Exam 5: Measuring a Nations Income

Table 5-5 A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2009. Prices and Quantities -Refer to Table 5-5 What was this country's nominal GDP in 2009?

If in some year nominal GDP was $10 trillion and real GDP was $4 trillion, what was the GDP deflator ?

Sally purchases a classic 1964 car she saw for sale on someone's lawn. She then purchases some new parts and spends 120 hours refurbishing the car which she keeps. Which of the following is included in GDP?

Macroeconomists study

In 2009, U.S. GDP was almost

Because every transaction has a buyer and a seller,

If you buy a burger and fries at your favorite fast food restaurant,

A consumer buys toys made in China. The value of the toys is included only in the net exports component of GDP.

Macroeconomics is the study of the economy as a whole.

In the economy of Ukzten in 2010, consumption was 60% of GDP, government purchases were $212, imports were $67 and 67% of the value of exports, investment was one-half of the value of consumption. What was Ukzten's GDP in 2010?

In a simple circular-flow diagram, households buy goods and services with the income they get from

GDP per person tells us the income and expenditure of the

GA wind farm in Iowa buys a large turbine generator from a Swedish-owned factory located in Connecticut that uses workers who live in Connecticut. As a result,

Which of the following is included in the consumption component of GDP?

Table 5-4 The table below reports nominal and real GDP for the U.S. from 1929 to 1932. -Refer to Table 5-3. What was the growth rate of real GDP for 1931?

In computing GDP, market prices are used to value final goods and services because

Household spending on education is counted in which component or subcomponent of GDP?

The inflation rate in year 2 equals

Table 5-5 A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2009. Prices and Quantities -Refer to Table 5-5 In which year was this country's nominal GDP highest?

Table 5-1 The table below contains data for country A for the year 2010. -Refer to Table 5-1. What were country A's exports in 2010?