Measuring A Nation's Income-B

Measuring A Nation's Income-B

University

7 Qs

quiz-placeholder

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Measuring A Nation's Income-B

Measuring A Nation's Income-B

Assessment

Quiz

Business, Other

University

Medium

Created by

Shereen Bacheer

Used 275+ times

FREE Resource

7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the GDP deflator in 2006 was 160 and the GDP deflator in 2007 was 180, then the inflation rate in 2007 was 12.5%.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Spots, Inc. produces ink and sells it to Write on Target, which makes pens. The ink produced by Spots, Inc. is called

an inventory good.

a transitory good

a preliminary good.

an intermediate good

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following domestically produced items is not included in GDP?

a bottle of shampoo

a hairdryer

a haircut

All of the above are included in GDP.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anna, a U.S. citizen, works only in Germany. The value she adds to production in Germany is included

in both German GDP and U.S. GDP.

in German GDP, but it is not included in U.S. GDP.

in U.S. GDP, but it is not included in German GDP.

in neither German GDP nor U.S. GDP.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the economy of Wrexington in 2008, consumption was $5000, exports were $100, government purchases were $900, imports were $200, and investment was $1000. What was Wrexington’s GDP in 2008?

$6700

$6800

$7000

$7200

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Changes in nominal GDP reflect

only changes in prices.

only changes in the amounts being produced.

both changes in prices and changes in the amounts being produced.

neither changes in prices nor changes in the amounts being produced.