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ECO 231 Exam 2 || A Verified A+ Pass.
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If a country's initial real GDP is $60,000 and its annual growth rate is 5%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. correct answers 14 years Which of the following would most likely NOT be counted in GDP? correct answers You...

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  • August 15, 2024
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  • 2024/2025
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ECO 231 Exam 2 || A Verified A+ Pass.
If a country's initial real GDP is $60,000 and its annual growth rate is 5%, use the Rule of 70 to
determine approximately how many years it would take for this economy to double its GDP.
correct answers 14 years

Which of the following would most likely NOT be counted in GDP? correct answers You build a
shed in your back yard to store your lawn mower.

Table: Wheat and Corn

POW...QOW...POC...QOC
Year.. PB...MB...PB..MT..
2005 $56 1,250 44 940.....
2006 64 1,360 52 1,050.......
2007 72 1,420 55 1,120......
2008 80 1,500 62 1,260


(Table: Wheat and Corn) Consider a country that produces only wheat and corn. Based on the
data in the table, the growth rate of nominal GDP from 2005 to 2006 is: correct answers 27%

The value of production by a U.S. worker employed by a firm located in Canada is included in:
correct answers Canada's GDP only.

Which of the following government outlays is a transfer payment that would NOT be included in
GDP? correct answers The Social Security program sends a monthly payment to a senior citizen.

Which of the following would NOT be included in this year's GDP for the United States? correct
answers The U.S. government distributes $10 million in social security payments.

Increases in _____ are considered the best measure of increases in living standards because they
measure only increases in production. correct answers real GDP

Which statement is TRUE? correct answers Nominal GDP can rise from one year to the next
because of price increases or because of production increases, or both.

Programmers produce a large amount of software on an unpaid, open-source basis. As a result
correct answers GDP undercounts some software production.

A computer chip sold to Dell is an example of: correct answers an intermediate good

Final goods are goods: correct answers consumed or held in personal inventories.

The growth rate of GDP tells how rapidly the country's level of _____ is rising or falling over
time. correct answers production

, Which of the following would NOT be included in the calculation of GDP as a government
purchase? correct answers distribution of food stamps

Table: Three-Good Economy II

P.Q..(08)..P(08)..Q(09.)P(09) C.....30....... $1,000.... 28.. $995
P..... 100...... 10...... 150....... 15
B...... 200...... 200.... 210.... 20

(Table: Three-Good Economy II) Suppose an economy produces only the three final goods
shown in the table. The table gives information on the quantities produced and the prices of
goods sold in 2008 and 2009. What is the real GDP in 2009 if 2009 prices are used in the
calculation of real GDP? correct answers $34,310

The value of volunteer services is: correct answers not included in GDP, but should be because a
service is produced.

Private spending on final goods and services is part of: correct answers consumpution

If a country is experiencing inflation, it would mean that: correct answers nominal GDP is
growing faster than real GDP.

Gross domestic product is the market value of all: correct answers final goods and services
produced within a country in a year.

Table: GDP Data

2K GDP in $2K $11.6 Trillion 95 GDP in $2K $10 trillion 95 GDP in $'95 $8.8 trillion

(Table: GDP Data) Using the GDP data in the table, how much did nominal GDP grow between
1995 and 2000? A correct answers 31.8%

GNP measures: correct answers production by U.S. citizens wherever they work in the world.

GDP is calculated by: correct answers multiplying the quantity of all goods and services by their
prices and adding together the results

In 2010, nominal GDP was $14.6 trillion and the GDP deflator was 110.6. What was real GDP
for that year? correct answers $13.2 trillion

Using the national spending approach to measuring GDP, if Tyler buys 50 shares of Apple stock,
it is included in GDP as part of: correct answers nothing; it is not included as part of GDP.

Which of the following statements is TRUE about GDP? correct answers GDP does not account
for the distribution of income in a country.

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