D) the GDP would be understated. d. the GDP would then have to be deflated for changes in the price level. O b. the GDP would be overstated. b) the GDP would then have to be deflated for changes in the price level. A. Personal consumption expenditures are approximately what percentage of this economy? Which of the following is a final good or service? O c. the GDP would be understated. This bicycle is counted as:Use the following table for a hypothetical single-product economy.If real GDP in a particular year is $80 billion and nominal GDP is $240 billion, the GDP price index for that year is:Suppose nominal GDP in 2009 was $100 billion and in 2010 it was $260 billion. 15 If intermediate goods and services were included in GDP A the GDP would be from ECON 3323 at Midwestern State University Another way to prevent getting this page in the future is to use Privacy Pass. If intermediate goods and services were included in GDP: Question 11 options: a) the GDP would be overstated. A haircut purchased by a father for his 12 year-old son. B. Between 2009 and 2010 the real GDP rose by approximately:Assume an economy that makes only one product and that year 3 is the base year. Between year 1 and year 2, real GDP rose by: The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the:National income accountants can avoid multiple counting by:If intermediate goods and services were included in GDP:Tom Atoe grows fruits and vegetables for home consumption. If intermediate goods and services were included in GDP: A. the GDP would be overstated. This means that:If in some year gross investment was $120 billion and net investment was $65 billion, then in that year the country's capital stock:In national income accounting, the consumption category of expenditures includes purchases of:In national income accounting, the consumption category of expenditures includes purchases of:Which of the following do national income accountants consider to be investment?National income accountants define investment to include:If the economy adds to its inventory of goods during some year:In calculating GDP, governmental transfer payments, such as Social Security or unemployment compensation, are:The largest component of total expenditures in the United States is:In 2012, Trailblazer Bicycle Company produced a mountain bike that was delivered to a retail outlet in November 2012.
The GDP deflator was 72 in year 1 and 79 in year 2. The value added by the business to these products is:The value of corporate stocks and bonds traded in a given year is:Computation of GDP by the expenditures method would include the purchase of:GDP in an economy is $11,050 billion. Why do economists include only final goods and services in measuring GDP for a particular year? Consumer expenditures are $7,735 billion, government purchases are $1,989 billion, and gross investment is $1,410 billion. 3 Principles of Macroeconomics- Chapter 2 Answer: C 12.
Intermediate goods are either processed into further goods or resold so as to make a ready product for the consumer. B. the GDP would then have to be deflated for changes in the price level. If intermediate goods and services were included in GDP: A) the GDP would then have to be deflated for changes in the price level. The product of Firm B, in turn, is purchased and used as an input by Firm C, and so on down the line through Firm E, which produces the end product. So, in the end, there is no such thing left as intermediate goods, as they are converted to final goods, and a non existent material/goods and services are never included in GDP … Output and price data for a five-year period are as follows. Which of the following is a final good or service? This activity is:Which of the following transactions would be included in GDP?In 1933, net private domestic investment was a minus $6.0 billion. "Net foreign factor income" in the national income accounts refers to the difference between:Consumers in an economy buy only three general types of products, A, B, and C. Changes in the prices of these items over a period are shown below:Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. The general price index in 2009 was 100 and in 2010 it was 180. B) nominal GDP would exceed real GDP. Assume that year 2 is the base year.Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. A.
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