Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
Which of the following domestically produced items is not included in GDP? |
All of the above are included in GDP.
|
|
|
In the actual economy, goods and services are purchased by |
households, firms, and the government.
|
|
|
Which of the following correctly lists what is included in the consumption component of GDP? |
household purchases of services, nondurable goods, and durable goods other than residential construction |
|
|
For the economy as a whole, |
expenditure must equal income.
|
|
|
Macroeconomists study |
|
|
|
Which of the following is included in the consumption component of U.S. GDP? |
purchases of natural gas by U.S. households
|
|
|
Real GDP will increase |
only when output increases.
|
|
|
If nominal GDP is $10 trillion and real GDP is $8 trillion, then the GDP deflator is |
125, and this indicates that the price level has increased by 25 percent since the base year. |
|
|
Which of the following statements regarding GDP is correct? |
GDP includes factory production, but not any harm that may be inflicted on the environment.
|
|
|
Ryan lives in an apartment where he pays $7,000 a year in rent. Sarah lives in a house that could be rented for $21,000 a year. How much do these housing services contribute to GDP? |
$28,000
|
|
|
Changes in nominal GDP reflect |
both changes in prices and changes in the amounts being produced.
|
|
|
How is net national product (NNP) calculated? |
Depreciation losses are subtracted from the total income of a nation’s citizens |
|
|
When an American household purchases a bottle of Italian wine for $100, |
U.S. consumption increases by $100, U.S. net exports decrease by $100, and U.S. GDP does not change. |
|
|
Gasoline is considered a final good if it is sold by a |
gasoline station to a motorist in Los Angeles.
|
|
|
Estimates of the values of which of the following non-market goods or services are included in GDP?
|
the estimated rental value of owner-occupied homes
|
|
|
If a U.S. company buys an electrical generator made in Japan by a Japanese firm, and the Japanese firm uses the payment to buy stocks issued by a U.S. company then |
U.S. imports but not U.S. exports increase.
|
|
|
A country reported a nominal GDP of $85 billion in 2010 and $100 billion in 2009. It also reported a GDP deflator of 100 in 2010 and 105 in 2009. Between 2009 and 2010, |
real output and the price level both fell. |
