Measuring A Nation's Income-B
Quiz
•
Business, Other
•
University
•
Medium
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.
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