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Exam 23: Measuring a Nation S Income

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Question 171

Multiple Choice

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If nominal GDP is $10 trillion and real GDP is $8 trillion, then the GDP deflator is

A) 80, and this indicates that the price level has decreased by 20 percent since the base year.
B) 80, and this indicates that the price level has increased by 80 percent since the base year.
C) 125, and this indicates that the price level has increased by 25 percent since the base year.
D) 125, and this indicates that the price level has increased by 125 percent since the base year.

E) A) and B)
F) A) and C)

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Question 172

Multiple Choice

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Apple releases a new iPhone. Which of the following components of U.S. GDP will not be affected, given that the iPhone is manufactured in China?

A) ​It will increase U.S. net exports, since a U.S. corporation makes the iPhone.
B) ​It will increase consumptions expenditures when U.S. consumers purchase new iPhones.
C) ​It will increase investment, since Apple places some of the iPhones in to its inventory.
D) ​It will increase government expenditures, since some iPhones are purchased by the federal government.

E) A) and B)
F) B) and D)

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Question 173

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Table 23-6 The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013 . Prices and Quantities -Refer to Table 23-6. In 2011, this country's GDP deflator was

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 2009? Show your work.

GDP is the market value of all final goods and services produced within a country in a given period of time.

The Patersons bought a home that was newly constructed in 2007 for $275,000. They sold the home in 2015 for $255,000. Which of the following statements is correct regarding the sale of the house?

The GDP deflator is the ratio of

Table 23-9 LEARNING OBJECTIVES: ECON.MANK.15.114.28f - LO: Given data on a country's real and nominal GDP, calculate the GDP deflator. NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC:Measuring Output GDP Deflator KEYWORDS: BLOOM'S: Application DATE CREATED: 9/19/2016 1:11 PM DATE MODIFIED: 9/21/2016 1:44 PM CUSTOM ID: 085.23.4 - MC - MANK08 QUESTION ID: JFND-GO3A-ERHD-YCTI QUESTION GLOBAL ID: GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJI-CA4D-YCDG-G7TG-GC3S-CASU-NPTS-CRSU-EPT3-GOSS-N3J3-CWSU-E3MD-CC4U-RCBA-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE PREFACE GLOBAL ID: GCID-7dd53adfb828-6928-5e54-2202-4a2a25b7 -Refer to Table 23-9. This country's inflation rate from 2009 to 2010 to the nearest tenth was

Table 23-6 The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013 . Prices and Quantities -Refer to Table 23-6. In 2010, this country's real GDP was

A U.S. citizen buys a tea kettle manufactured in China by a company that is owned and operated by U.S citizens. In which of the following components of U.S. GDP is this transaction accounted for?

Which of the following is included in GDP?

The consumption component of GDP includes spending on

A U.S.-owned car factory in Mexico produces $5 million of cars. $2.5 million of these cars are sold in Mexico and the other $2.5 million are sold in the U.S. In both cases $1 million of the value of the cars was due to U.S-owned equipment located in Mexico and U.S. managers working in Mexico. How much did this production contribute to U.S. GDP?

A U.S. firm produces nail guns in the first quarter of 2010 and adds them to its inventory. In the second quarter of 2010 the firm sells the nail guns to a U.S. construction company. In which quarter(s) does(do) these transactions raise investment?

In the economy of Talikastan in 2015, exports were $200, GDP was $2000, government purchases were $200, imports were $270, and investment was $500. What was Talikastan's consumption in 2015?

National income is defined as

How frequently is U.S. GDP reported? Is GDP adjusted for seasonality?

Which government entity computes U.S. GDP every three months?

Gina, a U.S. citizen, works only in Bermuda. The value of Gina's production is included in

In 2012 a country had a real GDP $15.4 trillion and GDP deflator of 125. If that country's GDP deflator equals 115 in 2013, what is the rate of inflation in 2013?