Answer the question on the basis of the following national income data. B. Answer the question on the basis of these data. Between 2009 and 2010 the real GDP rose by approximately: Assume an economy that makes only one product and that year 3 is the base year. In 2012, he purchased $150,000 worth of jerseys from manufacturers, employed one worker for $40,000, purchased $20,000 worth of supplies from an office supply store, and sold jerseys for $280,000. If intermediate goods and services were included in GDP, Select one: O a. nominal GDP would exceed real GDP. All figures are in billions of dollars. Consumer expenditures are $7,735 billion, government purchases are $1,989 billion, and gross investment is $1,410 billion. 125 percent higher than the nominal GDP for year 1. d. the GDP would then have to be deflated for changes in the price level. The smallest component of aggregate spending in the United States is: monetary value of all final goods and services produced within the borders of a nation in a particular year. The system that measures the economy's overall performance is formally known as: national income accounting. Terms Between 1990 and 2000 real GDP: the market value of unpaid work in the home. The ZZZ Corporation issued $25 million in new common stock in 2013.
the reason is that the value of intermediary goods is already included in the price of the final good. Ryder in March 2013. Which of the following is a final good or service? O b. the GDP would be overstated.
The value added by the business to these products is: The value of corporate stocks and bonds traded in a given year is: Computation of GDP by the expenditures method would include the purchase of: GDP in an economy is $11,050 billion. Which of the following is a final good or service? This means that: If in some year gross investment was $120 billion and net investment was $65 billion, then in that year the country's capital stock: In national income accounting, the consumption category of expenditures includes purchases of: Which of the following is not economic investment? Output and price data for a five-year period are as follows.
If real GDP in a particular year is $80 billion and nominal GDP is $240 billion, the GDP price index for that year is: Suppose nominal GDP in 2009 was $100 billion and in 2010 it was $260 billion. The National Income and Product Accounts (NIPA) help economists and policymakers to: follow the long-run course of the economy to determine whether it has grown or stagnated. Which of the following is included in the expenditures approach to GDP?
The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the: National income accountants can avoid multiple counting by: If intermediate goods and services were included in GDP: Which of the following is a final good or service? Income received by households less personal taxes. If depreciation exceeds gross investment: Economy A: gross investment equals depreciation.
It used $18 million of the proceeds to replace obsolete equipment in its factory and $7 million to repay bank loans. |
If intermediate goods and services were included in GDP: A. the GDP would be overstated. Oh no! When an economy's production capacity is expanding: gross domestic investment exceeds depreciation. A. In 1933, net private domestic investment was a minus $6.0 billion. View desktop site. All figures are in billions of dollars. A haircut purchased by a father for his 12 year-old son. b) the GDP would then have to be deflated for changes in the price level. goods and services purchased by ultimate users, as opposed to resale or further processing. Assume an economy that is producing only one product.
National income represents income earned by American-owned resources, while personal income measures received income, whether earned or unearned. If real disposable income fell during a particular year, we can conclude that: In national income accounting, the consumption category of expenditures includes purchases of: automobiles for personal use but not houses. &
Answer the question on the basis of these data. The simplest way to calculate GDP is to sum the total sales of all business firms. The bicycle was sold to E.Z. The amount of after-tax income received by households is measured by: Suppose nominal GDP was $360 billion in 1990 and $450 billion in 2000. D. the GDP would be understated. If intermediate goods and services were included in GDP, Select one: O a. nominal GDP would exceed real GDP. Output and price data for a three-year period are as follows. We need more information to determine whether GDP has changed. GDP is a measurement of the market value of all final goods and services … The purchase of Walmart stock is a part of gross investment, but not of net investment. Which of the following is not included in personal consumption expenditures?
Economists do not factor intermediate goods when they calculate gross domestic product (GDP). If intermediate goods and services were included in GDP, then: A. GDP would not have to be adjusted for net exports B. GNP would exceed GDP C. GDP would be overstated D. GDP would be understated E. GDP would have to be adjusted for depreciation Answer the question on the basis of the following data.
Money spent on the purchase of a new house is included in the GDP as a part of: Gross domestic private investment, as defined in national income accounts, would include the following, except: Business inventories increase when firms produce: Government purchases in national income accounts would include payments for: When local police and fire departments buy new cars for their operations, these are counted as part of: That portion of corporate profits which is included in personal income is: If the price index in year A is 130, this means that: (GDP figures are in billions of dollars.). C. nominal GDP would exceed real GDP. The general price index in 2009 was 100 and in 2010 it was 180.
If intermediate goods and services were included in GDP: the GDP would be overstated.
In national income accounting, government purchases include: purchases by federal, state, and local governments.
If real GDP rises and the GDP price index has increased: nominal GDP must have increased. National income accountants define investment to include: If the economy adds to its inventory of goods during some year: In calculating GDP, governmental transfer payments, such as Social Security or unemployment compensation, are: The largest component of total expenditures in the United States is: In 2012, Trailblazer Bicycle Company produced a mountain bike that was delivered to a retail outlet in November 2012. Personal income usually exceeds disposable income. Ryder in March 2013.
© 2003-2020 Chegg Inc. All rights reserved. What is the difference between national income and personal income? Use the following table for a hypothetical single-product economy. GDP understates the amount of economic production in the United States because it excludes: Adding the market value of all final and intermediate goods and services in an economy in a given year would result in: A business buys $5,000 worth of inputs from other firms in order to produce a product. To ensure the best experience, please update your browser. This bicycle is counted as: The largest component of national income is: Use the following table for a hypothetical single-product economy. Based on this information, what was the value added at Alejandro's store in 2012? This activity is: Which of the following transactions would be included in GDP? If intermediate goods and services were included in GDP: If real GDP rises and the GDP price index has increased: Gross domestic product (GDP) measures and reports output: The system that measures the economy's overall performance is formally known as: Answer the question on the basis of the following information: the growth of nominal GDP understates the growth of real GDP. If intermediate goods and services were included in GDP: Question 11 options: a) the GDP would be overstated. Government purchases include government spending on: government consumption goods and public capital goods. Which of the following do national income accountants consider to be investment.
Privacy Tom Atoe grows fruits and vegetables for home consumption. The current year per unit prices of these three goods are A = $2, B = $3, and C = $1. Gross private domestic investment exceeds depreciation in an economy that experiences expanding production capacity. The bicycle was sold to E.Z. Output and price data for a five-year period are as follows. Which of the following best defines disposable income?
O c. the GDP would be understated. Consider the following data for a nation: In year 1, nominal GDP for the United States was $2,250 billion and in year 2 it was $2,508 billion. Fertilizer purchased by a farm supplier. The business makes 100 units of the product and each of them sells for $65. In 2012, Trailblazer Bicycle Company produced a mountain bike that was delivered to a retail outlet in November 2012.
If nominal GDP in some year is $280 and real GDP is $160, then the GDP price index for that year is: The growth of GDP may understate changes in the economy's economic well-being over time if the: Firm A produces something that Firm B uses as an input. Answer the question on the basis of these data. If intermediate goods and services were included in GDP, GDP would be overstated Assume an economy that makes only one product and that year 3 is the base year. In the treatment of U.S. exports and imports, national income accountants: add exports, but subtract imports, in calculating GDP. 12. The total amount of income earned by U.S. resource suppliers in a year, plus taxes on production and imports, is measured by: Assume an economy that makes only one product and that year 3 is the base year. B. the GDP would then have to be deflated for changes in the price level.
Assume that year 2 is the base year. The product of Firm B, in turn, is purchased and used as an input by Firm C, and so on down the line through Firm E, which produces the end product. Which of the following is included in GDP? Personal consumption expenditures are approximately what percentage of this economy? Gross domestic product (GDP) measures and reports output: in dollar amounts and percentage growth. the sum of all monetary transactions involving final goods and services that occur in the economy in a year.