Exam 7: Macroeconomic Measurements, Gdp and Real Gdp

Describe the three different reasons that investment can rise.Explain how one of these three changes could be undesireable in terms of promoting the economic health and strength of the economy.

An example of income "earned-but-not-received" is corporate dividends.

Suppose the total market value of all final goods and services produced this year in economy X is $4 million.Of the $4 million worth of goods,$3 million is sold and $1 million is held in inventory.For this year,the GDP for economy X is

Exhibit 7-2 -Refer to Exhibit 7-2.GDP in 2012 is

In the United States,the largest expenditure component in GDP is

The largest component of national income in the United States is

GDP can rise as a result of a rise in __________________,and Real GDP can rise as a result of a rise in _______________________.

Which of the following does GDP omit?

Net exports must always be a positive amount.

Real GDP is the value of all __________ goods and services produced in a given year in __________ prices.

What is the proper sequence of the phases of a business cycle?

In the survey of Harvard University students noted in the text,the majority of students chose to

Which of the following would not be included in the measurement of GDP?

Business firms make which of the following two types of investment?

Which of the following statements is true?

Net exports equals

Personal income is

Draw an appropriate diagram to represent the business cycle and label each of the five phases.Provide a brief description of each phase.