Exam 2: Measuring Macroeconomic Data

If C is consumption,I is investment,G is government purchases and NX is net exports,according to the expenditure approach,Y would stand for ________;and the national income identity could be written as ________.

In 1995,the Boskin commission identified which of the following problems with the computation of the CPI?

Nominal GDP =________ where the price level is the ________.

An international comparison of eight major industrialized countries reveals the following about the components of GDP: ________.

Table 2.1 GDP and its components,2012 -Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S.we can say that ________.

Consider a firm whose final output (and sales)in a particular year has a value of $1,200.To produce these goods,the firm used $500 worth of intermediate goods it had purchased in previous years plus $200 worth of newly-purchased intermediate goods.In the subsequent year,this same firm again sells $1,200 worth of final goods,but in this year has purchased $700 worth of intermediate goods,of which $100 is not used in current production but,rather,added to the firm's inventory.For each of these two years,calculate the value added by this firm.For each of these two years,calculate the contribution of this firm to the economy's GDP.

The household and establishment surveys sometimes differ on the labor market conditions.This is probably because ________.

The Fisher equation implies that an increase in the nominal rate of interest relative to the real rate indicates that ________.

Which of the following is a valid characteristic of the U.S.economy over the last sixty years?

The inflation rate can be obtained by ________.

Which is the largest category of income in the United States?

The nominal interest rate ________.

Private disposable income equals GDP ________.

Which government entity calculates GDP in the United States on a quarterly basis?

All income,production,and expenditure variables that are measured at current market prices are referred to as ________.

To avoid double counting in the calculation of GDP,which types of goods are typically excluded from the calculation?

The production approach to measuring GDP requires ________.

The most frequently reported price index is ________.

In a two-good economy,the price of video games is $40 and the price of energy drinks is $2.If the annual output of this economy is 100 video games and 500 drinks,the GDP is ________.

The household and establishment surveys sometimes differ on the labor market conditions.This is probably because ________.