Macroeconomics Study Set 48
Quiz 7: GDP and the CPI: Tracking the Macroeconomy
Nominal Gdp Is
Nominal GDP is: A) inflation-adjusted GDP. B) real GDP minus depreciation. C) current-dollar GDP. D) constant-dollar GDP.
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Government economists have adopted the _____ method of calculating the change in real GDP, which averages the GDP growth rate according to both an early base year and a late base year. A) cost indexation B) straight-line depreciation C) chain-linking D) fixed base year
Assume that, in the base year (2011), a country's nominal GDP is $10,000 billion. The country has had 5% inflation each year since 2006. Real GDP of 2011 is equal to: A) $10,500 billion. B) $11,025 billion. C) $10,000 billion. D) $9,500 billion.
Real GDP tends to understate our economic well-being because it: A) includes the value of services produced in the home. B) excludes the value of leisure. C) includes expenditures on crime prevention equipment. D) includes health care costs related to the consumption of cigarettes.
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