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Exam 11: Measuring a Nationʹs Production and Income

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Question 61

Multiple Choice

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The GDP is supposed to measure the goods _______ the United States.

A) purchased in
B) produced in
C) imported to
D) exported to

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

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Question 62

True/False

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Intermediate goods are not counted as part of gross domestic product.

A) True
B) False

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Question 63

Multiple Choice

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If in the third quarter of 2010 total investment spending was $4,768 billion and depreciation was $3,292 billion, then net investment was equal to

Recall the Application about the size of Wal-Mart to answer the following question(s) . During 2008, WalMartʹs sales were approximately $374 billion, or roughly 2.6 percent of U.S. GDP, and its cost of sales was $286 billion. -In listing both the amount and cost of Wal-Martʹs 2008 sales, this Application is addressing the economic concept of

Gross domestic product calculations count only final goods and services because

The data presented in the text shows that in the period from 1930 -2009, real GDP in the United States has

A trade surplus occurs when

Net investment is

Recall the Application about the link between happiness and GDP to answer the following question(s) . Comparing changes in happiness to changes in per capita income over the last 30 years, economists at Dartmouth College and Warwick University have measured levels of happiness in the United States and United Kingdom based on income levels, ethnicity, age, and gender. -According to the Application, large increases in per capita income in the United States over the past 30 years have

Use the following information to answer the next several questions: Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2009, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2010, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively. -Based on the information in Scenario 1, nominal GDP grew by about _______ percent from 2009 to 2010.

Which of the following is NOT a macroeconomic statement?

Which of the following is the largest component of national income?

Recall the Application about the size of Wal-Mart to answer the following question(s) . During 2008, WalMartʹs sales were approximately $374 billion, or roughly 2.6 percent of U.S. GDP, and its cost of sales was $286 billion. -According to this Application, by using a value-added approach to measure Wal-Martʹs sales impact on the economy, we are

Explain the supply and demand of products, factors of production, and the payments for the products and factors of production as described in the circular flow diagram.

Which of the following is NOT a component of private investment, for purposes of GDP accounting?

ʺFinal goods and servicesʺ are those that are

Recall the Application about the severity of the recession of 2007-2009 to answer the following question(s) . -According to this Application, it appears that the severity of the recession of 2007 -2009 will rival that of the recession of

Depreciation is subtracted from GNP to determine

Prior to 1996 the government measured real GDP using 1987 prices. What would the rapid growth in computers and the fall in computer prices tend to do to the difference between true GDP growth and measured real GDP growth, relative to using a later year?

Explain business cycles in terms of an economic recession.