Econ Test

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If in some year real GDP was $25 billion and the GDP deflator was 68, what was the nominal GDP?

$17 billion

If nominal GDP is $8 trillion and real GDP is $10 trillion, then the GDP deflator is...

80, and this indicates that the price level has decreased by 20 percent since the base year

Net exports equal...

Y - (C+I+G)

If nominal GDP doubles and the GDP deflator doubles, then the real GDP...

remains constant

Two alternative measures of the overall level of prices are...

the GDP deflator and the consumer price index

If a U.S. citizen buys a dress made in Nepal by a Nepalese firm then...

U.S. consumption increases, U.S. net exports decrease, and the U.S. GDP is unaffected

In the base year, the GDP deflator is always...

100

If real GDP is 5,100 and the nominal GDP is 4,900 then the GDP deflator is...

96.1 so prices are lower than in the base year

Which of the following always uses prices and quantities from the same period?

Nominal GDP but not real GDP

What is the correct formula for the GDP deflator?

Nominal GDP/Real GDP X 100

Which of the following is always measured in prices from a base-year?

Real GDP but not nominal GDP

When an American household purchases a bottle of Italian wine for $100...

U.S. consumption increases by $100, U.S. net exports decrease by $100, and the U.S. GDP does not change

The CPI and the GDP deflator...

generally move together

Which of the following is a determinant of productivity?

human capital per worker, physical capital per worker, natural resources per worker

For the economy as a whole...

income met equal expenditure

Which of the following would increase productivity?

increase in physical capital stock per worker, increase in human capital per worker, an increase in natural resources per worker

The CPI differs from the GDP deflator in that...

increases in the prices of domestically produced goods that are sold to the U.S. government show up in the GDP deflator but not in the CPI

The CPI differs from the GDP deflator in that...

increases in the prices of foreign produced goods that are sold to U.S. consumers show up in the CPI but not in the GDP deflator

If net exports is a negative number for a particular year, then...

the value of foreign goods purchased exceeded the value of goods sold to foreigners during the year


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