Exam 5: Measuring a Nations Income

If consumption is $7000, exports are $600, government purchases are $2000, government transfers are $900, imports are $800, and investment is $1000, then GDP is $9,800.

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 imports in 2010?

If someone in the United States buys a surfboard produced in Australia, then that purchase is included in both the consumption component of U.S. GDP and the net exports component of U.S. GDP.

If nominal GDP is $12 trillion and real GDP is $10 trillion, then the GDP deflator is

Grapes are considered intermediate goods

For the purpose of calculating GDP, investment is spending on

If net exports is a negative number for a particular year, then

Which of the following is not a question that macroeconomists address?

A country's real GDP rose from 500 to 550 while its nominal GDP rose from 600 to 770. What was this country's inflation rate?

In the United States in 2009, consumption represented approximately

Real GDP evaluates current production using prices that are fixed at past levels and therefore shows how the economy's overall production of goods and services changes over time.

The government of a country, which has adopted American GDP accounting conventions, reported that seasonally adjusted GDP in quarter 3 was $12 billion at an annual rate. This means that the seasonally-adjusted market value of all final goods and services produced within this country in quarter 3 was

A farmer sells $50,000 of apples to individuals who take them home to eat and $75,000 of apples to a company that uses them all to produce cider. How much of the farmer's sales will be included as apples in GDP?

A recession is always associated with

Gross domestic product includes all

The GDP deflator for years subsequent to the base year measures the change in

Unemployment compensation is

When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.

Changes in inventory are included in the investment component of GDP.

Susan switches from going to Speedy Lube for an oil change to changing the oil in her car herself. Which of the following is correct? The value of changing the oil is