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Exam 10: Measuring a Nations Income

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Question 201

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In the economy of Talikastan in 2015, exports were $200, GDP was $2000, government purchases were $200, imports were $270, and investment was $500. What was Talikastan's consumption in 2015?

A) $830
B) $1230
C) $1370
D) $1770

E) B) and C)
F) A) and D)

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Question 202

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Which of the following is included in the investment component of GDP?

A) households' purchases of newly constructed homes
B) net additions to firms' inventories
C) firms' purchases of capital equipment
D) All of the above are correct.

E) None of the above
F) A) and C)

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Question 203

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Figure 23-1. -Refer to Figure 23-1. Which of the following correctly identifies the flow of dollars?

Table 23-4 The table below reports nominal and real GDP for the U.S. from 1929 to 1932. -Refer to Table 23-4. What are the GDP deflator and the inflation rate for 1932?

Table 23-12 A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year. -Refer to Table 23-12. Calculate the GDP deflator for 2012 and 2013.

Table 23-1 The table below contains data for Chereaux for the year 2015. -Refer to Table 23-1. Disposable personal income for Chereaux in 2015 is

A farmer sells $25,000 worth of apples to individuals who take them home to eat, $50,000 worth of apples to a company that uses them all to produce cider, and $75,000 worth of apples to a grocery store that will sell them to households. How much of the farmer's sales will be included as apples in GDP?

If the GDP deflator in 2009 was 160 and the GDP deflator in 2010 was 180, then the inflation rate in 2010 was 12.5%.

A farmer produces oranges and sells them to Fresh Juice, which makes orange juice. The oranges produced by the farmer are called

Real GDP per person tells us the income and expenditure of the average person in the economy.

The term real GDP refers to a country's actual GDP as opposed to its estimated GDP.

Jennifer lives in a home that was newly constructed in 2011 for which she paid $240,000. In 2014 she sold the house for $260,000. Which of the following statements is correct regarding the sale of the house?

Suppose that an economy produces 30,000 units of good A which sells at $3 a unit and 60,000 units of good B which sells at $2 per unit. Production of good A contributes

Micah buys a used car for $10,000 and spends $200 on a new radio that is made in the U.S. The end result of these two transactions is

Identify the immediate effect of each of the following events on U.S. GDP and its components. a. James receives a Social Security check. b. John buys an Italian sports car. c. Henry buys domestically produced tools for his construction company.

If in some year nominal GDP was $18 billion and the GDP deflator was 120, what was real GDP?

In the economy of Talikastan in 2015, consumption was $6000, exports were $1000, GDP was $10,000, government purchases were $1800, and imports were $1200. What was Talikastan's investment in 2015?

Estimates of the values of which of the following non-market goods or services are included in GDP?

How frequently is U.S. GDP reported? Is GDP adjusted for seasonality?

A U.S. publisher purchases new computers that were manufactured in the U.S. This purchase by itself makes