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Exam 23: Measuring a Nation S Income

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Question 191

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Last year country A had a nominal GDP of $600 billion, a GDP deflator of 150 and a population of 40 million. Country B had a nominal GDP of $720 billion, a GDP deflator of 120 and a population of 50 million. From these numbers which country is likely to have had the higher standard of living?

A) Country A because it had the higher nominal GDP per person.
B) Country B because it had the higher nominal GDP per person.
C) Country A because it had the higher real GDP per person.
D) Country B because it had the higher real GDP per person.

E) None of the above
F) All of the above

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Question 192

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Estimates of the values of which of the following non-market goods or services are included in GDP?

A) unpaid housework but not the rental value of owner-occupied homes.
B) the rental value of owner-occupied homes but not unpaid housework.
C) unpaid housework and the rental value of owner-occupied homes.
D) Neither unpaid housework nor the rental value of owner-occupied homes.

E) A) and D)
F) None of the above

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Question 193

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Which of the following statistics is usually regarded as the best single measure of a society's economic well-being?

Calculate the inflation rate for a country where the GDP deflator rises from 120 to 165.

Which of the following correctly lists what is included in the consumption component of GDP?

If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000.

Java Hut, a U.S. coffee retailer, buys $10 million worth of coffee beans from Colombia. It also pays $5 million for paper cups and utilities, all produced in the U.S. It sells the coffee it produces using the above inputs to U.S. consumers for $50 million. Overall how do these expenditure affect net exports? How do these expenditures effect U.S. consumption?

Table 23-10 A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2015 . Prices and Quantities -Refer to Table 23-10. What was this country's GDP deflator in 2017?

The overall effect of accounting for purchases of foreign goods in GDP reduces GDP.

If real GDP doubles and the GDP deflator doubles, then nominal GDP

Disposable personal income is the income that households and noncorporate businesses have left after satisfying all their obligations to the government.

If the value of an economy's imports exceeds the value of that economy's exports, then net exports is a negative number.

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 real GDP was

An American retailer purchased 500 pairs of shoes from a company in Thailand in the second quarter of 2016 but does not sell them to a consumer until the third quarter of 2016. Which of the following components of U.S. GDP is affected by this transaction in the third quarter of 2016?

An American soldier stationed in North Carolina receives a paycheck from the federal government for $300, which she uses to purchase a $100 MP3 player made in China by a Chinese firm and $200 for fruit and vegetables from a local farmers market. As a result, U.S. GDP increases by

Define gross domestic product.

A U.S. publisher purchases new computers that were manufactured in the U.S. This purchase by itself makes

International studies of the relationship between GDP per person and quality of life measures such as life expectancy and literacy rates show that larger GDP per person is associated with

In 2015, U.S. GDP was almost

Table 23-8 A country produces only meat and potatoes in the quantities and prices listed below. Use 2011 as the base year. -Refer to Table 23-8. In 2012, nominal GDP is