Economic Statistics and National Income Accounting

<p>The government budget deficit (C)</p> Signup and view all the answers

<p>Stock; flow (D)</p> Signup and view all the answers

<p>Gross Domestic Product (GDP) (D)</p> Signup and view all the answers

<p>Goods and services are valued at market prices (D)</p> Signup and view all the answers

<p>$7 (C)</p> Signup and view all the answers

<p>Factors of production and production function (A)</p> Signup and view all the answers

<p>The extra output from adding one more unit of labor (D)</p> Signup and view all the answers

<p>Way to display wealth (D)</p> Signup and view all the answers

<p>Buys government bonds (A)</p> Signup and view all the answers

<p>Irregular and unpredictable (C)</p> Signup and view all the answers

<p>Payments made to Social Security recipients (C)</p> Signup and view all the answers

<p>The federal, state, and local governments (B)</p> Signup and view all the answers

<p>Exported goods and services minus imported goods and services (C)</p> Signup and view all the answers

<p>$704 billion (B)</p> Signup and view all the answers

<p>Sandra Santiago's buying 100 shares of IBM stock (A)</p> Signup and view all the answers

<p>Purchases of corporate stock (C)</p> Signup and view all the answers

<p>$16.8 trillion (C)</p> Signup and view all the answers

<p>$53,000 (B)</p> Signup and view all the answers

<p>A continuously changing base year (A)</p> Signup and view all the answers

<p>Prices used are never far out of date (D)</p> Signup and view all the answers

<p>Y = C + I + G – NX (C)</p> Signup and view all the answers

<p>–$131 billion (B)</p> Signup and view all the answers

<p>$1,674 billion (B)</p> Signup and view all the answers

<p>Consumption (D)</p> Signup and view all the answers

<p>–$5 billion (A)</p> Signup and view all the answers

<p>New residential housing (B)</p> Signup and view all the answers

<p>4.9% (C)</p> Signup and view all the answers

<p>Percentage of the adult population that is in the labor force. (B)</p> Signup and view all the answers

<p>200 million (D)</p> Signup and view all the answers

<p>It will decrease. (D)</p> Signup and view all the answers

<p>Once in the household survey, but twice in the establishment survey. (C)</p> Signup and view all the answers

<p>approximately 1.07 (C)</p> Signup and view all the answers

<p>Both the household and establishment surveys. (C)</p> Signup and view all the answers

<p>Laspeyres price index (B)</p> Signup and view all the answers

<p>Both the household and establishment surveys. (B)</p> Signup and view all the answers

<p>$2 (B)</p> Signup and view all the answers

<p>Laspeyres price index (A)</p> Signup and view all the answers

<p>CPI (B)</p> Signup and view all the answers

<p>overestimates; 1 percentage point (A)</p> Signup and view all the answers

<p>60,000 (A)</p> Signup and view all the answers

<p>a full-time student (C)</p> Signup and view all the answers

<p>not employed but looking for work in the past 4 weeks (B)</p> Signup and view all the answers

Uses prices from a continuously changing base year.

Y = C + I + G - NX shows the total output and expenditure.

Net exports = GDP - (C + I + G).

If real GDP grows by 6% and population by 2%, GDP per person grows by ~4%.

Include all household purchases except durables.

Durables, nondurables, and services are classified as consumption.

Classified as investment in national income accounts.

Inventory investment = Total investment - (business + residential fixed investments).

All goods and services bought by federal, state, and local governments, excluding transfers like Social Security payments.

Net exports equal the value of exported goods and services minus the value of imported goods and services.

Gross Domestic Product measures the total economic output of a country and includes consumption, investment, and government purchases.

Investments for GDP exclude purchases of corporate stocks, focusing instead on physical assets like factories and homes.

In 2013, the GDP of the United States was approximately $16.8 trillion.

In 2013, GDP per person in the United States was about $53,000, reflecting average income levels.

In 2013, the average consumption per person in the U.S. was approximately $36,400.

In 2013, total government purchases per person in the U.S. was around $1,900, representing government spending per citizen.

A model depicting the flow of dollars between firms and households.

A variable that measures a quantity over a period of time, such as income.

A variable that measures a quantity at a specific point in time, like wealth.

The total market value of all final goods and services produced within an economy during a specific time.

Goods that are consumed by the end user and not used to produce other goods.

Capital is a stock measure, while investment is a flow measure.

A measure of government spending exceeding its revenue, considered a flow.

A price index that uses current quantities to measure changes in price.

A Laspeyres price index that measures average price changes of consumer goods and services.

A Laspeyres price index that measures the change in prices of all new, domestically produced goods and services.

Among indexes, the CPI will rise fastest when prices of goods increase differently.

The CPI overestimates inflation by about 1 percentage point per year, according to economists.

The monthly employment survey interviews approximately 60,000 households.

A person is not considered in the labor force if they are in school full time.

A person is unemployed if they do not have a job but have looked for work in the last four weeks.

Elements like labor, capital, and land used in production.

Additional output produced by adding one more unit of labor.

Roles include medium of exchange, unit of account, store of value.

The Federal Reserve increases supply by buying government bonds.

Irregular fluctuations in economic activity over time.

The percentage of the labor force that is unemployed.

The formula is (Unemployed / Labor Force) x 100.

The percentage of the adult population that is in the labor force.

An increase in retirees tends to decrease the labor force participation rate.

A worker with two jobs is counted once in the household survey and twice in the establishment survey.

Unemployment estimates are derived from both household and establishment surveys.

Total employment estimates come from both household and establishment surveys.

The value added by a firm is the difference between its sales and its purchases of inputs.