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

If nominal GDP is $12 trillion and real GDP is $10 trillion,then the GDP deflator is

When economists talk about growth in the economy,they measure that growth as the

Suppose an economy produces only burgers and bags of fries.In 2010,4000 burgers are sold at $3 each and 6000 bags of fries are sold at $1.50 each.In 2008,the base year,burgers sold for $2.50 each and bags of fries sold for $2 each.

The GDP deflator for years subsequent to the base year measures the change in

Which of the following statements about recessions is true?

Suppose an economy produces only cranberries and maple syrup.In 2010,50 units of cranberries are sold at $20 per unit and 100 units of maple syrup are sold at $8 per unit.In 2009,the base year,the price of cranberries was $10 per unit and the price of maple syrup was $15 per unit.For 2010,

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

A country reported nominal GDP of $100 billion in 2010 and $75 billion in 2009.It also reported a GDP deflator of 125 in 2010 and 120 in 2009.Between 2009 and 2010,

Which of the following is always measured in prices from a base-year?

Which of the following always uses prices and quantities from the same period?

In the base year,the GDP deflator is always

Real GDP will increase