Exam 6: Measuring National Output and National Income

Refer to the information provided in Table 6.6 below to answer the questions that follow. Table 6.6 -Refer to Table 6.6. The value for gross domestic product in billions of dollars is

If net investment is positive, then

Refer to the information provided in Table 6.1 below to answer the questions that follow. Table 6.1 -Refer to Table 6.1. The value of government spending in billions of dollars is

GDP generally reflects the production of social ills such as pollution.

Which of the following would not be counted in 2016's GDP?

In 2016 final sales equal $500 billion and the change in business inventories is -$40 billion. GDP in 2016 is

If national income is $600 billion, personal income is $400 billion, personal taxes are $120 billion, then disposable income equals

Gross national income (GNI) is GDP converted into dollars using an average of currency exchange rates over several years adjusted for rates of inflation.

By not counting the value of intermediate goods when calculating GDP, you avoid

Total income in the economy can sometimes be greater than total spending.

If the GDP deflator is less than 100, then

Refer to the information provided in Table 6.1 below to answer the questions that follow. Table 6.1 -Refer to Table 6.1. The value of gross domestic product in billions of dollars is

If national income is $400 billion, personal income is $350 billion, personal taxes are $100 billion, then disposable income equals

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 GNP in billions of dollars is

Suppose that net investment in 2016 was $90 billion and depreciation was $27 billion. Gross investment in 2016 was

When GDP is measured in "current prices" it is known as the

Disposable personal income is personal income minus personal taxes.

Refer to the information provided in Table 6.9 below to answer the questions that follow. Table 6.9 -Refer to Table 6.9. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is

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

Gross investment minus depreciation equals