Chapter 19- Macroeconomics
Which of the following news stories (all published in early 2014) would typically be studied in macroeconomics? (Select all that apply.)
"Expectations High for March Employment.", "What If Economic Growth Is No Longer Possible?", "We Believe Inflation Should Rule Monetary Policy."
Suppose for the year 2013 the economy of Uplandia has a nominal GDP of $7,000 billion and a real GDP of $5,250 billion. For 2013, this economy's GDP deflator is __________.
$133.3
2016: Q4
$16,851.4
2017: Q4
$17272.4
Based on the information given in the tables, in the first quarter of 2016, the estimate for GDI was _______ billion and for GDP was _______ billion.
$18,546 and $18,281.6
For 1950, real GDP per capita (in 2013 dollars) was ______.
$21546.8
Combining this table's data and the estimation method cited above, an estimate of Rockefeller's net worth in 2012 dollars is __________ billion.
$244.54
Using the data above, Bill Gates's net worth measured in 1937 dollars is _________ billion.
$4.39
For the the fourth quarter of 2017 this amount was ________ billion
$8.8
Which of the following will be considered a final good in the calculation of U.S. GDP? (Check all that apply.)
Defense equipment purchased by the federal government, Golf outings at courses in North Carolina, (or Foot massages at spas in California)
In the figure to the right the red line represents ______ GDP and its intersection point with the blue line denotes the __________
Red: real Blue: nominal, all of the above
In Ascot, the per capita GDP is
The given GDP divided by the population.
In Delwich, the per capita GNP is
The given GNP divided by the population.
Which of the following pieces of information are needed for national income accounting? (Select all that apply).
The government would need information on both quantities produced and market prices, for every good produced in an economy, The government would need information on all sales, including the size of all inventories in every company.
The difference between gross private domestic investment and fixed private investment represents _____________.
inventory investment
A country's gross national product would exceed its gross domestic product when the ____________.
production of domestically-owned factors operating abroad exceeds the production of foreign-owned factors operating in the United States.
A country's gross domestic product would exceed its gross national product when the ____________.
production of foreign-owned factors operating in the domestic economy exceeds the production of domestically-owned factors operating abroad.
When government statisticians gather and analyze data on the value added by the firms value added by the firms in the domestic economy, they are measuring GDP using the ____________.
production-based accounting method
Surveys done by social scientists indicate __________ between life satisfaction and real GDP per capita.
robust positive
Given the data above, Ascot's GNP is $
Ascot's given GDP minus half of the revenue earned by the firms at the end.
Items are classified as final goods only if they are the ________ in a chain of production.
end product
When government statisticians gather and analyze data on the purchases of goods and services produced in the domestic economy, they are measuring GDP using the ____________.
expedniture-based accounting method
To generate estimates of gross domestic product (GDP), the Bureau of Economic Analysis must aggregate a variety of data sources, such as expenditure surveys. Which of the following are likely to be problems while estimating GDP? (Select all that apply).
Measuring physical depreciation of capital, Measuring black-market production
Using the information, which of the following factors is responsible for the discrepancy between GDP and GDI?
Net exports are accounted for in GDP but not in GDI.
The GDP deflator is calculated using ____________.
Normal GDP over Real GDP
The GDP price deflator for the fourth quarter of 2016 was 112.19. Using this value along with the index computed above gives a year-over-year rate of price inflation of _______ percent
1.9
As with all index numbers, the overall CPI and its several categories assign to the arbitrarily selected base year (or period) the numerical value ___.
100
Given these values, the GDP deflator for this period is _______.
114.28
Growth in the economy is almost always measured as growth in the real GDP. Using the data in the preceding table, we can say that the growth rate of the economy from the fourth quarter of 2016 to the same quarter of 2017 was ____ percent.
2.5
For the people of Polonia, life satisfaction was likely higher in
2013
Using the data recorded above, complete the following table by computing, for each category, the percentage change in prices over the five-year period from Jan/2013 to Jan/2018.
6.76%, -1.71%, -3.49%, 14.33%
Now suppose the GDP deflator in 2012 was 121.3. Uplandia's year-over-year inflation rate is ________ percent
9.9
Production-based accounting is used to estimate GDP by ____________.
A and C only. (summing each firm's value added to the production process, computing for each firm the difference between sales revenue and the purchase of intermediate products, then summing this difference across all firms)
Which of the following shows the expected relationship between GDP and GDI?
GDP is equal to GDI.
Which of the following are not included in GDP but probably should be? (Check all that apply.)
Home production, the value of externalities, the value of leisure, or transactions in the underground economy
According to the calculations shown in the preceding table, the five-year period produced the least amount of inflation in
Transportation
The national income accounting identity associated with the expenditure-based accounting method is represented by ___________.
Y = C+I+G+X-M
