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Exam 2: The Measurement and Structure of the National Economy

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Question 51

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Capital goods are

A) a type of intermediate good.
B) final goods,because they are not used up during a given year.
C) produced in the same year as the related final good,whereas intermediate goods are produced in different years.
D) produced in one year,whereas final goods are produced over a period of more than one year.

E) B) and D)
F) A) and B)

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Question 52

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Monica grows coconuts and catches fish.Last year she harvested 1500 coconuts and 600 fish.She values one fish as having a worth of three coconuts.She gave Rachel 300 coconuts and 100 fish for helping her to harvest coconuts and catch fish,all of which were consumed by Rachel.Monica consumed the remaining fish and coconuts.In terms of fish,total consumption by both Monica and Rachel would equal

A) 700 fish.
B) 900 fish.
C) 1100 fish.
D) 2700 fish.

E) B) and C)
F) A) and C)

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Question 53

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Marvin's Metal Company produces screws that it sells to Ford,which uses the screws as a component of its cars.In the national income accounts,the screws are classified as

The Bigdrill company drills for oil,which it sells for $200 million to the Bigoil company to be made into gas.The Bigoil company's gas is sold for a total of $600 million.What is the total contribution to the country's GDP from companies Bigdrill and Bigoil?

Business fixed investment includes purchases of

If nominal GDP for 2009 is $6400 billion and real GDP for 2010 is $6720 billion (in 2005 dollars) ,then the growth rate of real GDP is

In one year in the country of Countem,workers earned $4150,proprietor's income was $392,rental income was $20,corporate profits were $683,net interest was $228,taxes on production and imports were $329,business current transfer payments were $12,the current surplus of government enterprises was $3,statistical discrepancy was $28,consumption of fixed capital was $882,factor income received from the rest of the world was $331,and payments of factor income to the rest of the world was $623.Based on these data,compute national income,net national product,gross national product,and gross domestic product.

Nominal government purchases were $2226.2 billion in 2008 and rose to $2372.8 billion in 2009.Real government purchases were $1940.6 for 2008 and $1958.0 for 2009,where 2005 was the base year.Calculate the percent change in the chain-weight price index for government purchases (rounded to the nearest percentage point) from 2008 to 2009.

If an American construction company built a road in Kuwait,this activity would be

If the price index last year was 1.0 and today it is 1.4,what is the inflation rate over this period?

The Boskin Commission concluded that the CPI overstates increases in the cost of living by ________ percentage point(s) per year.

Nominal gross private domestic investment was $1888.0 billion in 2008 and rose to $2057.4 billion in 2009.The chain-weight price index for gross private domestic investment was 106.6 for 2008 and 110.3 for 2009,where 2005 was the base year.Calculate the percent change in real gross private domestic investment (rounded to the nearest percentage point) from 2008 to 2009.

The uses-of-saving identity shows that if the government budget deficit rises,then one of the following must happen.

Suppose that national saving is $1456 billion,investment is $1945 billion,and private saving is $1590 billion.How much is the current account balance?

If C = $250,I = $50,G = $60,NX =- $20,and NFP = $5,how much is GNP?

The government budget surplus equals

The country of Old Jersey produces milk and butter,and it has published the following macroeconomic data,where quantities are in gallons and prices are dollars per gallon. Between Year 1 and Year 2,the percent change in real GDP (based on Year 1 as a base year) was

GDP differs from GNP because

In the mid-to-late 1980s,the United States had "twin deficits" because both ________ and ________ were negative.

Inventories include each of the following except