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

During last year,a country produced 20,000 pizzas and 10,000 hamburgers and nothing else.The pizzas sold for $10.00 each and the hamburgers for $3.00 each.Nominal GDP was

According to the expenditure approach to measuring GDP,in the United States ,the largest component of GDP is

-Based on the figure above,in which quarter or quarters did an expansion occur?

In 2011,U.S.GDP was

In the business cycle,what immediately precedes the time when real GDP is falling?

The calculation of GDP using the income approach EXCLUDES

Which adjustment(s)must be made to convert net domestic product to GDP? I.add indirect taxes Ii.subtract subsidies Iii.add depreciation

-The table above gives some data about GDP in a country for two years.Using these the chained-dollar method for calculating real GDP,real GDP increased by ________ percent between these two years.

GDP includes the goods and services produced

Which of the following correctly describes a final good? I.A final good is bought by its final consumer. Ii.A final good can be used by a firm as a component of another good or service. Iii.Investment goods cannot be a final good.

The value of leisure time is

What would happen to measured GDP if more people started hiring workers to do household chores such as cooking and cleaning?

Total expenditure equals

In measuring GDP,which of the following is included?

Recently,the government made adjustments to how GDP is calculated that included placing software purchases into the category of

Which of the following is directly accounted for in the calculation of GDP?

The business cycle is defined as

A business cycle has two turning points,which are the

The Human Development Index was proposed because

You buy new water skis and other new equipment for $2,500 and take a week off of your job,where you earn $1,000 a week,to go water skiing.The equipment you purchased was all produced in the United States.You think that the week was worth $4,000.As a result of your vacation,GDP changes by how much?