Exam 23: Measuring a Nations Income

In the economy of Talikastan in 2015, consumption was $1000, GDP was $1950, government purchases were $500, and investment was $700. What were Talikastan's net exports in 2015?

An American retailer purchased 100 pairs of shoes from a company in Mexico in the second quarter of 2016 but does not sell them to a consumer until the third quarter of 2016. In which quarter(s) does(do) the value of the shoes add to U.S. GDP?

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 2008?

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

A Minnesota farmer buys a new tractor made in Iowa by a German company. As a result,

GDP excludes most of two types of production. List one.

Real GDP will increase

A transfer payment is a payment made by

Which of the following statements about GDP is correct?

Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist?

Nominal GDP is $15 trillion and real GDP is $10 trillion. What is the GDP deflator? Show your work.

Foreign countries buy $1.2 trillion of U.S. goods and services. U.S. residents purchase $1.8 trillion of foreign goods and services. What is net exports?

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

In the national income accounts, depreciation is called

The government of a country, which has adopted American GDP accounting conventions, reported that seasonally adjusted GDP in quarter 3 was $48 billion at an annual rate. This means that the seasonally-adjusted market value of all final goods and services produced within this country in quarter 3 was

In the economy of Talikastan in 2015, consumption was $200, exports were $150, GDP was $475, government purchases were $100, imports were $75, and investment was $100. What were Talikastan's net exports in 2015?

U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does it not tell us, about the well-being of U.S. residents?

Consider two items that might be included in GDP: (1) the estimated rental value of owner-occupied housing and (2) purchases of newly-constructed homes. How are these two items accounted for when GDP is calculated?

Which of the following is a true statement?

The basic tools of supply and demand are central to microeconomic analysis but are of little use to macroeconomics.