经济学原理对应练习 23

1000 ? Chapter 23/Measuring a Nation's Income

130. For a certain economy in 2005, GDP was $2,000; investment was $400; government purchases were $300; and net

exports were $70. It follows that consumption was a. $1,370. b. $1,330. c. $1,230.

d. 60 percent of GDP. ANS: C PTS: 1 DIF: 1 REF: 23-3 TOP: Gross domestic product MSC: Interpretive 131. In a certain economy in 2005, households spent $1,000 on goods and services; purchases of capital equipment,

inventories, and structures amounted to $350; government spent $450 on goods and services; and the value of imports exceeded the value of exports by $50. It follows that 2005 GDP for this economy was a. $1,750. b. $1,850. c. $1,950. d. $2,100. ANS: A PTS: 1 DIF: 2 REF: 23-3 TOP: Gross domestic product MSC: Interpretive 132. In a certain economy in 2005, GDP amounted to $5,000; consumption amounted to $3,000; government purchases

were equal to investment; and the value of imports exceeded the value of exports by $200. It follows that government purchases amounted to a. $900. b. $1,100. c. $1,250. d. $1,325. ANS: B PTS: 1 DIF: 2 REF: 23-3 TOP: Gross domestic product MSC: Applicative 133. In a certain economy in 2005, the value of imports amounted to 80 percent of the value of exports. Consumption,

investment, and government purchases added up to $5,000. The market value of all final goods and services produced within the economy was $5,500. It follows that the economy exported a. $500 worth of goods and services. b. $1,000 worth of goods and services. c. $1,500 worth of goods and services. d. $2,500 worth of goods and services. ANS: D PTS: 1 DIF: 3 REF: 23-3 TOP: Net exports | Gross domestic product MSC: Applicative 134. In a certain economy in 2005, government purchases exceeded investment by $2,000; investment amounted to 1/6 of

GDP; consumption amounted to 1/2 of GDP; and the economy’s imports exceeded its exports by $500. It follows that GDP amounted to a. $4,500. b. $7,500. c. $9,000. d. $10,500. ANS: C PTS: 1 DIF: 3 REF: 23-3 TOP: Gross domestic product MSC: Analytical 135. In a given year an economy has consumption of $3,000, investment of $2,000, government purchases of $1,500,

exports of $500, imports of $600, taxes of $1200, transfer payments of $400, and depreciation of $300. This economy’s GDP is a. $6,400. b. $7,000. c. $7,600. d. $8,900. ANS: A PTS: 1 DIF: 2 REF: 23-3 TOP: Gross domestic product MSC: Applicative

Chapter 23/Measuring a Nation's Income ? 1001

136. In 2004, 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. ANS: B PTS: 1 DIF: 2 REF: 23-3 TOP: Gross domestic product MSC: Definitional

137. 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. ANS: C PTS: 1 DIF: 2 REF: 23-4 TOP: Nominal GDP MSC: Interpretive 138. 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; it excludes the value of services. ANS: B PTS: 1 DIF: 1 REF: 23-4 TOP: Real GDP MSC: Definitional

139. Which of the following statements about GDP is correct?

a. Nominal GDP values production at current prices, whereas real GDP values production at constant prices. b. Nominal GDP values production at constant prices, whereas real GDP values production at current prices. c. Nominal GDP values production at market prices, whereas real GDP values production at the cost of the

resources used in the production process.

d. Nominal GDP consistently underestimates the value of production, whereas real GDP consistently overestimates

the value of production.

ANS: A PTS: 1 DIF: 1 REF: 23-4 TOP: Nominal GDP | Real GDP MSC: Interpretive

140. If real GDP doubles and the GDP deflator doubles, then nominal GDP

a. remains constant. b. doubles. c. triples. d. quadruples. ANS: D PTS: 1 DIF: 2 REF: 23-4 TOP: Nominal GDP | Real GDP | GDP deflator MSC: Applicative

Table 23-2. The information in the table pertains to the country of Ophir.

Year

2004 2005 2006

141. Refer to Table 23-2. From this information we can conclude that

a. real GDP was higher in 2006 than in 2005, and real GDP was higher in 2005 than in 2004. b. real GDP was higher in 2005 than in 2004, and real GDP was higher in 2005 than in 2006. c. real GDP was higher in 2004 than in 2005, and real GDP was higher in 2005 than in 2006. d. real GDP was higher in 2004 than in 2006, and real GDP was higher in 2005 than in 2004. ANS: C PTS: 1 DIF: 3 REF: 23-4 TOP: Real GDP MSC: Applicative

Nominal GDP

$4000 $4100 $4200

GDP Deflator

100 105 110

1002 ? Chapter 23/Measuring a Nation's Income

142. Refer to Table 23-2. Which of the following statements do we know to be correct?

a. Total spending in Ophir increased throughout the period. b. Household spending in Ophir increased throughout the period.

c. The production of goods and services increased in Ophir throughout the period. d. All of the above are correct. ANS: A PTS: 1 DIF: 2 REF: 23-4 TOP: Nominal GDP MSC: Interpretive 143. Refer to Table 23-2. The inflation rate in Ophir was

a. 5 percent between 2004 and 2005, and 4.76 percent between 2005 and 2006. b. 5 percent between 2004 and 2005, and 5 percent between 2005 and 2006. c. 50 percent between 2004 and 2005, and 50 percent between 2005 and 2006. d. 100 percent between 2004 and 2005, and 105 percent between 2005 and 2006. ANS: A PTS: 1 DIF: 2 REF: 23-4 TOP: GDP deflator | Inflation rate MSC: Applicative

Table 23-3

Year 2006 2007 2008

144. Refer to Table 23-3. Nominal GDP for 2007 is

a. $900. b. $1,100. c. $1,250. d. $1,350. ANS: B PTS: 1 DIF: 1 REF: 23-4 TOP: Nominal GDP MSC: Applicative 145. Refer to Table 23-3. Nominal GDP is

a. $680 for 2006, $880 for 2007, and $1,200 for 2008. b. $760 for 2006, $880 for 2007, and $1,000 for 2008. c. $760 for 2006, $1,100 for 2007, and $1,600 for 2008. d. $960 for 2006, $1,280 for 2007, and $1,300 for 2008. ANS: C PTS: 1 DIF: 1 REF: 23-4 TOP: Nominal GDP MSC: Applicative 146. Refer to Table 23-3. Using 2006 as the base year, for 2007,

a. real GDP is $880 and the GDP deflator is 80. b. real GDP is $880 and the GDP deflator is 125. c. real GDP is $950 and the GDP deflator is 95. d. real GDP is $950 and the GDP deflator is 116. ANS: B PTS: 1 DIF: 2 REF: 23-4 TOP: Real GDP | GDP deflator MSC: Applicative 147. Refer to Table 23-3. Using 2007 as the base year, for 2006,

a. real GDP is $760 and the GDP deflator is 100. b. real GDP is $760 and the GDP deflator is 125. c. real GDP is $880 and the GDP deflator is 80. d. real GDP is $950 and the GDP deflator is 80. ANS: D PTS: 1 DIF: 3 REF: 23-4 TOP: Real GDP | GDP deflator MSC: Applicative

Price of

Sandwiches $4.00 $5.00 $6.00

Prices and Quantities

Quantity of Sandwiches

100 120 150

Price of Magazines $2.00 $2.50 $3.50

Quantity of Magazines 180 200 200

Chapter 23/Measuring a Nation's Income ? 1003

148. Refer to Table 23-3. Using the GDP deflator to measure the average level of prices and using 2006 as the base year,

the economy's inflation rate is

a. 20 percent for 2007 and 12.5 percent for 2008. b. 20 percent for 2007 and 30 percent for 2008. c. 25 percent for 2007 and 28 percent for 2008. d. 44.7 percent for 2007 and 45.5 percent for 2008. ANS: C PTS: 1 DIF: 2 REF: 23-4 TOP: GDP deflator | Inflation rate MSC: Applicative

149. Suppose GDP consists of wheat and rice. In 2005, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of

rice are sold at $2 per bushel. In 2004, the price of wheat was $2 per bushel and the price of rice was $1 per bushel. Using 2004 as the base year, it follows that, for 2005,

a. nominal GDP is $100, real GDP is $50, and the GDP deflator is 50. b. nominal GDP is $50, real GDP is $100, and the GDP deflator is 200. c. nominal GDP is $100, real GDP is $50, and the GDP deflator is 200. d. nominal GDP is $40, real GDP is $100, and the GDP deflator is 50. ANS: C PTS: 1 DIF: 2 REF: 23-4 TOP: Nominal GDP | Real GDP | GDP deflator MSC: Applicative 150. Suppose that the country of Samiam produces only eggs and ham. In 2005 it produced 100 dozen eggs at $3 per

dozen and 50 pounds of ham at $4 per pound. In 2004, the base year, eggs sold for $1.50 per dozen and ham sold for $5 per pound. For 2005,

a. nominal GDP is $500, real GDP is $400, and the GDP deflator is 80. b. nominal GDP is $500, real GDP is $400, and the GDP deflator is 125. c. nominal GDP is $400, real GDP is $400, and the GDP deflator is 100. d. nominal GDP is $400, real GDP is $500, and the GDP deflator is 125. ANS: B PTS: 1 DIF: 2 REF: 23-4 TOP: Nominal GDP | Real GDP | GDP deflator MSC: Applicative 151. In the country of Mainia, only cranberries and maple syrup are produced. In 2006, 50 units of cranberries are sold at

$20 per unit, and 100 units of maple syrup are sold at $10 per unit. The price of cranberries was $10 per unit and the price of maple syrup was $15 per unit in 2005, which is the base year. For 2006, a. nominal GDP is $2,000, real GDP is $2,000, and the GDP deflator is 100. b. nominal GDP is $2,000, real GDP is $2,500, and the GDP deflator is 125. c. nominal GDP is $2,500, real GDP is $2,000, and the GDP deflator is 83.3. d. None of the above is correct. ANS: A PTS: 1 DIF: 2 REF: 23-4 TOP: Nominal GDP | Real GDP | GDP deflator MSC: Applicative 152. Suppose a small economy produces only cheese and fish. In 2005, 20 units of cheese are sold at $5 each, and 8 units

of fish are sold at $50 each. In 2004, the base year, the price of cheese was $10 per unit, and the price of fish was $75 per unit. For 2005,

a. nominal GDP is $800, real GDP is $500, and the GDP deflator is 160. b. nominal GDP is $500, real GDP is $800, and the GDP deflator is 160. c. nominal GDP is $500, real GDP is $800, and the GDP deflator is 62.5. d. nominal GDP is $800, real GDP is $500, and the GDP deflator is 62.5. ANS: C PTS: 1 DIF: 2 REF: 23-4 TOP: Nominal GDP | Real GDP | GDP deflator MSC: Applicative 153. Real GDP is the production of final goods and services valued at

a. current year prices. b. constant prices.

c. expected future prices.

d. the ratio of current year prices to constant year prices. ANS: B PTS: 1 DIF: 1 REF: 23-4 TOP: Real GDP MSC: Definitional