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Real GDP is a better gauge of economic well-being than is nominal GDP.

A) True
B) False

Correct Answer

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True

U.S.GDP was almost $12 trillion in 2015.

A) True
B) False

Correct Answer

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Macroeconomic statistics include GDP,the inflation rate,the unemployment rate,retail sales,and the trade deficit.

A) True
B) False

Correct Answer

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True

For an economy as a whole,income must exceed expenditure.

A) True
B) False

Correct Answer

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verified

If the U.S.government reports that GDP in the third quarter was $16 trillion at an annual rate,then the amount of income and expenditure during quarter three was $4 trillion.

A) True
B) False

Correct Answer

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True

Economists use the term inflation to describe a situation in which the economy's overall production level is rising.

A) True
B) False

Correct Answer

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The basic tools of supply and demand are central to microeconomic analysis but are of little use to macroeconomics.

A) True
B) False

Correct Answer

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GDP is the market value of all final goods and services produced by a country's citizens in a given period of time.

A) True
B) False

Correct Answer

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Both the value of hamburgers sold by a restaurant and the value of the beef it used to make these hamburgers are included in GDP.

A) True
B) False

Correct Answer

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If consumption is $7000,exports are $600,government purchases are $2000,government transfers are $900,imports are $800,and investment is $1000,then GDP is $9,800.

A) True
B) False

Correct Answer

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Since transfer payments by government are not associated with the production of goods and services,they are not included in GDP.

A) True
B) False

Correct Answer

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Purchases by American tourists in other countries increase GDP for both the country in which the purchase was made and for the U.S. ,since a U.S.citizen carried out the expenditure. ā€‹

A) True
B) False

Correct Answer

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verified

If a firm produces a good and then adds it to its inventory rather than selling it,for the purposes of GDP accounting the firm is considered to have "purchased" the good so it will count as part of that period's investment expenditures.

A) True
B) False

Correct Answer

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verified

If someone in the United States buys a surfboard produced in Australia,then that purchase is included in both the consumption component of U.S.GDP and the net exports component of U.S.GDP.

A) True
B) False

Correct Answer

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The goal of macroeconomics is to explain the economic changes that affect many households,firms,and markets simultaneously.

A) True
B) False

Correct Answer

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If the value of an economy's imports exceeds the value of that economy's exports,then net exports is a negative number.

A) True
B) False

Correct Answer

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When an American doctor opens a practice in Bermuda,his production there is part of U.S.GNP.

A) True
B) False

Correct Answer

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GDP includes the value of paper clips but does not also count the value of the metal used to make them.

A) True
B) False

Correct Answer

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A consumer buys toys made in China.The value of the toys is included only in the net exports component of GDP.

A) True
B) False

Correct Answer

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Changes in inventory are included in the investment component of GDP.

A) True
B) False

Correct Answer

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Showing 1 - 20 of 86

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