Exam 7: Macroeconomic Measurements, Gdp and Real Gdp

Suppose there are five goods in the economy,A-E.The current-year quantity of each is 10A,20B,30C,40D,and 50E.Current-year prices are $1 for each unit of A,$2 for each unit of B,$3 for each unit of C,$4 for each unit of D,and $5 for each unit of E.Base-year prices are $1 for each good.Real GDP in the current year equals _________ and GDP equals _________.

Exhibit 7-1 -Refer to Exhibit 7-1.What is the value of personal income?

Leisure is

If in the process of calculating GDP,the market value of all intermediate goods is added to the market value of all final goods,this would

Which of the following is a macroeconomic measurement used to gauge macroeconomic activity?

Look at the following data: GDP = $11,920 billion;investment = $2,100 billion;exports = $500 billion;government purchases = $1,450 billion;consumption = $8,500 billion.What does import spending equal?

Is it possible for a country with a relatively large GDP to have a relatively small per-capita GDP?

Which of the following statements is true?

Which of the following is counted in GDP?

A transfer payment is a payment to a person that is made in return for goods and services supplied.

The GDP of country A may be higher than that of country B because the workers in country A work more hours per week than workers in country B.

Corporate profits can be broken into three categories: dividends,undistributed profits,and corporate profits taxes.

If GDP in year 1 is the same dollar amount as the GDP in year 2,does it follow that Real GDP in year 1 is the same as Real GDP in year 2?

Real GDP is GDP

Disposable income equals national income minus personal taxes.

Suppose that in year 1 every adult in the country works 40 hours a week and GDP is $6.7 trillion.In year 2 every adult in the country works 45 hours a week and GDP is $7.5 trillion.Which of the following statements is true?

A business cycle refers to the

Consumption expenditures in the U.S.usually account for approximately __________ percent of GDP.

In 2011,the U.S.GDP was approximately

Which of the following illustrates double counting?