question
Suppose the total monetary value of all final goods and services produced in a particular country in 2008 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:
answer
GDP in 2008 is $500 billion.
question
If depreciation (consumption of fixed capital) exceeds domestic investment, we can conclude
that:
that:
answer
net investment is negative.
question
Real GDP measures:
answer
current output at base year prices.
question
Real GDP and nominal GDP differ because the real GDP:
answer
has been adjusted for changes in the price level.
question
The GDP tends to:
answer
understate economic welfare because it does not take into account increases in leisure.
question
The monetary value of all final goods and services produced by the United States economy during a year is:
answer
GDP
question
Which would be considered an investment according to economists?
answer
The construction of a new computer chip factory by Intel
question
The following are national income account data for a hypothetical economy in billions of dollars: gross private domestic investment ($320); imports ($35); exports ($22); personal consumption expenditures ($2,460); and, government purchases ($470). What is GDP in this economy?
answer
$3,237 billion
question
GDP in an economy is $4,600 billion. Consumer expenditures are $3,500 billion, government purchases are $900 billion, and gross private domestic investment is $400 billion. Net exports are:
answer
-$200 billion
question
A consumer price index attempts to measure changes in:
answer
The price of a select market basket of goods and services
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