Exam 4: Gdp: Measuring Total Production, Income and Economic Growth

Refer to Table 4.2 for the following questions. Table 4.2 -Refer to Table 4.2. What can we say has happened in the economy from 2017 and 2018?

If the GDP deflator is 142, by how much have prices changed since the base year?

Which of the following is included in investment spending?

How is total production in the economy measured?

In the circular flow, ________ supply the factors of production, and ________ goods and services.

The economic growth rate between 2017 and 2018 is calculated by:

What is subtracted from GDP to calculate net domestic product (NDP)?

When measuring real GDP, what does the term 'chain volume measures' refer to? _____________________________________________________________________________________________ _____________________________________________________________________________________________

Macroeconomics is the study of how households maximise their satisfaction and firms allocate resources to maximise profits.

In a small economy, gross investment in 2018 is $2 500, consumption spending is $6 000, net investment is $200, government spending is $1 500, exports are $2 000 and imports are $1 000. What is GDP for this economy in 2018?

Assuming that Australia is the domestic economy, ________ are goods and services produced by ________ and purchased by ________.

The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100.

An example of an 'intermediate good' would be:

Government spending on transfer payments is included in government purchases when calculating GDP, because it results in the production of new goods and services.

Which of the following is not considered part of government purchases?

The 'underground economy' refers to the:

Which of the following would increase gross private domestic investment in an economy?

Refer to Table 4.1 for the following questions. Table 4.1 A very simple economy producing three goods: movies, burgers and bikes. -Refer to Table 4.1. What is nominal GDP in 2012?

Which of the following is counted in GDP?

Describe how the final value of an iPhone must be equal to the sum of income generated by the production of the iPhone. _____________________________________________________________________________________________ _____________________________________________________________________________________________