### Measuring output videos – Gross Domestic Product Video – MACRO MINI – 2019 Spring

The key terms in this Measuring output videos – Gross Domestic Product Video – Macro Mini – 2019 Spring include

#### Item 1

Required information

Gross Domestic Product Video

What good was used as an example of an intermediate good in this video?

Multiple Choice

• tires that will be put on a new car Correct
• pencils that will be used by an elementary school
• ketchup that will be put on a new hamburger
• audio equipment that will be used to produce a music album

Measuring output videos

#### Item 2

Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.

If year 2 is the base year, then real GDP in year 5 is _____.

Multiple Choice

• \$30
• \$90
• \$60 Correct
• \$120

#### Item 3

Required information

Real GDP Per Capita Video

According to the video, which two countries have very similar real GDP but very dissimilar real GDP per capita?

Multiple Choice

• Germany and China
• Italy and India

#### Item 4

Required information

The Income Approach Video

What product was exchanged in this video?

Multiple Choice

• a pizza
• a pair of sunglasses
• a car
• a bag of apples Correct

Measuring output videos

#### Item 5

Assume that the real GDP of a developing nation increases from \$120 billion to \$140 billion while its population expands from 100 to 110 million. As a result, real GDP per capita has increased by about _____.

Multiple Choice

• \$56 per person
• \$64 per person
• \$72 per person Correct
• \$88 per person

#### Item 6

Required information

GDP Price Index Video

What happened to the GDP price index from Year 1 to Year 2 in the video example?

Multiple Choice

• It increased from 90 to 99.
• It increased from 96 to 99.
• It increased from 90 to 96.
• It increased from 100 to 103. Correct

#### Item 7

Expenditures Approach – Net Exports Video

What was the value of net exports in Marketopia?

Multiple Choice

• \$10 billion
• \$4 billion
• \$3 billion Correct
• \$7 billion

#### Item 8

Required information

Real GDP Video

In the video example, nominal GDP overstated the growth of output by approximately how much?

Multiple Choice

• 2%
• 1%
• 4%
• 3% Correct

#### Item 9

Required information

The Expenditures Approach – Gross versus Net Investment Video

In the video example, how much was net investment in the economy?

Multiple Choice

• 0 tractors
• 2 tractors
• 3 tractors
• 1 tractor Correct

Measuring output videos

#### Item 10

GDP – An Imperfect Measure Video

Based on what you learned in the video, which of the following transactionsis most likely to be included in GDP?

Multiple Choice

• Emma provides landscaping services for Monica in exchange for some fruit from Monica’s tree.
• Toby performs many different tasks as a stay-at-home parent.
• Sandra starts her own bakery and sells bread to neighborhood restaurant
• Lucas sells illegal drugs.

#### Item 11

Required information

Expenditures Approach – Personal Consumption and Government Expenditures Video

According to the video, if a good is tangible and expected to last 2 years before wearing out, how is it classified?

Multiple Choice

• nondurable good
• luxury good
• service good
• durable good

Measuring output videos

#### Item 12

Required information

Expenditures Approach – Summary Video

What part of aggregate expenditures was the smallest component of GDP for Marketopia?

Multiple Choice

• C
• I
• G
• NX Correct

#### Item 13

Required information

The Expenditures Approach – Gross Investment Video

According to the video, investment is what percentage of total output in the U.S. economy?

Multiple Choice

• 30%
• 20% Correct
• 10%
• 5%