Chapter 2/Measuring a Nation’s Income ? 17
106. In 2001, U.S. net exports were a. negative and about 10 percent the size of GDP. b. negative and about 3 percent the size of GDP. c. positive and about 3 percent the size of GDP. d. positive and about 10 percent the size of GDP. ANSWER: b. negative and about 3 percent the size of GDP. TYPE: TF DIFFICULTY: 2 SECTION: 23.3 107. In 2001, U.S. investment was about a. 4 percent of GDP. b. 8 percent of GDP. c. 12 percent of GDP. d. 16 percent of GDP. ANSWER: d. 16 percent of GDP. TYPE: M DIFFICULTY: 2 SECTION: 10.3
108. In 2001, U.S. government purchases of goods and services were about a. 6 percent of GDP. b. 12 percent of GDP. c. 18 percent of GDP. d. 24 percent of GDP. ANSWER: c. 18 percent of GDP. TYPE: M DIFFICULTY: 2 SECTION: 10.3
109. If in a given year an economy has consumption of $3000, investment of $2000, government purchases of $1500,
exports of $500, imports of $600, taxes of $1200, transfer payments of $400, and depreciation of $300, then GDP will equal a. $6400. b. $7000. c. $7600. d. $8900. e. $9500. ANSWER: a. $6400.
TYPE: M DIFFICULTY: 2 SECTION: 10.3
110. In 2001 government purchases of goods and services were a. larger than consumption, but smaller than investment. b. larger than investment, but smaller than consumption. c. smaller than both consumption and investment. d. larger than both consumption and investment. ANSWER: b. larger than investment, but smaller than consumption. TYPE: M DIFFICULTY: 2 SECTION: 10.3 111.
If total spending rises from one year to the next, then
a. the economy must be producing a larger output of goods and services. b. prices at which goods and services are sold must be higher.
c. either the economy must be producing a larger output of goods and services, or the prices at which goods and
services are sold must be higher, or both.
d. employment or productivity must be rising. ANSWER: c. either the economy must be producing a larger output of goods and services, or the prices at which
goods and services are sold must be higher, or both.
TYPE: M DIFFICULTY: 1 SECTION: 10.4
112. Real GDP a. evaluates current production at current prices. b. evaluates current production at the prices that prevailed in some specific year in the past. c. is not a valid measure of the economy’s performance, since prices change from year to year. d. is a measure of the value of goods only, hence, it excludes the value of services. ANSWER: b. evaluates current production at the prices that prevailed in some specific year in the past. TYPE: M DIFFICULTY: 1 SECTION: 10.4
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113.
Which of the following statements about GDP is most accurate?
a. Nominal GDP values production at current prices, while real GDP values production at constant prices. b. Nominal GDP values production at constant prices, while real GDP values production at current prices.
c. Nominal GDP values production at market prices, while real GDP values production at the cost of the resources
used in the production process.
d. Nominal GDP consistently underestimates the value of production, while real GDP consistently overestimates
the value of production.
ANSWER: a. Nominal GDP values production at current prices, while real GDP values production at constant prices. TYPE: M DIFFICULTY: 1 SECTION: 10.4
114. If real GDP doubles and the GDP deflator doubles, then nominal GDP will a. stay the same. b. double. c. triple. d. quadruple. ANSWER: d. quadruple.
TYPE: M DIFFICULTY: 2 SECTION: 10.4
115. Consider the following table for the country of Ophir:
Year 2000 2001 2002
Nominal GDP
$4000 $4100 $4200
GDP Deflator
100 105 110
From this information we can conclude that real GDP was higher in a. 2002 than in 2001, and real GDP in 2001 was higher than in 2000. b. 2001 than in 2000, and real GDP in 2001 was higher than in 2002. c. 2000 than in 2001, and real GDP in 2001 was higher than in 2002. d. 2000 than in 2002, and real GDP in 2001 was higher than in 2000. ANSWER: c. 2000 than in 2001, and real GDP in 2001 was higher than in 2002. TYPE: M SECTION: 10.4 DIFFICULTY: 3
116. Suppose GDP consists of wheat and rice. In 2002, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of
rice are sold at $2 per bushel. If the price of wheat was $2 per bushel and the price of rice was $1 per bushel in 2001, the base year, nominal 2002 GDP is a. $100, real 2002 GDP is $50, and the GDP deflator is 50. b. $50, real 2002 GDP is $100, and the GDP deflator is 200. c. $100, real 2002 GDP is $50, and the GDP deflator is 200. d. $40, real 2002 GDP is $100, and the GDP deflator is 50. ANSWER: c. $100, real 2002 GDP is $50, and the GDP deflator is 200. TYPE: M DIFFICULTY: 2 SECTION: 10.4
117. Suppose that the country of Samiam produces only eggs and ham. In 2002 it produced 100 units of eggs at $3 each
and 50 units of ham at $4 each. In 2001, the base year, eggs sold for $1.50 per unit and ham for $5. a. Nominal 2002 GDP is $500, real 2002 GDP is $400, and the GDP deflator is 80. b. Nominal 2002 GDP is $500, real 2002 GDP is $400 and the GDP deflator is 125. c. Nominal 2002 GDP is $400, real 2002 GDP is $400, and the GDP deflator is 100. d. Nominal 2002 GDP is $400, real 2002 GDP is $500, and the GDP deflator is 125. ANSWER: b. Nominal 2002 GDP is $500, real 2002 GDP is $400 and the GDP deflator is 125. TYPE: M DIFFICULTY: 2 SECTION: 10.4
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Chapter 2/Measuring a Nation’s Income ? 19
118. In the country of Mainia, GDP consists of cranberries and maple syrup. In 2002, 50 units of cranberries are sold at
$20 per unit, and 100 units of maple syrup are sold at $10 per unit. If the price of cranberries was $10 per unit and the price of maple syrup was $15.00 per unit in 2001, the base year, then nominal 2002 GDP is a. $2,000, real 2002 GDP is $2,000, and the GDP deflator is 100. b. $2,000, real 2002 GDP is $2,500, and the GDP deflator is 125. c. $2,500, real 2002 GDP is $2,000, and the GDP deflator is 83.3. d. None of the above are correct. ANSWER: a. $2,000, real 2002 GDP is $2,000, and the GDP deflator is 100. TYPE: M DIFFICULTY: 2 SECTION: 10.4
119. Suppose that Wisconsin produces cheese and fish. In 2002, 20 units of cheese are sold at $5 each, and 8 units of fish
are sold at $50 each. In 2001, the base year, the price of cheese was $10 per unit, and the price of fish was $75 per unit. a. Nominal 2002 GDP is $800, real 2002 GDP is $500, and the GDP deflator is 160. b. Nominal 2002 GDP is $500, real 2002 GDP is $800, and the GDP deflator is 160. c. Nominal 2002 GDP is $500, real 2002 GDP is $800, and the GDP deflator is 62.5. d. Nominal 2002 GDP is $800, real 2002 GDP is $500, and the GDP deflator is 62.5. ANSWER: c. Nominal 2002 GDP is $500, real 2002 GDP is $800, and the GDP deflator is 62.5. TYPE: M DIFFICULTY: 2 SECTION: 10.4
120. Real GDP is the production of final goods and services valued at a. current year prices. b. constant prices. c. future year prices. d. the ratio of current year prices to constant year prices. ANSWER: b. constant prices.
TYPE: M DIFFICULTY: 1 SECTION: 10.4
121. Which statement represents most correctly the relationship between nominal GDP and real GDP? a. Nominal GDP measures base-year production using base-year prices, while real GDP measures current
production using current prices.
b. Nominal GDP measures current production using base-year prices, while real GDP measures current production
using current prices.
c. Nominal GDP measures current production using current prices, while real GDP measures current production
using base-year prices.
d. Nominal GDP measures current production using current prices, while real GDP measures base-year production
using base-year prices.
ANSWER: c. Nominal GDP measures current production using current prices, while real GDP measures current
production using base-year prices.
TYPE: M DIFFICULTY: 2 SECTION: 10.4 122.
Which of the following statements about nominal GDP and real GDP is most accurate? a. Nominal GDP is a better gauge of economic well-being than is real GDP. b. Real GDP is a better gauge of economic well-being than is nominal GDP.
c. Real GDP and nominal GDP are equally good measures of economic well-being.
d. Whether real GDP or nominal GDP is a better measure of economic well-being depends on what sort of goods
are produced.
ANSWER: b. Real GDP is a better gauge of economic well-being than is nominal GDP. TYPE: M DIFFICULTY: 1 SECTION: 10.4
123. When economists talk about growth in the economy, they measure that growth with the a. absolute change in nominal GDP. b. percentage change in real GDP. c. absolute change in real GDP. d. percentage change in nominal GDP. ANSWER: b. percentage change in real GDP. TYPE: M DIFFICULTY: 1 SECTION: 10.4
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20 ? Chapter 2/Measuring a Nation’s Income
124. The GDP deflator is the ratio of a. real GDP to nominal GDP. b. real GDP to nominal GDP multiplied by 100. c. nominal GDP to real GDP. d. nominal GDP to real GDP multiplied by 100. ANSWER: d. nominal GDP to real GDP multiplied by 100. TYPE: M DIFFICULTY: 1 SECTION: 10.4
125. If nominal GDP is $10 trillion and real GDP is $8 trillion, the GDP deflator is a. 0.8. b. 1.25. c. 80. d. 125. ANSWER: d. 125.
TYPE: M DIFFICULTY: 1 SECTION: 10.4
126. If the GDP deflator is 200 and nominal GDP is $10,000 billion, then real GDP is a. $5,000 billion. b. $2,000 billion. c. $50 billion. d. None of the above are correct. ANSWER: a. $5,000 billion.
TYPE: M DIFFICULTY: 1 SECTION: 10.4
127. If a small country has current nominal GDP of $20 billion and a GDP deflator of 50, what is its real GDP? a. $100 billion b. $40 billion c. $10 billion d. $4 billion ANSWER: b. $40 billion
TYPE: M DIFFICULTY: 1 SECTION: 10.4
128. If a small country has current nominal GDP of $25 billion and the GDP deflator is 125, what is real GDP? a. $312.5 billion b. $207.5 billion c. $31.25 billion d. $20 billion ANSWER: d. $20 billion
TYPE: M DIFFICULTY: 1 SECTION: 10.4
129. If a country reported nominal GDP of 100 billion in 2002 and 75 billion in 2001 and reported a GDP deflator of 125 in
2002 and a deflator of 120 in 2001 then from 2001 to 2002 real output a. and prices both rose. b. rose and prices fell. c. fell and prices rose. d. and prices both fell. ANSWER: a. and prices both rose. TYPE: M DIFFICULTY: 2 SECTION: 10.4
130. If a country reported nominal GDP of 200 billion in 2002 and 180 billion in 2001 and reported a GDP deflator of 125
in 2002 and of 105 in 2001, then from 2001 to 2002 real output a. and prices both rose. b. rose and prices fell. c. fell and prices rose. d. and prices both fell. ANSWER: c. fell and prices rose. TYPE: M DIFFICULTY: 2 SECTION: 10.4
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