Exam 4: Measuring Gdp and Economic Growth

"German economic growth slowed ... Economic growth slowed to 0.3 percent from 0.5 percent. Expansion was driven by exports... (and) household consumption added ...to growth. As unemployment declines and disposable incomes increase, household spending may also gain momentum. www.bloomberg.com, August 23, 2007 We can conclude that the German economy

-In the above figure, a recession begins at point ________ and an expansion begins at point ________.

The business cycle is the

Gross domestic product can be calculated

Reported GDP increases when, in fact, total production is unchanged when I. there is a shift from household production to market production. II. a previously illegal activity is legalized.

Explain the relationship among the capital stock, gross investment, net investment, and depreciation.

Comparing aggregate expenditure and aggregate incomes shows that

At 2017 prices, the value of production in 2018 was 6 percentage points higher than in 2017. At 2018 prices, the value of production in 2018 was 4 percentage points higher than in 2017. Using the chain-weighted output index, real GDP is ________ in 2018 than in 2017.

Personal consumption expenditures include all of the following EXCEPT spending on

Gross domestic product is the total ________ produced within a country in a given time period.

In the computation of GDP, Social Security payments count as

Which of the following is NOT a part of the income approach to determining GDP?

In the national income accounts, net interest is the total interest payments received by households on loans made by them minus

In 2016, net exports in the United States were

The largest component of GDP in the expenditure approach is

Canada's economy expanded by...0.1 percent in the second quarter...further evidence that the economy has stalled...following a first quarter slip in gross domestic product. The second quarter figures fell well below forecasts of a 0.7 per cent growth in real GDP. Exports....fell for the fourth consecutive quarter. The accumulating gloom is increasingly discouraging business investment. Consumer spending remains strong and corporate profits were at their highest since 2004. "The sources of strength in the second quarter are clearly unsustainable," said Sal Gautieri, senior economist at BMO capital markets. Canada Avoids Fall into Recession, www.FT.com, by Christopher Mason, August 30, 2008 -According to the article, ________ in ________ have contributed to Canada's ________ change in real GDP.

If a measure of real GDP could include the value of leisure time, measured real GDP would increase.

The following data are estimates describing Ireland's economy in 2006 and 2007 (in millions of euros, in constant prices): 2006 2007 Consumption 84,000 89,000 Government expenditure 24,000 26,000 Investment 48,000 48,000 Exports 142,000 151,000 Imports 123,000 128,000 Subsidies 1,800 1,900 Taxes 500 500 Ireland's real GDP in 2007 was ________ million euros.

The income approach to measuring GDP sums together

List and compare the four components of the expenditure approach to calculating GDP.