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Exam 15: Measuring a Nations Income

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Question 221

Multiple Choice

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If in some year nominal GDP was $20 billion and the GDP deflator was 50, what was real GDP?

A) $2.5 billion.
B) $10 billion.
C) $40 billion.
D) $100 billion.

E) All of the above
F) C) and D)

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Question 222

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

A) True
B) False

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Question 223

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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 rate of inflation for 2012.

If a U.S. citizen buys a television made in Korea by a Korean firm, then

GDP is used as the basic measure of a society's economic well-being. A better measure of the economic well-being of individuals in society is

In the actual economy, households

Which of the following is not a correct statement about the growth of real GDP in the U.S. economy?

A manufacturer produces 1 million televisions in the first quarter of the year. It sells 900,000 of them before the end of the first quarter, and holds the others in its warehouse. How will the 100,000 unsold televisions be treated in the GDP statistics?

An American soldier stationed in North Carolina receives a paycheck from the federal government for $300, which she uses to purchase a $100 MP3 player made in China by a Chinese firm and $200 for fruit and vegetables from a local farmers market. As a result, U.S. GDP increases by

The information below for 2008 in millions was reported by the World Bank. On the basis of this information, which list below contains the correct ordering of GDP per person from highest to lowest?

The U.S. buys $500 billion of goods and $250 billion of services from foreign countries. Foreign countries buy $250 billion of goods and $300 billion of services from the U.S. What is net exports?

Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy rates are higher than in countries with lower levels of real GDP per person.

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 real and nominal GDP for the year 2012.

A recession is always associated with

Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?

Disposable personal income is the income that households and noncorporate businesses have left after satisfying all their obligations to the government.

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.

Recessions are not associated with which of the following?

Fine Edge manufactures lawn mowers. In 2014 it had $2 million worth of lawn mowers in inventory. In 2015 it sold $10 million worth of lawn mowers to consumers and had $1 million worth of lawn mowers in inventory. How much did the lawn mowers produced by Fine Edge add to GDP in 2015?

The government computes measures of income other than GDP because these other measures usually tell different stories about overall economic conditions.