Exam 14: Gdp: a Measure of Total Production and Income

A south sea island produces only coconuts.In 2012,the price of a coconut is $1 and the quantity produced is 200.In 2013,the price of a coconut is $1.50 and the quantity produced is 250.2012 is the base year.Real GDP in 2013 is ________.

Everything else the same,if government expenditure increases by $400 billion and imports increase by $400 billion,then GDP

Which of the following describe the United States economy in 2008 and and the start of 2009?

-Based on the figure above,in which quarter or quarters did a recession occur?

The nation's supply of productive resources increases if

Expenditures in GDP do not include

In recent years,which of the following has been negative?

In the circular flow,how are the "value of production," "income," and "expenditures" related?

Over the business cycle,

Which of the following are included in interest income? I.payments made for the use of land Ii.income paid to households for loans they make Iii.payments made by households for their borrowing

A new technology is discovered that results in all new cars producing 50 percent less pollution.The technology costs nothing to produce and cars do not change in price.As a result of the technology,there is a reduction in the number of visits people make to the doctor to complain of breathing difficulties.Which of the following is true?

Goods and services such as environmental quality,leisure time,and household production are not included in GDP because they are not

The difference between nominal GDP and real GDP is

Expenditures on U.S.produced steaks,shoes,and doctor visits are most likely classified as

To calculate GDP it is necessary to add up the market value of all the ________ produced within a country during a year.

Which of the following expenditure components of GDP can be negative or positive?

The value of used goods ________ counted as part of GDP ________.

If a wealthy woman marries her butler,quits paying him and does not hire a new butler,then

A standard definition of recession is

Pat gives up a $40,000 per year job to stay at home and take care of the house.By so doing,Pat saves $15,000 in child care and house cleaning services which he now performs himself.The direct effect on GDP from Pat's decision is a decrease of