Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Chapter 07 - Measuring Domestic Output and National Income
110. Refer to the above data. Nominal GDP in year 4 is:
111. Refer to the above data. Real GDP in year 4 is:
112. If real GDP in a particular year is $80 billion and nominal GDP is $240 billion, the GDP
price index for that year is:
Chapter 07 - Measuring Domestic Output and National Income
113. Suppose a nation's 2010 nominal GDP was $972 billion and the general price index was
90. To make the 2010 GDP comparable with the base year GDP, the 2010 GDP must be:
114. Suppose nominal GDP in 2009 was $100 billion and in 2010 it was $260 billion. The
general price index in 2009 was 100 and in 2010 it was 180. Between 2009 and 2010 the real
GDP rose by approximately:
115. Historically, real GDP has increased less rapidly than nominal GDP because:
Chapter 07 - Measuring Domestic Output and National Income
116. Suppose nominal GDP was $360 billion in 1990 and $450 billion in 2000. The
appropriate price index (1985 = 100) was 120 in 1990 and 125 in 2000. Between 1990 and
2000 real GDP:
Assume an economy that makes only one product and that year 3 is the base year. Output and
price data for a five-year period are as follows. Answer the question on the basis of these data.
117. Refer to the above data. If year 3 is chosen as the base year, the price index for year 1 is:
Chapter 07 - Measuring Domestic Output and National Income
118. Refer to the above data. The nominal GDP for year 4 is:
119. Refer to the above data. Real GDP for year 5 is:
120. Refer to the above data. In determining real GDP, the nominal GDP for:
Chapter 07 - Measuring Domestic Output and National Income
122. If nominal GDP rises:
123. Real GDP is:
Chapter 07 - Measuring Domestic Output and National Income
124. In comparing GDP data over a period of years, a difference between nominal and real
GDP may arise because:
Answer the question on the basis of the following information: Only three goods are
produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year
per unit prices of these three goods are A = $2, B = $3, and C = $1.
125. Refer to the above information. Nominal GDP in the current year is:
Chapter 07 - Measuring Domestic Output and National Income
7-47
126. (Advanced analysis) Refer to the above information. If the per unit prices of the three
goods each were $1 in a base year used to construct a GDP price index, then the GDP price
index in the current year is:
127. (Advanced analysis) Refer to the above information. If the per unit prices of the three
goods each were $1 in a base year used to construct a GDP price index, then real GDP in the
current year is:
Assume an economy that is producing only one product. Output and price data for a three-
year period are as follows. Answer the question on the basis of these data.
Chapter 07 - Measuring Domestic Output and National Income
128. Refer to the above data. If year 2 is chosen as the base year, the price index for year one
is:
129. Refer to the above data. The nominal GDP for year 3 is:
130. Refer to the above data. If year 2 is chosen as the base year, real GDP for year 1 is:
Chapter 07 - Measuring Domestic Output and National Income
7-49
131. Refer to the above data. If year 2 is chosen for the base year, in year 3 nominal GDP and
real GDP, respectively, are:
132. Refer to the above data. If year 2 is chosen as the base year, in years 1 and 3 the price
index values, respectively, are:
Answer the question on the basis of the following information:
Chapter 07 - Measuring Domestic Output and National Income
133. The economy above has experienced a:
134. In the economy above:
135. In the economy above, real GDP for year 3 is:
Chapter 07 - Measuring Domestic Output and National Income
136. Assume that in 2002 the nominal GDP was $350 billion and in 2003 it was $375 billion.
On the basis of this information we:
137. If nominal GDP in some year is $280 and real GDP is $160, then the GDP price index
for that year is:
138. If real disposable income fell during a particular year, we can conclude that:
Chapter 07 - Measuring Domestic Output and National Income
139. Refer to the above diagram. The base year used in determining the price indices for this
economy:
