Macro

(Table: Economic Data) Based on the data in the table, what is the GDP for this economy, based on the national spending approach?

1,831

To compare levels of production from different years, the appropriate measure to use is:

real GNP

The difference between a final good and an intermediate good is that

an intermediate good is sold for use as a component in a final good

In 2010, real GDP was $13.2 trillion and nominal GDP was $14.6 trillion. What was the GDP deflator for that year?

110.6

(Table: Three-Good Economy I) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and the prices of goods sold in 2008 and 2009. If prices in 2008 are used to calculate real GDP, what is the real GDP in 2009?

25,260

GDP in the United States was $14,119 billion in 2009, and grew to $14,660.4 billion in 2010. This represents an annual growth rate of:

3.8%

(Table: Three-Good Economy I) Suppose an economy produces only the three final goods shown in the table. The table gives information on the quantities produced and price of goods sold in 2008 and 2009. What is the nominal GDP in 2009?

31,400

If a country produced nothing but 20 smartphones and 10 Blu-ray players in 2011, priced at $100 per smartphone and $200 per Blu-ray player, its GDP in 2011 would be:

4,000

(Table: Prices and Quantities in a 4-Good Economy) Suppose an economy produces only the four goods listed in this table. What is the GDP in this country?

7,700

According to the national spending approach, which of the following is counted in investment?

A restaurant buys a new wood-fired oven for baking pizzas.

Which of the following is counted as part of GDP?

A state government hires workers to repave the streets.

Which of the following would be included in GDP for the United States?

Toyota, a Japanese car company, producing cars in the United States

Gross domestic product is the market value of all:

final goods and services produced within a country in a year.

The difference between nominal GDP and real GDP is that nominal GDP:

measures a country's production of final goods and services at current market prices, whereas real GDP measures a country's production of final goods and services at the same prices in all years.

GDP:

measures production in a year, while national wealth measures a stock of assets.

The single best indicator of a recession is:

negative real GDP growth.

The value of volunteer services is:

not included in GDP, but should be because a service is produced.

(Table: Economic Data) Based on the data in the table, what is the GDP for this economy based on the factor income approach?

1,831

An economy has $10 trillion in consumption, $2.5 trillion in investment, $3 trillion in government purchases, $1 trillion in exports, and $1.5 trillion in imports. What is GDP in this economy?

15 trillion

The value of a car produced and sold in 2000 and sold again to a second owner in 2008 would be included in GDP for:

2000 only