1. What does Gross Domestic Product (GDP) measure? a) The total population of a country b) The total value of goods and services produced within a country's borders c) The total value of imports and exports d) The total government spending in a country

GDP Data (in $ billion) Table 7-1 Durable goods = $11,080.00 Services = $12,500.56 Business purchases of capital goods = $1,080.00 Fixed investment = $12,080.00 %3D Exports = $700.00 Imports = $820.46 %3D Nondurable goods = $1,000.46 Inventory investment = $301.25 Government transfer payments = $1,240.26 Purchases of new residential housing = $11,000.00 Government purchases = $7,890.56 Refer to Table 7-1. GDP is equal to O $44,762.30 O $44,132.31 O $44,732.37 O $43,732.89

14. Country A has a GDP of $400,000, and country B has a GDP of $100,000. The standard of living in country A... a) is higher than the standard of living in country B b) is lower than the standard of living in country B c) is similar to the standard of living in country B d) cannot be determined from the information provided

3. The market value of all final goods and services produced in the country during the year, regardless of whether there are factors of production of the residents of the country or owned by foreigners-is: a) gross domestic product; b) gross national product; c) the GDP deflator; d) net national product; e) national income.

_________ is output per hour in the business sector.   a)GDP per capita b)Investment c)Productivity d)Net exports

GDP 1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document): Consumption Investment Business fixed investment Changes in inventories Government Net Exports Exports Imports Expenditure Components of GDP by Country, 2018 (billions of US dollars) Australia Canada Denmark Finland India Japan New Zealand 808.7 996.9 165.9 146.1 1650.6 2763.3 120.0 336.9 0.1 275.5 348.5 312.0 385.1 9.4 357.1 544.9 581.1 78.8 2.9 86.6 197.9 176.4 65.6 842.7 3.4 27.4 62.7 312.1 1202.5 11.2 981.6 Which country has the largest negative net exports? 106.8 548.6 917.1 108.8 657.0 904.4 GDP Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices - US dollars 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports? Which one(s)? 49.1 0.1 38.4 58.2 58.1 UK 1870.5 487.3 5.8 528.3 856.8 907.1 US 13998.7 4260.7 54.7 2904.3…

4. Measuring GDP The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2017, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data (Billions of dollars) Consumption (C) 13,321.4 Investment (I) 3,368.0 Exports (X) 2,350.2 Imports (M) 2,928.6 Net Exports of Goods and Services Government Purchases (G) 3,374.4 Gross Domestic Product (GDP)

Gross Domestic Product represents... Group of answer choices The degree of globalization The value of the total production in a country The ratio of exports relative to the total production in a country The sum of imports and exports of a country

d) The total government spending in a country 2. Which of the following is NOT included in the calculation of GDP? a) Investment spending b) Government spending c) Transfer payments d) Consumer spending 3. Which appro to calculating GDP measures the value of all final goods

To calculate GDP from the income side, one must add together wages, a) government income, interest, and profits. b) consumption and depreciation. c) interest, rent, depreciation, profits and indirect taxes net of subsidies. d) investment, rent, depreciation, profits and indirect taxes net of subsidies. e) net exports, depreciation, and profits.