In a given year, U.S. nominal GDP was 2,784 billion and the GDP chain price index for that year is 60.4 . Real GDP is:
a. 1,682 billion.
b. 4,609 billion.
c. 3,889 billion.
d. 4,000 billion.
QUESTION 2In the aggregate demand/aggregate supply model, a country's full-employment real GDP is represented by:
a. prices.
b. aggregate demand.
c. aggregate supply.
d. an increase in the general level of prices.
QUESTION 3Suppose in a given year, GDP was 7,242 billion and the GDP chain price index for that year is 117.5 . Real GDP is:
a. 5,488 billion.
b. 6,163 billion.
c. 6,740 billion.
d. 7,789 billion.
QUESTION 4Which of the following would cause a rightward shift in the aggregate supply curve?
a. Larger-than-expected wage increases.
b. Lower oil prices.
c. Increased investment spending.
d. Greater government regulation.
QUESTION 5In 1990, U.S. nominal GDP was 5,744 billion and the GDP chain price index is 93.6 . Real GDP is:
a. 6,137 billion.
b. 5,376 billion.
c. 6,000 billion.
d. 6,376 billion.
QUESTION 6In the intermediate range of the aggregate supply curve, higher aggregate demand will increase:
a. both the price level and real GDP.
b. real GDP without raising the price level.
c. the price level without affecting real GDP.
d. the price level but reduce real GDP.
QUESTION 7In a given year, U.S. nominal GDP was 527 billion and the GDP chain price index for that year is 23.3 . Real GDP in 1996 dollars is:
a. 1,228 billion.
b. 2,262 billion.
c. 3,000 billion.
d. 3,262 billion.
Quick Reply
