Exam 5: Measuring a Nations Income

Gross domestic product includes all

Which of the following is always measured in prices from a base-year?

If a U.S. company buys an electrical generator made in Japan by a Japanese firm, and the Japanese firm uses the payment to buy stocks issued by a U.S. company then

Table 23-3 The table below contains data for the country of Crete for the year 2010. -Refer to Table 23-3. What was Crete's GDP in 2010?

In the economy of Talikastan in 2015, consumption was $4000, exports were $800, GDP was $7500, imports were $200, and investment was $1000. What were Talikastan's government purchases in 2015?

Real GDP is the yearly production of final goods and services valued at

If nominal GDP is $8 trillion and real GDP is $10 trillion, then the GDP deflator is

If foreign citizens earn less income in the U.S. than U.S. citizens earn in foreign countries,

For an economy as a whole, income must equal expenditure because

An American company operates a fast food restaurant in Paris, France. Which of the following statements is accurate?

Table 23-5 The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Prices and Quantities -Refer to Table 23-5. In 2015, this country's

The basic tools of supply and demand are central to microeconomic analysis but are of little use to macroeconomics.

Which government entity computes U.S. GDP every three months?

Table 23-12 A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year. -Refer to Table 23-12. Calculate the rate of inflation for 2012.

If real GDP is higher in one country than in another, then we can be sure that the standard of living is higher in the country with the higher real GDP.

Foreign countries buy $1.2 trillion of U.S. goods and services. U.S. residents purchase $1.8 trillion of foreign goods and services. What is net exports?

In 2012, U.S. net exports were

Changes in real GDP reflect

Sam, an American citizen, prepares meals for his family at home. Ellen, a Canadian citizen, commutes to the U.S. to help prepare meals at a restaurant in Idaho. Whose value of services preparing meals is included in U.S. GDP?

Table 23-5 The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Prices and Quantities -Refer to Table 23-5. In 2016, this country's