Exam 6: Measuring National Output and National Income

Related to the Economics in Practice on p. 107: If a Harley Davidson dealer in Chicago sells a newly manufactured Harley motorcycle on eBay to a customer in Tokyo, Japan, the value of the motorcycle is

The year chosen for the weights in a fixed weight procedure is known as the

Per capita gross national income (GNI) decreases when

The total income of the country is

If the personal saving rate is 20% and personal saving is $20 billion, the value of personal disposable income is

In order to depreciate an asset, it must wear out.

The GDP deflator in year 3 is 85 using year 1 as a base year. This means that, on average, the price of goods and services is

Gross national product is the total market value of

Personal income

If personal income is $925 billion and personal income taxes are $70 billion, the value of disposable personal income is

In 2016, GDP was exactly equal to final sales. This implies that

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

The total value of all capital goods newly produced in a given period is

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

The value of what KFC produces in Japan is included in the U.S. ________ and in the Japanese ________.

Which of the following is subtracted from national income to get to personal income?

Compensation of employees is

GDP minus final sales gives a measure of the

Studies estimate the size of the informal economy in the United States at about ________ percent of 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. The value for net exports in billions of dollars is