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

When measuring GDP by the income approach,wage income includes I.health-care insurance paid for by the firm for its employees. Ii.Social Security contributions made by the firm. Iii.wages paid during a worker's vacation time.

Nominal GDP is GDP

As more women decide to work outside the home and therefore hire others to work around their home,GDP will increase by

Which of the following is included as investment in GDP? I.cars produced during the year but unsold at the end of the year Ii.new capital equipment produced and purchased during the year Iii.purchases of a company's stocks and bonds

You hire some of your friends to help you move to a new house.You pay them a total of $200 and buy them dinner at Pizza Hut.Which of the following is true?

To measure GDP by using the income approach,we must add all incomes and then ________ depreciation and ________ net taxes less subsidies.

One reason the total sum of the income categories does not equal GDP is that

When total output,income,employment,and trade decline for 6 to 12 months,the economy is in what part of the business cycle?

Nominal GDP increases

In 1961,real GDP totaled $575 billion and in 2011 it totaled $1,255 billion.Between 1961 and 2011,the population increased from 50 million to 100 million.Between 1961 and 2011,the standard of living based on real GDP per person

Which of the following is NOT directly included in Canadian GDP?

________ is most likely to contribute to an improvement in our living standard.

If the purchase of used goods was to be incorporated into measuring GDP using the expenditure approach,then

Using the chained-dollar method to calculate real GDP,real GDP is calculated by

When industrial activity increases,

Last year in a nation to the south,net domestic product at factor cost equaled $3,300 billion.Indirect taxes minus subsidies equaled $200 billion,depreciation equaled $800 billion,the statistical discrepancy equaled zero,and net operating surplus equaled $150 billion.The country's GDP was

Using prices from 2012,GDP grew 10 percent between 2012 and 2013;using prices from 2013,GDP grew 8 percent between 2012 and 2013.For its link back to the base year,the BEA will use ________ percent as the growth in real GDP between 2012 and 2013.

If nominal GDP increases this year,then real GDP

Is every product produced in the United States included in U.S.gross domestic product?

"If country A has a higher level of real GDP per person than country B,then people in Country A must enjoy a higher standard of living than people in Country B." Is this statement true or false? Explain your answer.