Exam 19: Measuring Economic Performance

If nominal GDP rises from $5 billion to $6 billion,when the GDP deflator goes from 100 to 110,real GDP

If real GDP increases and the price index also increases:

Nominal GDP has risen faster than real GDP in the last decade because:

Under the expenditure approach to GDP accounting,government purchases of goods and services include welfare payments.

GDP excludes:

Intermediate products:

GDP equals $5 trillion.If consumption equals $3.5 trillion,investment equals $1 trillion,and government spending equals $1.5 trillion,then:

To better measure economic well being,GDP needs to:

The largest single expenditure component of GDP is:

Nominal GDP will always equal real GDP:

For the economy as a whole:

If real GDP increased by 2% and nominal GDP increased by 2%,then output:

The investment component of GDP includes:

Government purchases,under the expenditure approach to GDP accounting,includes all of the following except:

Which of the following would not be counted as a final good for inclusion in GDP?

If real GDP decreased by 1% and nominal GDP increased by 2%,then output:

Residential construction is generally included in which category of GDP?

Personal income includes:

The main difference between GDP and GNP is that GNP excludes:

If indirect business taxes and depreciation were added to the national income,we obtain: