Exam 5: Measuring a Nations Income

What measure of GDP shows the value of goods and services produced if we valued these good and services at the prices that prevailed in some specific year in the past?

Table 23-7 The table below contains data for the country of Togogo. The base year is 1974. -Refer to Table 23-7. From 1976 to 1977,

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

In the actual economy, goods and services are purchased by

Macroeconomics is the study of the economy as a whole.

If real GDP doubles and the GDP deflator doubles, then nominal GDP

An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services.

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. This country's inflation rate from 2016 to 2017 was

An economy recently reported nominal GDP of 3 trillion euro and a GDP deflator of 200. What was real GDP?

Macroeconomic statistics tell us about a particular household, firm, or market.

The purchase of rice produced this period is included in GDP if the rice is

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

Which of the following examples of household spending is categorized as investment rather than consumption?

Which of the following statements about nominal GDP and real GDP is correct?

All of the following are examples of a nondurable good except

Consider two cars manufactured by Chevrolet in 2014. During 2014, Chevrolet sells one of the two cars to Emily for $20,000. Later in the same year, Emily sells the car to Jim for $18,000. The second automobile, with a market value of $19,000, is unsold at the end of 2014 and it remains in Chevrolet's inventory. The transactions just described contribute how much to GDP for 2014?

Quality Motors is a Japanese-owned company that produces automobiles; all of its automobiles are produced in American plants. In 2010 Quality Motors produced $30 million worth of automobiles, with $17 million in sales to Americans, $9 million in sales to Canadians, and $4 million worth of automobiles added to Quality Motors' inventory. The transactions just described contribute how much to U.S. GDP for 2010?

Table 23-4 The table below reports nominal and real GDP for the U.S. from 1929 to 1932. -Refer to Table 23-4. What was the growth rate of real GDP for 1930?

GDP excludes the value of intermediate goods because their value is included in the value of final goods.

Suppose that an economy produces 30,000 units of good A which sells at $3 a unit and 60,000 units of good B which sells at $2 per unit. Production of good A contributes