Country A has export sales of $20 billion and government purchases of $1,000 billion; business investment is $50 billion, imports are $40 billion, and consumption spending is $2,000 billion. What is the dollar value of GDP?
Which of the following are included in GDP, and which are not?
- The cost of hospital stays
- The rise in life expectancy over time
- Child care provided by a licensed day care center
- Child care provided by a grandmother
- The sale of a used car
- The sale of a new car
- The greater variety of cheese available in supermarkets
- The iron that goes into the steel that goes into a refrigerator bought by a consumer
Using data from Table 5.5, how much of the nominal GDP growth from 1980 to 1990 was real GDP and how much was inflation?
Without looking at Table 5.7, return to Figure 5.10. If a recession is defined as a significant decline in national output, can you identify any post-1960 recessions in addition to the recession of 2008–2009? (This requires a judgment call.)
According to Table 5.7, how often have recessions occurred since the end of World War II (1945)?
According to Table 5.7, how long has the average recession lasted since the end of World War II?
According to Table 5.7, how long has the average expansion lasted since the end of World War II?
Is it possible for GDP to rise while, at the same time, per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?
The Central African Republic has a GDP of 1,107,689 million CFA francs and a population of 4.862 million. The exchange rate is 284.681 CFA francs per dollar. Calculate the GDP per capita of the Central African Republic.
Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living.
- The environment becomes dirtier
- The crime rate declines
- A greater variety of goods become available to consumers
- Infant mortality declines