ECO 202 ECO202 Quiz 10 Answers / Principles of Macroeconomics
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ECO 202 Principles of Macroeconomics Quiz 10 GDP and Prices Answers (UNC Greensboro)
Which one of the following is NOT a sector in the Bureau of Economic Analysis' system of national accounts?
What are the sectors used in the Bureau of Economic Analysis' system of national accounts?
A nonprofit hospital in Chicago would be classified into which sector in the Bureau of Economic Analysis' system of national accounts?
Consumer durable goods are those goods that are expected to last longer than
Which one of the following would, in principle, be counted in an estimate of the gross domestic product of
Using the product approach, which one of the following economic agents is the largest contributor to the gross domestic product of the United States?
Using the spending approach, which one of the following economic agents is responsible for the largest component of the gross domestic product of the United States?
The three methods for calculating GDP are
According to the text, what is the difference between a closed economy and an open economy?
Which of the following identities defines GDP using the product approach?
Suppose that a small economy produces only one good. In Year 1 the economy's GDP is $500 and the price (per unit) of the good is $10. In Year 2 the economy's GDP is $600 but the price of the good is $12. Using the constant dollar method, what is the real GDP growth rate for this economy from Year 1 to Year 2?
What is the main problem of a price index based on constant weights?
Which one of the following statements is FALSE?
The implicit price deflator is obtained by
Suppose nominal GDP in an economy is $11 trillion and real GDP is $10 trillion. What would be the implicit price deflator?
Suppose that an economy is growing at a real rate of 3% per year. About how long will it take for this economy to double in size?
Suppose that an economy is growing at a real rate of 6% per year. About how long will it take for this economy to double in size?
Net national product is defined as
In the "traditional macroeconomic model" investment is assumed to be done by which sector?
The identity used to represent the economy in the traditional macro model is
The U.S. Census Bureau is the government agency in charge of compiling the national accounts of the United States.
The contribution of governments and nonprofit institutions towards GDP is often calculated by imputation
The foreign sector does not contribute to the gross domestic product using the product approach.
A motor vehicle manufactured in the United States but sold in Europe would represent an addition to the g of the United States.
A motor vehicle manufactured in Europe but sold in the United States would represent an addition to the g of the United States.
The three methods for calculating GDP are referred to as the income approach, the spending approach, and the product approach.
A potential problem with price indices is that they tend to understate inflation for periods after the base year because they don’t consider that prices tend to rise at different rates for different income groups.
Suppose nominal GDP in an economy is $6 trillion and real GDP is $3 trillion. The implicit price deflator would be 30.
Taking the number 72 and dividing by an annual growth rate will give you approximately the number of years it will take for an amount to double if it grows at that constant rate.
In an open economy as measured in the system of national accounts, savings is equal to investment plus
Net national product is defined as GDP minus net exports.
Net national product is defined as GDP minus depreciation.
In the traditional macro model investment is assumed to be done by the business sector.
The identity used to represent the economy in the traditional macro model is Y = C + I + G + NX.
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