Macroeconomics Australia Study Set 1

In calculating GDP, we must

Net exports of goods and services are defined as the

If last year net exports of goods and services was negative. This means that

A restaurant buys fish to offer as a daily menu special. The purchase of the fish by the restaurant is

In measuring GDP, which of the following is included?

Which of the following is a final good or service?

How are final goods and services valued when measuring nominal GDP?

Government expenditures on goods and services include i. the local Library's purchase of new books. ii. ACT's road maintenance. iii. the State of Victoria's payment of wages to correctional service officers.

Which of the following is included in Australia's GDP? i. The rental value of homes owned by Australian citizens ii. The production of Cotton On t-shirts by their suppliers in India iii. Tickets sold by Bruno Mars for concerts held in Sydney

Which of the following is NOT directly included in Australia's GDP?

When measuring GDP,

Consumption expenditure includes spending

Wobet is a small country that produces only steak and potatoes. Steaks have a price of $10 each and potatoes have a price of $1 each. Suppose that Wobet produces 10 steaks and 20 potatoes in 2010. Using ________, Wobet has GDP equal to ________.

Which of the following is included as investment in GDP? i. Cars produced during the year but unsold at the end of the year. Ii New capital equipment produced and purchased during the year. iii. Purchases of a company's shares and bonds.

Gross domestic product is defined as the market value of all the final goods and services produced during a given time period

Gross domestic product measures the

Gross domestic product is equal to the market value of all the final goods and services ________ in a given period of time.

Investment is the expenditure done by

Gross domestic product equals

Kelly's Surf Shop orders 5,000 new surfboards at the beginning of the year but only sells 4,500 by the end of the year. How are the 500 unsold surfboards accounted for in gross domestic product?