Exam 5: Measuring a Nations Income

A country reported a nominal GDP of $100 billion in 2007 and $75 billion in 2006, and reported a GDP deflator of 125 in 2007 and 120 in 2006. What happened to real output and prices from 2006 to 2007?

A Manitoba farmer buys a new tractor made in Alberta by a German company. What is the impact on investment and GDP?

If Ralph pays someone to mow his lawn and Norton mows his own lawn, what is the impact on GDP?

Income exceeds production.

If Canadian GDP in the fourth quarter is $1.6 trillion, what does this number reflect?

Roommates Grace and Kelly are sharing household chores and think they have an even exchange. Other things the same, if instead they paid each other for the chores the other did, what would happen to GDP?

In order to include many different products in an aggregate measure, how is GDP computed?

The basic tools of supply and demand analysis are as central to macroeconomic analysis as they are to microeconomic analysis.

A Canadian company owns a fast food restaurant in Romania. Where is the value of goods and services it produces included?

In 2008, how large were Canadian government purchases of goods and services?

Which of the following can the GDP deflator be used to identify?

-What can we conclude from this information?

Which of the following topics are studied in macroeconomics?

Which of the following is included in Canadian GDP?

In 2008, what size was Canadian investment?

Why is GDP computed using market prices as the value of final goods and services?

A country reported a nominal GDP of $85 billion in 2007 and $100 billion in 2006, and reported a GDP deflator of 100 in 2007 and 105 in 2006. What happened to real output and prices from 2006 to 2007?

The information below 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? -The information below 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?

How are goods that go into inventory and are not sold during the current period treated in GDP terms?

If a small country has current nominal GDP of $20 billion and the GDP deflator is 50, what is its real GDP?