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Exam 2: Measuring the Macroeconomy

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Question 21

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In 2015, household expenditures accounted for about ________ percent of total GDP.

A) 50
B) 68
C) 45
D) 76
E) 13

F) B) and C)
G) C) and D)

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Question 22

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Refer to the following table when answering the following questions. Table 2.2: U.S. 2014-2015 Domestic Income ($ billions) -Consider Table 2.2. From this data, total net domestic product in 2014 was about ________ billion.

A) $14,906
B) $10,384
C) $17,651
D) $9,207
E) $14,754

F) B) and D)
G) A) and B)

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Question 23

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In 2015, government transfer payments accounted for about ________ of government spending.

In the income approach to GDP, fixed capital depreciation is defined as the after-tax profits of a firm.

The statistic used by economists to measure the value of economic output is:

During the 1940s, ________ increased sharply as a percentage of U.S. GDP because of ________.

In 2015, net exports accounted for about ________ percent of total GDP.

Since about ________, U.S. expenditure shares by households, firms, and the government have been relatively ________.

The percent change in the nominal GDP is given as:

When calculating the real GDP using the Laspeyres index, we use the final period's prices.

Refer to the following table when answering the following questions. Table 2.4: U.S. and Eurozone (18 Economies) Nominal GDP in 2015 -Consider Table 2.4. The value of the eurozone nominal GDP in U.S. dollars adjusted for price differences is ________ billion.

To get an accurate view of how GDPs differ across countries, we simply need to convert all countries' GDPs into dollars using the prevailing exchange rate.

What is real GDP? Why do we calculate real GDP? What are the shortcomings of real GDP?

If we calculate the real GDP using the initial period's prices, we are using a ________ index. If, instead, we use the final period's prices, we are using a ________ index.

Real GDP is given by ________, where the price level is the ________.

If the nominal GDP rises by 5 percent and the price level falls by 2 percent, the real GDP falls by 7 percent.

Nominal GDP is given by ________, where the price level is the ________.

Refer to the following table when answering the following questions. In this economy, only two goods are produced: video games and pistachios. Table 2.3: National Income Accounting -Consider Table 2.3. Using the Laspeyres index, the percent change in real GDP was about:

Identify which of the following goods are part of the current year's U.S. GDP and which are considered the current year's U.S. gross national product (GNP); explain. (Note: Ford is a company owned by U.S. citizens and Toyota is a company owned by Japanese citizens.) (a) a Ford produced in Mexico (b) a Toyota produced in California (c) a meal you make for a dinner party (d) an American-made vintage T-shirt from Led Zeppelin's 1971 North American tour you bought online last week

Refer to the following table when answering the following questions. Table 2.4: U.S. and Eurozone (18 Economies) Nominal GDP in 2015 -Consider Table 2.4. The value of eurozone nominal GDP in U.S. dollars is ________ billion.