Exam 10: Measuring a Nations Income

In the economy of Talikastan in 2015, consumption was $3000, exports were $1200, GDP was $6300, government purchases were $1300, and investment was $1500. What were Talikastan's imports in 2015?

List the four components of GDP.

Estimates of the values of which of the following non-market goods or services are included in GDP?

Table 23-2 The table below contains data for country A for the year 2010. -Refer to Table 23-2. What was country A's investment in 2010?

GDP includes the value of paper clips but does not also count the value of the metal used to make them.

An American company operates a fast food restaurant in Paris, France. Which of the following statements is accurate?

Macroeconomists study

Michigan Cranberry Company sold $10 million worth of cranberries it produced. In producing cranberries, it purchased $1 million dollars worth of supplies from foreign countries and paid workers who reside in Canada but commute to the U.S. $1 million. How much did these transactions add to U.S. GDP?

In the economy of Talikastan in 2015, consumption was 75% of GDP, government purchases were $200, imports were $50 and 125% of the value of exports, investment was one-sixth of the value of consumption. What was Talikastan's GDP in 2015?

Table 23-11 The country of Batavia produces only chocolates and watches. Below is a table with recent information on Batavia production and prices. The base year is 2009. Prices and Quantities -Refer to Table 23-11. What was nominal GDP, real GDP, and the GDP deflator for 2010? Show your work.

The value of the housing services provided by the economy's owner-occupied houses is

A manufacturer produces 1 million televisions in the first quarter of the year. It sells 900,000 of them before the end of the first quarter, and holds the others in its warehouse. How will the 100,000 unsold televisions be treated in the GDP statistics?

In the United States in 2012, government purchases of goods and services were

For an economy as a whole,

Which of the following items is counted as part of government purchases?

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

In the economy of Talikastan in 2015, consumption was $3000, exports were $1200, GDP was $8000, government purchases were $1200, and imports were $600. What was Talikastan's investment in 2015?

When an American household purchases a bottle of Italian wine for $100,

Both the value of hamburgers sold by a restaurant and the value of the beef it used to make these hamburgers are included in GDP.

If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125.