Question 1

In 2015, U.S. national output per person was equal to about:

Accepted Answer

A)  $15.7 billion. 
B)  $43,000. 
C)  $56,000. 
D)  $12,000. 
E)  $80,000. 
A)  $15.7 billion. 
B)  $43,000. 
C)  $56,000. 
D)  $12,000. 
E)  $80,000.

Question 2

Refer to the following table when answering the following questions.
Table 2.1: U.S. 2010 and 2015 Expenditures ($ billions)  
-Consider Table 2.1. Total GDP in 2015 was about ________ billion.

Accepted Answer

A)  $44,609 
B)  $18,830 
C)  $14,818 
D)  $18,037 
E)  $20,391 
A)  $44,609 
B)  $18,830 
C)  $14,818 
D)  $18,037 
E)  $20,391

Question 3

According to the expenditure approach to GDP, household expenditures include purchases of residential housing.

Accepted Answer

A) True 
 B)False

Question 4

Refer to the following table when answering the following questions. In this economy, only two goods are produced: video games and pistachios.
Table 2.3: National Income Accounting  
-Consider Table 2.3. Using the Laspeyres index, the percent change in nominal GDP was about:

Accepted Answer

A)  5 percent. 
B)  1 percent. 
C)  6 percent. 
D)  0 percent. 
E)  Not enough information is given. 
A)  5 percent. 
B)  1 percent. 
C)  6 percent. 
D)  0 percent. 
E)  Not enough information is given.

Question 5

If the nominal GDP rises by 3 percent and the price level rises by 5 percent, then the real GDP ________ by ________ percent.

Accepted Answer

A)  rises; 8 
B)  falls; 8 
C)  rises; 2 
D)  falls; 2 
E)  None of these answers is correct. 
A)  rises; 8 
B)  falls; 8 
C)  rises; 2 
D)  falls; 2 
E)  None of these answers is correct.

Question 6

According to the expenditure approach to GDP, investment expenditures include purchases of residential housing.

Accepted Answer

A) True 
 B)False

Question 7

Refer to the following table when answering the following questions.
Table 2.2: U.S. 2014-2015 Domestic Income ($ billions)  
-Consider Table 2.2. From this data, total GDP in 2014 was about ________ billion.

Accepted Answer

A)  $13,219 
B)  $14,963 
C)  $18,527 
D)  $17,651 
E)  $17,765 
A)  $13,219 
B)  $14,963 
C)  $18,527 
D)  $17,651 
E)  $17,765

Question 8

The value added for a good produced is equal to the value of the firm's output plus the value of the intermediate goods used to produce that output.

Accepted Answer

A) True 
 B)False

Question 9

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP shrinks.

Accepted Answer

A) True 
 B)False

Question 10

When calculating the real GDP using the Paasche index, we use the final period's prices.

Accepted Answer

A) True 
 B)False

Question 11

Refer to the following table when answering the following questions.
Table 2.2: U.S. 2014-2015 Domestic Income ($ billions)  
-Consider Table 2.2. From this data, total GDP in 2015 was about ________ billion.

Accepted Answer

A)  $18,290 
B)  $15,516 
C)  $19,408 
D)  $18,404 
E)  $18,347 
A)  $18,290 
B)  $15,516 
C)  $19,408 
D)  $18,404 
E)  $18,347

Question 12

Government consumption as a share of GDP ________ and investment's share ________ between 2010 and 2015.

Accepted Answer

A)  decreased; increased 
B)  stayed the same; increased 
C)  decreased; stayed the same 
D)  increased; decreased 
E)  stayed the same; stayed the same 
A)  decreased; increased 
B)  stayed the same; increased 
C)  decreased; stayed the same 
D)  increased; decreased 
E)  stayed the same; stayed the same

Question 13

According to the text, the gains in GDP's consumption share have:

Accepted Answer

A)  caused a rapid decline in inventories. 
B)  driven investment below 10 percent. 
C)  no impact on net exports. 
D)  been at a cost to net exports and government spending. 
E)  also pushed up the government expenditure share. 
A)  caused a rapid decline in inventories. 
B)  driven investment below 10 percent. 
C)  no impact on net exports. 
D)  been at a cost to net exports and government spending. 
E)  also pushed up the government expenditure share.

Question 14

In 2015, U.S. national output was equal to about:

Accepted Answer

A)  $17.9 billion. 
B)  $17.9 trillion. 
C)  $13.1 billion. 
D)  $13.1 trillion. 
E)  $13.1 million. 
A)  $17.9 billion. 
B)  $17.9 trillion. 
C)  $13.1 billion. 
D)  $13.1 trillion. 
E)  $13.1 million.

In 2015, U.S. national output per person was equal to about:

Refer to the following table when answering the following questions. Table 2.1: U.S. 2010 and 2015 Expenditures ($ billions) -Consider Table 2.1. Total GDP in 2015 was about ________ billion.

According to the expenditure approach to GDP, household expenditures include purchases of residential housing.

Refer to the following table when answering the following questions. In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting -Consider Table 2.3. Using the Laspeyres index, the percent change in nominal GDP was about:

If the nominal GDP rises by 3 percent and the price level rises by 5 percent, then the real GDP by percent.

According to the expenditure approach to GDP, investment expenditures include purchases of residential housing.

Refer to the following table when answering the following questions. Table 2.2: U.S. 2014-2015 Domestic Income ($ billions) -Consider Table 2.2. From this data, total GDP in 2014 was about ________ billion.

The value added for a good produced is equal to the value of the firm's output plus the value of the intermediate goods used to produce that output.

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP shrinks.

When calculating the real GDP using the Paasche index, we use the final period's prices.

Refer to the following table when answering the following questions. Table 2.2: U.S. 2014-2015 Domestic Income ($ billions) -Consider Table 2.2. From this data, total GDP in 2015 was about ________ billion.

Government consumption as a share of GDP and investment's share between 2010 and 2015.

According to the text, the gains in GDP's consumption share have:

In 2015, U.S. national output was equal to about:

Introduction to Macroeconomics

An Overview of Long-Run Economic Growth

A Model of Production

The Solow Growth Model

Growth and Ideas

The Labor Market, Wages, and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Dsge Models: the Frontier of Business Cycle Research

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

Exam 2: Measuring the Macroeconomy

In 2015, U.S. national output per person was equal to about:

Refer to the following table when answering the following questions. Table 2.1: U.S. 2010 and 2015 Expenditures ($ billions) -Consider Table 2.1. Total GDP in 2015 was about ________ billion.

According to the expenditure approach to GDP, household expenditures include purchases of residential housing.

Refer to the following table when answering the following questions. In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting -Consider Table 2.3. Using the Laspeyres index, the percent change in nominal GDP was about:

If the nominal GDP rises by 3 percent and the price level rises by 5 percent, then the real GDP ________ by ________ percent.

According to the expenditure approach to GDP, investment expenditures include purchases of residential housing.

Refer to the following table when answering the following questions. Table 2.2: U.S. 2014-2015 Domestic Income ($ billions) -Consider Table 2.2. From this data, total GDP in 2014 was about ________ billion.

The value added for a good produced is equal to the value of the firm's output plus the value of the intermediate goods used to produce that output.

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP shrinks.

When calculating the real GDP using the Paasche index, we use the final period's prices.

Refer to the following table when answering the following questions. Table 2.2: U.S. 2014-2015 Domestic Income ($ billions) -Consider Table 2.2. From this data, total GDP in 2015 was about ________ billion.

Government consumption as a share of GDP ________ and investment's share ________ between 2010 and 2015.

According to the text, the gains in GDP's consumption share have:

In 2015, U.S. national output was equal to about:

Introduction to Macroeconomics

An Overview of Long-Run Economic Growth

A Model of Production

The Solow Growth Model

Growth and Ideas

The Labor Market, Wages, and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Dsge Models: the Frontier of Business Cycle Research

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

If the nominal GDP rises by 3 percent and the price level rises by 5 percent, then the real GDP by percent.

Government consumption as a share of GDP and investment's share between 2010 and 2015.