Macroeconomics CHP 5 worksheet
What is the value of real GDP for 2012?
$1,060
What is the value of nominal GDP for 2012?
$1,200
What is the percentage increase in real GDP from 2012 to 2013?
0 percent
What is the percentage increase in prices from 2011 to 2012?
13 percent
How is your purchase of a 40,000 dollar BMW automobile that was produced entirely in Germany recorded in the U.S. GDP accounts?
Consumption increases by $40,000, and net exports decrease by $40,000
Gross domestic product can be measured as the sum of
Consumption, investment, government purchases, and net exports.
Gross domestic product is the sum of the market value of the
Final goods and services.
An example of a transfer payment is __________
Unemployment benefits -a transfer payments are non exhaustive and do not directly absorb resources or create output.
Which of the following would be excluded from the 2013 GDP? the sale of: A. A 2013 honda made in Tennessee B. a haircut C. a realtor's services D. a home built in 2012 and first sold in 2013 E. All of the above should be counted in 2013 GDP.
D. A home built in 2012 and first sold in 2013
If your grandparents buy a new retirement home, this transaction would affect
investment.
US gross domestic product (in contrast to gross national product) measures the production and income of
people and factories located within the borders of the US
If nominal GDP in 2013 exceeds nominal GDP in 2012, then the production output must have
risen or fallen because there is not enough information to determine what has happened to real output.
If U.S. GDP exceeds U.S. GNP, then
Americans are producing more in foreign countries than foreigners are producing in the United States.
If a cobbler buys leather for $100 and thread for $50 and uses them to produce and sell $500 worth of shoes to consumers, the contribution to GDP is
$500
What is the value of the GDP deflator in 2012?
113
What is the approximate percentage increase in prices from 2012 to 2013?
13 percent
GDP would include which of the following A. Housework B. illegal drug sales C. intermediate sales D. consulting services E. the value of taking a day off from work
D. consulting services
U.S. GDP would exclude which of the following: A. lawyer services purchased by a home buyer B. lawn care services purchased by the homeowner C. a new bridge purchased by the state of Texas D. cotton purchased by Lee Jeans E. the purchase of a new Mazda produced in Illinois
D. cotton purchased by Lee Jeans
Real GDP is measured in ________ prices while nominal GDP is measured in _________.
base year, current year.
The value of plant and equipment worn out in the process of manufacturing goods and services is measured by
depreciation