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If the GDP deflator in 2009 was 160 and the GDP deflator in 2010 was 180,then the inflation rate in 2010 was 12.5%.

A) True
B) False

Correct Answer

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verified

GDP adds together many different kinds of products into a single measure of the value of economic activity by using market prices.

A) True
B) False

Correct Answer

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Additions to inventory subtract from GDP,and when the goods in inventory are sold,the reductions in inventory add to GDP.

A) True
B) False

Correct Answer

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If real GDP is higher in one country than in another,then we can be sure that the standard of living is higher in the country with the higher real GDP.

A) True
B) False

Correct Answer

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Macroeconomic statistics tell us about a particular household,firm,or market.

A) True
B) False

Correct Answer

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GDP is a good measure of economic well-being for all purposes.

A) True
B) False

Correct Answer

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Disposable personal income is the income that households and noncorporate businesses have left after satisfying all their obligations to the government.

A) True
B) False

Correct Answer

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The government computes measures of income other than GDP because these other measures usually tell different stories about overall economic conditions.

A) True
B) False

Correct Answer

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Expenditures by households on education are included in the investment component of GDP.

A) True
B) False

Correct Answer

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If nominal GDP is $10,000 and real GDP is $8,000,then the GDP deflator is 125.

A) True
B) False

Correct Answer

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At a rummage sale,you buy two old books and an old rocking chair;your spending on these items is not included in current GDP.

A) True
B) False

Correct Answer

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U.S.GDP excludes the production of most illegal goods.

A) True
B) False

Correct Answer

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GDP does not make adjustments for leisure time,environmental quality,or volunteer work.

A) True
B) False

Correct Answer

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If Brazil buys $100 million of tractors from the U.S. ,then U.S.net exports will decrease.

A) True
B) False

Correct Answer

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If consumption is $4000,exports are $300,government purchases are $1000,imports are $400,and investment is $800,then GDP is $5700.

A) True
B) False

Correct Answer

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Other things equal,in countries with higher levels of real GDP per person,life expectancy and literacy rates are higher than in countries with lower levels of real GDP per person.

A) True
B) False

Correct Answer

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The overall effect of accounting for purchases of foreign goods in GDP reduces GDP.

A) True
B) False

Correct Answer

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Real GDP evaluates current production using prices that are fixed at past levels and therefore shows how the economy's overall production of goods and services changes over time.

A) True
B) False

Correct Answer

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Macroeconomics is the study of the economy as a whole.

A) True
B) False

Correct Answer

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Typically in countries with lower levels of real GDP person,a smaller percentage of the population is literate.

A) True
B) False

Correct Answer

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Showing 21 - 40 of 86

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