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Nominal GDP uses constant base-year prices to place a value on the economy's production of goods and services,while real GDP uses current prices to place a value on the economy's production of goods and services.

A) True
B) False

Correct Answer

verifed

verified

The government's purchases of goods but not its purchases of services are included in GDP.

A) True
B) False

Correct Answer

verifed

verified

If nominal GDP is $12,000 and the GDP deflator is 80,then real GDP is $15,000.

A) True
B) False

Correct Answer

verifed

verified

GDP can measure either the total income of everyone in the economy or the total expenditure on the economy's output of goods and services,but GDP cannot measure both at the same time.

A) True
B) False

Correct Answer

verifed

verified

When you purchase a run-down 1965 Ford Mustang to restore and resell,the purchase of the vehicle and all restoration expenditures are included in current GDP.

A) True
B) False

Correct Answer

verifed

verified

When real GDP increases,this implies that the production of goods and services has risen. ā€‹

A) True
B) False

Correct Answer

verifed

verified

If exports are $500,GDP is $8000,government purchases are $1200,imports are $700,and investment is $800,then consumption is $6200.

A) True
B) False

Correct Answer

verifed

verified

GDP excludes the value of intermediate goods because their value is included in the value of final goods.

A) True
B) False

Correct Answer

verifed

verified

The GDP deflator can be used to take inflation out of nominal GDP.

A) True
B) False

Correct Answer

verifed

verified

In years of economic contraction,firms throughout the economy increase their production of goods and services,employment rises,and jobs are easy to find.

A) True
B) False

Correct Answer

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verified

The advantage of real GDP as a measure is the fact that it only increases. ā€‹

A) True
B) False

Correct Answer

verifed

verified

If the GDP deflator in 2009 was 150 and the GDP deflator in 2010 was 175,then the inflation rate in 2010 was 25%.

A) True
B) False

Correct Answer

verifed

verified

New home construction is included in the consumption component of GDP.

A) True
B) False

Correct Answer

verifed

verified

In 2015,government purchases were the largest component of U.S.GDP.

A) True
B) False

Correct Answer

verifed

verified

GDP is the most closely watched economic statistic because it is thought to be the best single measure of a society's economic well-being.

A) True
B) False

Correct Answer

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verified

GDP does not directly measure those things that make life worthwhile,but it does measure our ability to obtain many of the inputs into a worthwhile life.

A) True
B) False

Correct Answer

verifed

verified

If total spending rises from one year to the next,then the economy must be producing a larger output of goods and services.

A) True
B) False

Correct Answer

verifed

verified

Consumption expenditures were previously the largest component of GDP,but with the growth of government and government expenditures,this is no longer true. ā€‹

A) True
B) False

Correct Answer

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The government purchases component of GDP includes salaries paid to soldiers but not Social Security benefits paid to the elderly.

A) True
B) False

Correct Answer

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U.S.GDP includes the market value of rental housing,but not the market value of owner-occupied housing services.

A) True
B) False

Correct Answer

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