经济学原理习题13-1

13-1

1. For the economy as a whole,

a. i ncome must be greater than expenditure.

b. u nemployment must rise when GDP rises.

c. e xpenditure must equal income.

d. c onsumption must be greater than investment.

2. Which of the following is included in the calculation of GDP?

a. The purchase of tutoring services from a tutor who holds citizenship outside the

country but resides within the country.

b. The purchase of a new edition of a foreign textbook that was produced in a different

nation.

c. The purchase of ink and paper supplies by a textbook company for the production

of new textbooks.

d. The purchase of a used textbook from a friend who took the same class last year.

3. GDP is not a perfect measure of well-being; for example,

a.GDP incorporates a large number of non-market goods and services that are of

little value to society.

b. G DP places too much emphasis on the value of leisure.

c. G DP fails to account for the quality of the environment.

d. A ll of the above are correct.

4. Nominal GDP uses constant base-year prices to place a value on the economy’s production of goods and services, while real GDP uses current prices to place a value

on the economy’s production of goods and services.

a. T rue

b. F alse

5.Which of the following statements about GDP is correct?

a.Nominal GDP values production at current prices, whereas real GDP values

production at constant prices.

b.Nominal GDP values production at constant prices, whereas real GDP values

production at current prices.

c.Nominal GDP values production at market prices, whereas real GDP values

production at the cost of the resources used in the production process.

d.Nominal GDP values production at the cost of the resources used in the production

process, whereas real GDP values production at market prices.

6. Consumption is $5.5 trillion, investment is $1 trillion, government expenditures are $1.5 trillion, transfer payments are $.5 trillion, exports are $0.75 trillion and imports are $1.25 trillion. What is GDP?

Table 15-1

The country of Batavia produces only chocolates and watches. Below is a table with recent information on Batavia production and prices. The base year is 2009. Prices and Quantities

Year Price of A Box

of Chocolates

Boxes of

Chocolates

Price of

Watches

Quantity of

Watches

2008 $4 100 $50 10

2009 $5 90 $50 15

2010 $5 100 $60 15

2011 $6 80 $65 12

7. Refer to Table 15-1.What was nominal GDP, real GDP, and the GDP deflator for 2008?

8. Refer to Table 15-1.What was nominal GDP, real GDP, and the GDP deflator for 2009?

9. Refer to Table 15-1. What was nominal GDP, real GDP, and the GDP deflator for 2010?

10. Refer to Table 15-1. What was nominal GDP, real GDP, and the GDP deflator for 2011?

11. Refer to Table 15-1. What was the inflation rate for 2010?

12. Refer to Table 15-1. What was the inflation rate for 2011?

Answers to 13-1

1.c

2. a

3.c

4.b

5.a

6. GDP = C + I + G + NX = $5.5 trillion + $1 trillion + $1.5 trillion + $0.75 trillion -

$1.25 trillion = $7.5 trillion

7. Nominal GDP = $4x100 + $50X10 = $900

Real GDP =s $5x100 + $50x10 = $1,000

The GDP deflator = Nominal GDP/Real GDP = 100 x $900/$1,000 = 90

8. Nominal GDP= $5x90 + $50x15 = $1,200

Real GDP=$5x90 + $50x15 = $1,200

The GDP Deflator = 100 x Nominal GDP/Real GDP = 100

9. Nominal GDP=$5x100 + $60x15 = $1,400

Real GDP =$5x100 + $50x15 = $1,250

The GDP deflator = 100 x nominal GDP/real GDP = 100 x $1,400/$1,250 = 112

10. Nominal GDP= $6x80 + $65x12 = $1,260

Real GDP =$5x80 + $50x12 = $1000

The GDP deflator = 100 x $1260/$1000 = 126.

11. The inflation rate for 2010 =100% x (2010 GDP Deflator - 2009 GDP

Deflator)/2009 GDP Deflator= 100% x (112 - 100)/100 = 100% x 12/100 = 12%

12. The inflation rate for 2011 =100% x (GDP Deflator for 2011 - GDP Deflator for

2010)/GDP Deflator for 2010 =100% x (126 -112)/112 =100%x 14/112 = 12.5%