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In 2006, output per capita in the United States was approximately equal to: $43,800
By the end of the 1990s, many people argued that the United States had entered a New Economy. Which of the following was considered a characteristic of the New Economy when compared to previous economic conditions? all of the above: sustained higher growth, lower unemployment, and lower inflation
The standard of living typically refers to output per capita
By 2006, the U.S. trade deficit as a percentage of U.S. output was approximately equal to: 6%
In February 2007, former chairman of the Fed, Alan Greenspan, put the probability of a U.S. recession at: 33%
Economists have suggested that the relatively higher unemployment in Europe has been caused by which of the following? inadequate macroeconomic policies
Which of the following countries had the lowest level of output per capita in 2006? Spain
At what point could the Euro be used as currency? January 1 2002
In 2006, output per capita in China was approximately equal to: $2,100
Inflation represents: an increase in the aggregate price level
Between 2006 and 2008, the annual rate of output growth in China was approximately equal to: 10%
Which of the following explains the relatively high growth rate of output in China since 1980? a transition from central planning to a market economy
Fill in the blank for the following: GDP is the value of all _____ produced in a given period. final goods and services
When using the income approach to measure GDP, the largest share of GDP generally consists of: labor income
For this question, assume that 1980 is the base year. Given macroeconomic conditions in the United States over the past three decades, we know that: real GDP and nominal GDP were equal in 1980.
Suppose nominal GDP increased in a given year. Based on this information, we know with certainty that: either real output or the price level (GDP deflator) have increased.
Use the following information to answer this question. If nominal GDP rises from $100 trillion to $120 trillion, while the GDP deflator rises from 2.0 to 2.2, the percentage change in real GDP is approximately equal to: 0%
Hedonic pricing is the process of pricing individual characteristics of a good or service
In a given year, suppose a company spends $100 million on intermediate goods and $200 million on wages, with no other expenses. Also assume that its total sales are $800 million. The value added by this company equals: $700 million.
A firm's value added equals: its revenue minus its cost of intermediate goods.
Created by: jessreed
 

 



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