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If nominal GDP in 2022 exceeds nominal GDP in 2021, then the production of output must have _______.

a. risen

b. fallen

c. stayed the same
d. risen or fallen because there is not enough information to determine what happened to real output

d. risen or fallen because there is not enough information to determine what happened to real output...

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Posted by Cleveland on September 4, 2024

Gross domestic product is the sum of the market value of the _______.

a. normal goods and services

b. intermediate goods

c. inferior goods and services

e. Final goods and Services

d. manufactured goods

e. Final goods and Services...

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Posted by Cleveland on September 4, 2024

U.S. gross domestic product (in contrast to gross national product) measures the production and income of _______.

a. Americans and their factories no matter where they are located in the world

b. people and factories located within the borders of the United States

c. the domestic service sector only

e.  none of the answer choices

d. the domestic manufacturing sector only

b. people and factories located within the borders of the United States...

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Posted by Cleveland on September 4, 2024

Gross domestic product can be measured as the sum of _______.

a. net national product, gross national product, and disposable personal income

b. investment, wages, profits, and intermediate production

c. consumption, transfer payments, wages, and profits

d. consumption, investment, government purchases, and net exports

consumption, investment, government purchases, and net exports...

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Posted by Cleveland on September 4, 2024

Which of the following would be excluded from 2022 GDP? The sale of _______.

 

a. a 2022 Honda made in Tennessee

b. a haircut

c. a realtor's services

d. a home built in 2021 and first sold in 2022

d. a home built in 2021 and first sold in 2022...

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Posted by Cleveland on September 4, 2024

The value of plant and equipment worn out in the process of manufacturing goods and services is measured by _______.

a. depreciation

b. intermediate production

c. manufacturing investment

d. machine consumption

a. depreciation...

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Posted by Cleveland on September 4, 2024

An example of a transfer payment is _______.

a. profit

b. rent

c. military purchases

d. wages

e. unemployment benefits

e. unemployment benefits...

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Posted by Cleveland on September 4, 2024

   Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.

Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.
When a U.S. company purchases and imports automotive parts from Canada to use to build cars within the United States, this purchase increases the      component of GDP while also      net exports by the same amount. Therefore, the purchase of automotive parts from Canada causes     in US GDP.

lthough GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for...

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Posted by Cleveland on September 3, 2024
Consider a simple economy that produces two goods: coffees and seltzers. The following table shows the prices and quantities of the goods over a three-year period.
Year
Coffees
Seltzers
PriceQuantityPriceQuantity
(Dollars per coffee)(Number of coffees)(Dollars per seltzer)(Number of seltzers)
201922153155
202041353210
202121503190
Use the information from the preceding table to fill in the following table.
YearNominal GDPReal GDPGDP Deflator
(Dollars)(Base year 2019, dollars)
2019
2020
2021
From 2020 to 2021, nominal GDP    , and real GDP    .
The inflation rate in 2021 was    .
Why is real GDP a more accurate measure of an economy's production than nominal GDP?

Use the information from the preceding table to fill in the following table.YearNominal GDPReal GDPGDP Deflator(Dollars)(Base year 2019, dollars)201989589510020201,1709001302021870870100Points:1 / 1Close ExplanationExplanation:Nominal GDP measures the value of current output using current price...

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Posted by Cleveland on September 3, 2024

4. Measuring GDP

The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2018, as published by the Bureau of Economic Analysis. All figures are in billions of dollars.
Fill in the missing cells in the table to calculate GDP using the expenditure approach.
Data
(Billions of dollars)
Consumption (C)13,948.5
Investment (I)3,650.1
Exports (X)2,531.3
Imports (M)3,156.7
Net Exports of Goods and Services
Government Purchases (G)3,520.8
Gross Domestic Product (GDP)

The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2018, as published by the Bureau of Economic Analysis. All figures are in billions of dollars.Fill in the missing cells in the table to calculate GDP using the expenditu...

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Posted by Cleveland on September 3, 2024