Exam 23: Measuring a Nations Income

Suppose that over the last twenty-five years a country's nominal GDP grew to three times its former size.In the meantime,population grew by 40 percent and prices rose by 100 percent.What happened to real GDP per person?

If total spending rises from one year to the next,then which of the following could not be true?

Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?

If net exports is a negative number for a particular year,then

In a certain small country,the unit of currency is the huck.That country's government recently announced that "GDP amounted to 400 million hucks in the quarter that just ended." Assuming this country has adopted American GDP accounting conventions,this statement means that GDP,after seasonal adjustment,actually amounted to

When an Egyptian firm purchases a cement mixer from Slovakia,

Table 23-6 The table below contains data for the country of Togogo.The base year is 1974. -Refer to Table 23-6.From 1975 to 1976,

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

GDP is equal to

A good is produced by a firm in 2007,added to the firm's inventory in 2007,and sold to a household in 2008.It follows that

If the GDP deflator in 2004 was 150 and the GDP deflator in 2005 was 120,then the inflation rate in 2005 was 25%.

At a rummage sale,you buy two old books and an old rocking chair;your spending on these items is not included in current GDP.

An identity is an equation that

A professional gambler moves from a state where gambling is illegal to a state where gambling is legal.Most of his income was,and continues to be,from gambling.His move

In 2007,Corny Company grows and sells $2 million worth of corn to Tasty Cereal Company,which makes corn flakes.Tasty Cereal Company produces $6 million worth of corn flakes in 2007,with sales to households during the year of $4.5 million.The unsold $1.5 million worth of corn flakes remains in Tasty Cereal Company's inventory at the end of 2007.The transactions just described contribute how much to GDP for 2007?

A country reported a nominal GDP of $115 billion in 2008 and $125 billion in 2007.It also reported a GDP deflator of 85 in 2008 and 100 in 2007.Between 2007 and 2008,

Table 23-6 The table below contains data for the country of Togogo.The base year is 1974. -Refer to Table 23-6.From 1976 to 1977,

An increase in nominal U.S.GDP necessarily implies that the United States is producing a larger output of goods and services.

Which of the following examples of production of goods and services would be included in U.S.GDP?

Which of the following is correct?