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- Home | Unfinished | Chapter 19
- Don't KnowKnowRemaining Cards (33)
- Question
- A shortcoming of nominal GDP is that:
- Question
- A computer company builds a new factory. This is included in the ________ category of GDP.
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- Chapter 19
- ECO 252
- Question Answer
- A computer company builds a new factory. This is included in the ________ category of GDP. investment
- A shortcoming of nominal GDP is that: an increase in nominal GDP can be caused by changes in either price or quantity
- Between two given years, if real GDP and nominal GDP grow at the same rate, then: an increase in nominal GDP can be caused by changes in either price or quantity
- Economic growth is best measured by changes in: real GDP
- Ford produces 100,000 cars this year and only sells 95,000. The 5,000 cars that are not sold _______ listed in ________ category of GDP. are; the investment
- GDP is best defined as the total market value of all: final goods and services produced within a country within a given time.
- GDP is most often measured by: the year
- Goods that firms repackage with other goods for sale at a later stage are: intermediate goods
- Hollister Co. stocks up on T-shirts for the holiday season. This inventory is included in the _______ category of GDP. investment
- In macroeconomics: output and income are essentially identical
- Net exports can be defined as: exports minus imports
- Nominal GDP is GDP measured in: current prices
- Real GDP is GDP adjusted for changes in: overall price levels
- The consumption category of GDP includes all purchases of final goods and services by households except: new houses
- The difference between nominal GDP and real GDP is: the price level
- The four major expenditure categories of GDP are: consumption, investment, government purchases, and net exports
- The government purchases category of GDP includes spending by: federal, state, and local government
- The investment spending category of GDP does NOT include: purchases of stocks and bonds
- The percent change in the overall level of prices in the economy is called: the inflation rate
- The phase of the business cycle where the economy is growing faster than usual is called: an economic expansion
- The phase of the business cycle where the economy is growing slower than usual is called: an economic contraction
- The sale of American-grown corn to China is included in the ________ category of GDP. export
- The short-run fluctuations in economic activity that can cause output to be above or below the long-run trend are called: business cycles
- To determine living standards for the average person, we calculate: per capita GDP
- When GDP increases, national income ________ and national output __________. increases; increases
- When George buys a new computer for his business, it is included in GDP as _______, and when he buys a new computer for use at home, it counts as ________. investment; consumption
- When John buys new tires for his car it _______, and when Ford buys tires to put on new cars it ____________. counts toward consumption; does not count toward GDP
- When people in the United States buy clothing made in China, this counts as: consumption and imports
- Which is the largest component of U.S. GDP? consumption
- Which of the following is a service? a visit to your doctor
- Which of the following is a topic of macroeconomics? the number of people in the economy with no jobs
- Which of the following is included in the government purchases category of GDP? payments to people in the military
- Which of the following represents the largest share of U.S. GDP? services
- You bought a popular video game last year for $75 and sold it to a store this year for $20. The store sells the used game to a consumer for $40. When you sell your game to the store, how is this included in GDP? This does not count in GDP
- Created by: mghamiter
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