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Exam 26: Measuring Domestic Output and National Income

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Question 91

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Answer the question on the basis of the following data.All figures are in billions of dollars. $\begin{array}{llcc} \text {Personal Taxes } &\$40 \\ \text { Social Security Contributions} &15\\ \text {Taxes on Production and Imports } &20\\ \text {Corporate Income Taxes } &40\\ \text { Transfer Payments } &22\\ \text { U.S. Exports } &24\\ \text {Undistributed Corporate Profits } &35 \\ \text {Government Purchases } &90\\ \text { Gross Private Domestic Investment } &75\\ \text { U.S. Imports } &22\\ \text {Personal Consumption Expenditures } &250\\ \text {Consumption of Fixed Capital } &25\\ \text { Net Foreign Factor Income } &10\\ \text {Statistical Discrepancy } &0\\\end{array}$ Refer to the data.GDP is:

A) $390.
B) $417.
C) $422.
D) $492.

E) None of the above
F) A) and D)

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Question 92

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(Consider This) When making a capital stock and reservoir analogy,the:

A) outflow below the dam is the stock of capital.
B) inflow from the river is gross investment.
C) level of water in the reservoir is depreciation.
D) level of water in the reservoir is net investment.

E) A) and C)
F) B) and C)

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Question 93

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Answer the question on the basis of the following national income data.All figures are in billions of dollars. $\begin{array} { l r } \text { Personal Taxes } & \$ 23 \\\text { Net Private Domestic Investment } & 33 \\\text { Net Exports } & 6 \\\text { National Income } & 278 \\\text { U.S. Exports } & 20 \\\text { Gross Private Domestic Investment } & 56 \\\text { Disposable Income } & 220 \\\text { Taxes on Production and Imports } & 32 \\\text { Undistributed Corporate Profits } & 15 \\\text { Proprietors' Income } & 45 \\\text { Net Foreign Factors Income } & 0 \\\text { Statistical Discrepancy } & 0\end{array}$ Refer to the data.Consumption of fixed capital (private sector) is:

Answer the question on the basis of the following national income data for the economy.All figures are in billions of dollars. $\begin{array} { l r } \text { Personal Consumption Expenditures } & \$ 400 \\\text { Government Purchases } & 128 \\\text { Gross Private Domestic Investment } & 88 \\\text { Net Exports } & 7 \\\text { Net Foreign Factor Income } & 0 \\\text { Consumption of Fixed Capital } & 43 \\\text { Taxes on Production and Imports } & 50 \\\text { Compensation of Employees } & 369 \\\text { Rents } & 12 \\\text { Interest } & 15 \\\text { Proprietors' Income } & 52 \\\text { Corporate Income Taxes } & 36 \\\text { Dividends } & 24 \\\text { Undistributed Corporate Profits } & 22 \\\text { Statistical Discrepancy } & 0\end{array}$ The gross domestic product for the above economy is:

GDP can be calculated by summing:

Suppose that inventories were $40 billion in 2012 and $50 billion in 2013.In 2013,national income accountants would:

The value added of a firm is the market value of:

Suppose Smith pays $100 to Jones.

If nominal GDP is 150 and the GDP price index is 200,real GDP is 75.