Exam 6: Measuring National Output and National Income

Refer to the information provided in Table 6.5 below to answer the questions that follow. Table 6.5 -Refer to Table 6.5.Assume that this economy produces only two goods Good X and Good Y.If year 1 is the base year,the value for this economy's GDP deflator in year 1 is

Nominal GDP is gross domestic product measured

Refer to the information provided in Table 6.1 below to answer the questions that follow. Table 6.1 -Refer to Table 6.1.Personal consumption expenditures in billions of dollars are

When calculating GDP,exports are ________ and imports are ________.

Refer to the information provided in Table 6.5 below to answer the questions that follow. Table 6.5 -Refer to Table 6.5.Assume that this economy produces only two goods Good X and Good Y.The value for this economy's nominal GDP in year 1 is

If the GDP deflator next year is less than the GDP deflator this year,then the price level has fallen.

Which of the following is an example of an intermediate good?

If no foreign companies produce in a country,but many of the country's companies produce abroad,then

In 2012 final sales equal $350 billion and the change in business inventories is -$60 billion.GDP in 2012

Interest paid by households and by the government is

Production in the illegal or underground economy is not reflected in GDP.

Refer to the information provided in Table 6.5 below to answer the questions that follow. Table 6.5 -Refer to Table 6.5.Assume that this economy produces only two goods Good X and Good Y.If year 1 is the base year,the value for this economy's inflation rate between year 1 and year 2 is

What type of tax affects the amount of money you pay for a product?

The GDP deflator is the

A company produced 8 dishwasher machines in 2012.The company sold 6 in 2012 and added 2 to its inventories.The market value of the dishwasher machines in 2012 was $200 per unit.What is the value of this company's output that will be included in the 2012 GDP?

The GDP deflator in year 2 is 95 using year 1 as a base year.This means that,on average,the price of goods and services is

Refer to the information provided in Table 6.2 below to answer the questions that follow. Table 6.2 -Refer to Table 6.2.Personal consumption expenditures in billions of dollars are

The single largest expenditure component in GDP is

Refer to the information provided in Table 6.4 below to answer the questions that follow. Table 6.4 -Refer to Table 6.4.The value for GDP in billions of dollars is

If the value of net exports is negative,then