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.
| Year | Units of Output | Price per Unit |
| 1 | 8 | $2 |
| 2 | 10 | 3 |
| 3 | 15 | 4 |
| 4 | 18 | 5 |
| 5 | 20 | 6 |
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
- Brazil and Canada Correct
- Germany and China
- Canada and Mexico
- 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%