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Exam 23: Measuring a Nations Income

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Question 21

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Joe and Jim purchase vegetables at a grocery store, but Jim also grows vegetables in his back yard. Regarding these two practices, which of the following statements is correct?

A) Only Joe's grocery store purchases are included in GDP.
B) Only Joe's and Jim's grocery store purchases are included in GDP.
C) Joe's and Jim's grocery store purchases are included in GDP. The vegetables from Jim's backyard garden are included at their market value.
D) Joe's and Jim's grocery store purchases are included in GDP. The vegetables from Jim's backyard garden are included at their market value, if Jim provides this information.

E) All of the above
F) None of the above

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Question 22

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Calculate GDP for a country with investment of $2 trillion, government purchases of $3 trillion, capital depreciation of $1.5 trillion, consumption of $10 trillion, exports of $3.4 trillion, and imports of $3.9 trillion.

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Question 23

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Which of the following domestically produced items is not included in GDP?

Which of the following is not an example of a durable good?

In the GDP accounts production equals

If real GDP is higher in one country than in another, then we can be sure that the standard of living is higher in the country with the higher real GDP.

At a rummage sale, you buy two old books and an old rocking chair; your spending on these items is not included in current GDP.

U.S. GDP includes the market value of rental housing, but not the market value of owner-occupied housing services.

Explain the pattern seen between GDP per person and quality of life measures such as life expectancy, literacy, and Internet usage.

Table 23-7 The table below contains data for the country of Togogo. The base year is 1974. -Refer to Table 23-7. From 1976 to 1977,

Underground economic activity as a percentage of GDP was highest in

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

Which of the following represents a transfer payment?

What measure of GDP shows the value of goods and services produced if we valued these good and services at the prices that prevailed in some specific year in the past?

James owns two houses. He rents one house to the Johnson family for $10,000 per year. He lives in the other house. If he were to rent the house in which he lives, he could earn $12,000 per year in rent. How much do the housing services provided by the two houses contribute to GDP?

In 2009, government purchases was the largest component of U.S. GDP.

Which of the following is included in Singapore's GDP?

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

Suppose the government passes a law eliminating holidays and, as a result, the production of goods and services increases because people work more days per year (and thus enjoy less leisure per year) . Based on this scenario, which of the following statements is correct?

GDP is the most closely watched economic statistic because it is thought to be the best single measure of a society's economic well-being.