute to economic wellbeing.

(True/False)

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Question 95

Since about , U.S. expenditure shares by households, firms, and the government have been relatively .

(Multiple Choice)

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Question 96

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP shrinks.

(True/False)

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Question 97

If Croatia's price level is higher than the U.S. price level, Croatia's dollar-denominated GDP, calculated using price adjustments, will appear smaller than if simply calculated with the exchange rate.

(True/False)

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Question 98

Refer to the following table when answering . In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting 2017 2018 Quantity of pistachios 1,000 1,100 Quantity of video games 500 500 Price of pistachios \ 1.00 \ 1.50 Price of video games \ 15.00 \ 14.75 -Consider Table 2.3. Using the Laspeyres index, the percent change in real GDP was about:

(Multiple Choice)

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Question 99

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

(Multiple Choice)

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Question 100

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as:

Net exports are also called:

The National Income and Product Accounts provides a system for:

By how much does the current GDP rise in the following scenario? A real estate agent sells a house for $250,000 that the previous owners had purchased 10 years earlier for $90,000. The real estate agent earns a commission of $10,000.

Using the expenditure approach, investment includes:

U.S. expenditure shares by households, firms, and the government have been relatively except during .

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

If the nominal GDP rises by 6 percent and the real GDP rises by 3 percent, then the price level by .

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as:

GDP often is used as a "measure" of economic welfare; it includes all factors that contribute to economic wellbeing.

Since about , U.S. expenditure shares by households, firms, and the government have been relatively .

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP shrinks.

If Croatia's price level is higher than the U.S. price level, Croatia's dollar-denominated GDP, calculated using price adjustments, will appear smaller than if simply calculated with the exchange rate.

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

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

Dsge Models: the Frontier of Business Cycle Research

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

Exam 2: Measuring the Macroeconomy

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as:

Net exports are also called:

The National Income and Product Accounts provides a system for:

By how much does the current GDP rise in the following scenario? A real estate agent sells a house for $250,000 that the previous owners had purchased 10 years earlier for $90,000. The real estate agent earns a commission of $10,000.

Using the expenditure approach, investment includes:

U.S. expenditure shares by households, firms, and the government have been relatively ________ except during ________.

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

If the nominal GDP rises by 6 percent and the real GDP rises by 3 percent, then the price level ________ by ________.

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as:

GDP often is used as a "measure" of economic welfare; it includes all factors that contribute to economic wellbeing.

Since about ________, U.S. expenditure shares by households, firms, and the government have been relatively ________.

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP shrinks.

If Croatia's price level is higher than the U.S. price level, Croatia's dollar-denominated GDP, calculated using price adjustments, will appear smaller than if simply calculated with the exchange rate.

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

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

Dsge Models: the Frontier of Business Cycle Research

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

U.S. expenditure shares by households, firms, and the government have been relatively except during .

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

If the nominal GDP rises by 6 percent and the real GDP rises by 3 percent, then the price level by .

Since about , U.S. expenditure shares by households, firms, and the government have been relatively .

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