Exam 7: Macroeconomic Measurements Part II Gdp and Real Gdp

In 1820 the country with the highest per capita GDP was ______________________. In 1900 the country that ranked #1 in terms of per capita GDP was ___________________ and fifty years later the top ranking was held by _________________________.

The sale of __________ goods is omitted from current GDP because __________.

Look at the following data: GDP = $3,590 billion; consumption = $1,820 billion; exports = $450 billion; investment = $1,250 billion; government purchases = $900 billion. Imports is equal to __________ billion.

The standard definition of "recession" is

You have data for compensation of employees, proprietors' income, rental income, and net interest. Can you compute national income?

An example of income earned but not received is corporate dividends.

Which of the following statements is true?

Exhibit 7-3 -Refer to Exhibit 7-3. GDP is equal to

In the business cycle, what is the difference between the recovery phase and the expansion phase?

Look at the following data: consumption = $925 billion; exports = $50 billion; imports = $62 billion; investment = $325 billion; government purchases = $300 billion. GDP is equal to __________ billion.

The expenditure approach to measuring GDP sums

The expenditure approach to computing GDP measures

Exhibit 7-1 -Refer to Exhibit 7-1. Which of the following summations represents net domestic product?

In which phase of the business cycle does a recession occur?

Exhibit 7-2 -Refer to Exhibit 7-2. GDP in 1990 is

Exhibit 7-1 -Refer to Exhibit 7-1. Which of the following summations represents GDP using the expenditure approach?

An example of income received but not earned is

GDP can rise as a result of a rise in __________________, and Real GDP can rise as a result of a rise in _______________________.

Exhibit 7-2 -Refer to Exhibit 7-2. GDP in 2019 is

Which of the following statements is false?