Exam 5: Measuring a Nations Income

Additions to inventory subtract from GDP, and when the goods in inventory are sold, the reductions in inventory add to GDP.

Which of the following headlines is more closely related to what microeconomists study than to what macroeconomists study?

Figure 23-2. -Refer to Figure 23-2. List the locations associated with the flow of inputs and outputs.

For an economy as a whole, income must exceed expenditure.

A country reported nominal GDP of $200 billion in 2010 and $180 billion in 2009. It also reported a GDP deflator of 125 in 2010 and 105 in 2009. Between 2009 and 2010,

Which of the following is not a question addressed by macroeconomists?

A country's real GDP rose from $500 to $530 while its nominal GDP rose from $600 to $700. What was this country's inflation rate?

Figure 23-1. -Refer to Figure 23-1. Which of the following pairs correctly identify W and Y?

On the basis of the information presented in the table below, which presents the correct ordering of real GDP per person from highest to lowest?

Identify the largest and smallest components of GDP.

International data on GDP and socioeconomic variables

During a presidential campaign, the incumbent argues that he should be reelected because nominal GDP grew by 12 percent during his 4-year term in office. You know that population grew by 4 percent over the period and that the GDP deflator increased by 6 percent during the past 4 years. You should conclude that real GDP per person

Both the value of hamburgers sold by a restaurant and the value of the beef it used to make these hamburgers are included in GDP.

What three types of goods are included in investment spending?

Table 23-10 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 2015 . -Refer to Table 23-10. What was this country's real GDP in 2016?

Underground economic activity as a percentage of GDP was highest in

Table 23-10 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 2015 . -Refer to Table 23-10. In which year was this country's real GDP highest?

Which of the following items is counted as part of government purchases?

In a simple circular-flow diagram,

A U.S.-owned automobile factory uses $50 million worth of materials produced in the U.S. and $10 million worth of material purchased from foreign countries to produce $100 million of automobiles. $70 million worth of these automobiles are purchased by U.S. consumers, $25 million are sold in foreign countries, and $5 million are added to inventory. How much of this production is included in U.S. GDP? By how much do these transactions alone affect U.S. net exports?