Econ Week 3

GDP in the United States in 2012 was about __________.

$16.2 trillion

Middle-income countries, which include much of Latin America, Eastern Europe, and some countries in East Asia, have per capita GDP in the range of ___________.

$6,000 to $12,000

The change in inventories, a component of aggregate supply, comprises roughly __________ of GD

0.5%

Once every __________, the Census Bureau does a comprehensive survey of housing and residential finance.

10 years

On the supply side of the GDP, Structures account for around __________ of U.S. GDP.

7%

Which of the following is included in the calculated Gross Domestic Product?

A local ice cream store sells $17,000 worth of cones and sundaes on July 1.

To compare the GDP of two different countries with different currencies, it is necessary to use _________________________.

an exchange rate

Which of the following are most likely classified by economists as consumer durable goods?

automobiles, furniture

Investment (I) includes:

the amount spent on new factories and machinery.

Which of the following is included in GDP calculations?

the university tuition paid to enroll in a course

GDP does not directly include:

the value of intermediate goods sold during a period.

The gap between exports and imports in a nation's economy is called the ___________.

trade balance

_______________, which can be approximated by the growth of gross domestic product, ultimately determines the prevailing standard of living in a country.

Economic growth

___________ is a small category that refers to the goods produced by one business that have yet to be sold to consumers, and are either still sitting in warehouses and on store shelves.

Inventories

_________ is calculated by taking _________ and then subtracting the value of how much physical capital is worn out, or reduced in value because of aging, over the course of a year

NNP; GNP

A business cycle reflects changes in economic activity, particularly real GDP. The stages of a business cycle are:

expansion, peak, recession, trough

Which of the following is not included in GDP?

cash income paid to a day laborer that is not reported to the tax authorities

The demand measure of GDP accounting adds together:

consumption, investment, government purchases, and trade balance

Final goods or services used to compute GDP refer to:

goods and services purchased by the ultimate users.

For most high-income countries of the world, GDP _________________ over time.

has risen gradually