Economic Statistics and National Income Accounting

What describes the payment made by firms to households in the circular flow model?

Which of the following is classified as a flow variable?

Which of the following represents a stock variable?

Which of the following is not considered a stock?

How is capital defined in economic terms?

What is the term for the market value of all final goods and services produced within an economy during a period?

To compute GDP accurately, which statement is correct?

If total output consists of 4 apples at $1 each and 6 oranges at $0.50 each, what is the total GDP value?

What determines the output of goods and services in an economy?

How is the marginal product of labor defined?

Which of the following is NOT a major function of money?

What action does the Federal Reserve take to increase the money supply?

Which statement accurately describes business cycles?

Which of the following is not classified as a government purchase in the national income accounts?

In the national income accounts, government purchases include goods and services bought by which of the following?

What do net exports equal in the context of national income accounts?

If GDP is $5,465 billion and the sum of consumption, investment, and government purchases is $5,496 billion, what is the value of imports?

Which of the following actions is not considered an investment by macroeconomists?

Which of the following is not included in the investment component of GDP?

In 2013, the GDP of the United States was approximately how much?

What was the approximate GDP per person in the United States in 2013?

What is the basis of prices used in chain-weighted measures of real GDP?

What distinguishes the new chain-weighted measures of real GDP from traditional measures?

What is the identity for national income accounts in an open economy?

If GDP is $5,465 billion, consumption is $3,657 billion, investment is $741 billion, and government purchases are $1,098 billion, what are the net exports?

If total consumption is $3,657 billion, consumption of durable goods is $480 billion, and consumption of nondurable goods is $1,194 billion, what is the consumption of services?

In the national income accounts, which type of expenditure includes household purchases of durable goods?

If total investment is $741 billion, business fixed investment is $524 billion, and residential fixed investment is $222 billion, what is the inventory investment?

Which of the following is NOT included in consumption expenditures in the national income accounts?

What is the unemployment rate when 7 million workers are unemployed and 143 million workers are employed?

Which percentage correctly represents the labor-force participation rate?

If the unemployment rate is 6 percent and the number of employed is 188 million, what is the labor force size?

If there is an increasing proportion of the adult population that is retired, how will this affect the labor force participation rate?

How is a worker with two jobs counted in the different surveys?

What is the Paasche index for 2009 using 2004 prices, given the cost of the basket of goods and services?

What is a reliable source to estimate the number of unemployed workers in the economy?

Which type of price index is represented by the Consumer Price Index (CPI)?

From which source can total employment in the economy be estimated?

What is the value added by the miller when wheat is sold for $1 and flour for $3?

What is the primary characteristic of the GDP deflator?

Among different price indices, which one increases fastest when prices of goods rise at different rates?

How does the Consumer Price Index (CPI) affect inflation estimates according to economists?

Approximately how many households are surveyed monthly by the U.S. Bureau of Labor Statistics?

According to the U.S. Bureau of Labor Statistics, which of the following individuals is not considered part of the labor force?

In the context of labor statistics, how is a person classified as unemployed?