Many economists argue that real GDP is Select one: O a. not a good measure of economic well-being because it overvalues increases in leisure time. O b. a good measure of economic well-being because it includes changes in personal safety. Oc. not a good measure of economic well-being because it excludes increases in leisure time. O d.a good measure of economic well-being because it includes increases in leisure time.

Many economists argue that real GDP is Select one: O a. not a good measure of economic well-being because it overvalues increases in leisure time. O b. a good measure of economic well-being because it includes changes in personal safety. Oc. not a good measure of economic well-being because it excludes increases in leisure time. O d.a good measure of economic well-being because it includes increases in leisure time.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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OC 7.5%. O D. 6.67%. O E. -3%. QUESTION 20 Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in the table, nominal GDP for this simple economy equals Product Quantity Price Strawberries 250 $1.00 Strawberry jam 30 4.00 Second hand cars 10 950.00 Tablets 85 210.00 Shirts 60 18.00 O A. $19,300. O B. $19,050. OC. $28,800. O D. $28,550, O E. 435 units. Click Save and Submit to save and submít. Click Save All Answers to save all ansuwers.
Which of the following statements is true about GDP as a measure of a country's economic healt? Select one: O a. It does not include the services produced in a country O b. It includes profits from companies' overseas operations O c. It does not include profits earned by foreign companies within the country being measured O d. It essentially takes into account the concept of GDP in relation to population O e. It measures only those goods and services made within a country
Question 7 Which of the following would be counted in this year's GDP? O a O b O C Od Question & What is the difference between real GDP and nominal GDP? O a O b Column A 1. 2. C d Question 9 Match each phase of the business cycle to its correct definition. 3. The bonus check a worker receives this year the value of a loan taken out this year The value of a savings bond sold by the federal government to investors this year The value of a television produced last year but sold this year 4 Real GDP allows for depreciation; nominal GDP allows for no depreciation. Real GDP includes nonmarket activities; nominal GDP has no nonmarket activities. Real GDP is based on constant prices; nominal GDP is based on the current year's prices. Real GDP is accurate to hundreds of dollars; nominal GDP is accurate to thousands of dollars. period of economic decline marked by falling real GDP a period of economic growth as measured by a rise in real GDP the height of an economic expansion, when real GDP…
Which of these statements is not true when we discuss GDP calculation? O a. GDP includes earnings of both the citizens and non-citizens but are residing inside the country. Ob. Incomes made by a citizen outside of his country will be included in the calculation of GDP O c. Expenditures of citizens and non-citizens made inside the country is included in GDP calculation O d. Incomes made by expatriates are included in the calculation of GDP
Which of the following statements are correct? Select one or more: O a. Government spending on goods and services does not add to Gross Domestic Product. b. In most countries, consumers' expenditure is the biggest item in Gross Domestic Product. c. Gross Domestic Product measures the total final spending in the economy, or equivalently the total of incomes generated. O d. Gross domestic product is a stock, not a flow. e. The value of unsold goods that have been produced over the year is not included in GDP.
A company's wages and salaries are part of its value added. Suppose, however, that the cleaning and machinery maintenance that its own employees used to do are now contracted out to specialist firms who come in to do the same work more cheaply. a. What happens to the company's value added when it "contracts out" such work? The company's value added will O A. increase, since the company is saving money by losing employees and spending that money on new clients. B. not change, since the money that the company saves from firing employees is almost equal to what it pays to specialist firms. O C. increase, since the company doesn't have to pay salary to its own employees who used to do this job. O D. decrease, since the company will receive bad reports from fired employees. O E. decrease, since the cleaning and machinery maintenance now become intermediate services purchased from other firms. O F. not change, since now these services are included in value added of specialist firms.
Saving equals O A. income minus net taxes O B. total income minus total expenditure O C. net taxes minus government expenditure D. income minus consumption expenditure minus net taxes
2) The production of goods and services valued at current prices is called real GDP. Select one: O a. False O b. True
The GDP deflator is calculated using O A. Real GDP - Nominal GDP x 100 Real GOP Nominal ODP OB. Nominal GDP OC. Nominal GDP x 100 Real GDP O D. Constant Doilar GDP Current Dollar GDP X 100 Suppose for the year 2013 the economy of Uplandia has a nominal GDP of $5,200 billion and a real GDP of $4,160 billion. For 2013, this economy's GDP deflator is (Round your response to one decimal place ) Now suppose the GDP deflator in 2012 was 113.0. Uplandia's year-over-year inflation rate is percent. (Round your response to one decimal place) Click to select your answer(s).
Economists refer to the measure of GDP, after the effects of inflation have been removed, as Select one: O a. potential GDP. b. real GDP c. real per capita GDP.
Earnings of individuals and companies inside a country is part of the GDP. O a. even if they are produced by non-citizens. O b. including earnings from selling second-hand goods. O. even if they come from illegal sources Od. only if they are produced in the previous year
Which of the following is a "stock" (as opposed to a "flow") type of variable? O a. The minimum wage rate. O b. Sales. OO Oc. Income. 2 ? d. Gross Domestic Product. PUGD ANGG MacBook A