FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 23: Measuring a Nations Income

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 121

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following items is the one type of household expenditure that is categorized as investment rather than consumption?

A) spending on education
B) the purchase of stocks and bonds
C) the purchase of a new house
D) the purchase of durable goods such as stoves and washing machines

E) A) and B)
F) A) and C)

Correct Answer

verified

Show Answer

Question 122

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following statements about nominal GDP and real GDP is correct?

A) Nominal GDP is a better gauge of economic well-being than real GDP.
B) Real GDP is a better gauge of economic well-being than nominal GDP.
C) Real GDP and nominal GDP are equally good measures of economic well-being.
D) Neither nominal nor real GDP provide a measure of economic well-being.

E) A) and B)
F) C) and D)

Correct Answer

verified

Show Answer

Question 123

Multiple Choice

Review LaterAdd Note

Which of the following is included in the investment component of GDP?

Social Security payments are

Table 10-1 The table below contains data for country A for the year 2010. -Refer to Table 10-1.What were country A's imports in 2010?

When an American doctor opens a practice in Bermuda,his production there is part of U.S.GDP.

Table 10-5 A hypothetical country of Lahland produces only movies and popcorn.Quantities and prices of these goods for the last several years are shown below.The base year is 2009. Prices and Quantities -Refer to Table 10-5 What was this country's nominal GDP in 2009?

Which of the following is included in the investment component of GDP?

The information below for 2008 in millions was reported by the World Bank.On the basis of this information,which list below contains the correct ordering of GDP per person from highest to lowest? Country GDP (Constant US$) GDP(Current US$) Population Ghana 7,690 16,653 23) 35 Kenya 17,569 30,354 38) 76 Tanzania 15,394 20,490 41) 276

If exports are $500,GDP is $8000,government purchases are $1200,imports are $700,and investment is $800,then consumption is $6200.

Real GDP is a better gauge of economic well-being than is nominal GDP.

Tom and Lilly rented a house for $12,000 last year.At the start of the year they bought the house they had been renting directly from the owner for $250,000.They believe they could rent it for $12,000 this year,but stay in the house.How much does Tom and Lilly's decision to buy the house change GDP?

Table 10-5 A hypothetical country of Lahland produces only movies and popcorn.Quantities and prices of these goods for the last several years are shown below.The base year is 2009. Prices and Quantities -Refer to Table 10-5 What was this country's GDP deflator in 2010?

GDP is adjusted to reflect changes in the quality of the environment such as changes in air and water quality.

A country reported nominal GDP of $115 billion in 2010 and $125 billion in 2009.It also reported a GDP deflator of 85 in 2010 and 100 in 2009.Between 2009 and 2010,

Table 10-1 The table below contains data for country A for the year 2010. -Refer to Table 10-1.What was country A's GDP in 2010?

In the economy of Ukzten in 2010,consumption was $5000,exports were $100,government purchases were $900,imports were $200,and investment was $1000.What was Ukzten's GDP in 2010?

Table 10-4 The country of Caspir produces only cereal and milk.Quantities and prices of these goods for the last several years are shown below.The base year is 2008. Prices and Quantities -Refer to Table 10-4.This country's output grew

In 2009,U.S.net exports were

If an economy's GDP falls,then it must be the case that the economy's