Exam 10: Measuring a Nations Income: Real Versus Nominal GDP

If nominal GDP is $8 trillion and real GDP is $10 trillion,then the GDP deflator is

The term economists use to describe a situation in which the economy's overall price level is rising is

Suppose an economy produces only cheese and fish.In 2010,20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each.In 2009,the base year,the price of cheese was $10 per unit and the price of fish was $75 per unit.For 2010,

Suppose an economy produces only eggs and ham.In 2009,100 dozen eggs are sold at $3 per dozen and 50 pounds of ham sold at $4 per pound.In 2010,the base year,eggs sold at $1.50 per dozen and ham sold at $5 per pound.For 2009,

Real GDP is the yearly production of final goods and services valued at

An economy recently reported nominal GDP of 3 trillion euro and a GDP deflator of 200.What was real GDP?

The inflation rate is the

If in some year nominal GDP was $20 billion and the GDP deflator was 50,what was real GDP?

Changes in real GDP reflect

Changes in nominal GDP reflect

The percentage change in the price level from one period to another is called

If total spending rises from one year to the next,then

If in some year real GDP was $5 trillion and the GDP deflator was 200,what was nominal GDP?

A country reported nominal GDP of $115 billion in 2010 and $125 billion in 2009.It also reported a GDP deflator of 85 in 2010 and 100 in 2009.Between 2009 and 2010,

A country reported nominal GDP of $200 billion in 2010 and $180 billion in 2009.It also reported a GDP deflator of 125 in 2010 and 105 in 2009.Between 2009 and 2010,

Which of the following is correct?

When studying changes in the economy over time,economists want a measure of the total quantity of goods and services the economy is producing that is not affected by changes in the prices of those goods and services.In other words,economists want to study

If nominal GDP doubles and the GDP deflator doubles,then real GDP

A country's real GDP rose from $500 to $530 while its nominal GDP rose from $600 to $700.What was this country's inflation rate?

Suppose an economy produces only iPhones and bananas.In 2010,1000 iPhones are sold at $300 each and 5000 pounds of bananas are sold at $3 per pound.In 2009,the base year,iPhones sold at $400 each and bananas sold at $2 per pound.For 2010,