Sec 23.4 MC Real versus Nominal GDP

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1. Iftotalspendingrisesfromoneyeartothenext,then a. theeconomymustbeproducingalargeroutputofgoodsandservices. b. goodsandservicesmustbesellingathigherprices. c. eithertheeconomymustbeproducingalargeroutputofgoodsandservices,orgoodsandservicesmustbesellingathigherprices,orboth. d. employmentorproductivitymustberising.ANSWER:  cPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  001.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YQJUQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJS-GOHD-RP5G-G7UD-OCUG-GWSU-KA5B-CRSU-Q3DB-GOSU-QCT1-GCSU-Q3TT-GHHD-RPDB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE2. Iftotalspendingrisesfromoneyeartothenext,thenwhichofthefollowingcouldnotbetrue? a. theeconomyisproducingasmalleroutputofgoodsandservices,andgoodsandservicesaresellingathigherprices. b. theeconomyisproducingalargeroutputofgoodsandservices,andgoodsandservicesaresellingatlowerprices. c. theeconomyisproducingalargeroutputofgoodsandservices,andgoodsandservicesaresellingathigherprices. d. theeconomyisproducingasmalleroutputofgoodsandservices,andgoodsandservicesaresellingatlowerprices.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCopyrightCengageLearning.PoweredbyCognero.Page 55 CUSTOM ID:  002.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YQJ1QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJI-GHAU-13BT-CAHD-QCB3-CESU-KCDR-8RSS-NPBZ-GOSU-QQMG-GWSS-N3JA-CFTG-N3J3-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE3. Ifthepricesofallgoodsandservicesproducedintheeconomyrosewhilethequantityofallgoodsandservicesstayedthesame,whichwouldrise? a. bothrealGDPandnominalGDP. b. realGDPbutnotnominalGDP. c. nominalGDPbutnotrealGDP. d. neithernominalGDPnorrealGDP.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  003.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YQJTQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMB-GH3U-QCBT-G31S-R3TW-COSU-13TA-CRSS-N3JS-GOSU-CQJ1-8YSU-GP3S-CEAU-NCJS-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE4. Whenstudyingchangesintheeconomyovertime,economistswantameasureofthetotalquantityofgoodsandservicestheeconomyisproducingthatisnotaffectedbychangesinthepricesofthosegoodsandservices.Inotherwords,economistswanttostudy a. nominalGDP. b. realGDP. c. theGDPdeflator. d. GNP.ANSWER:  bPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPCopyrightCengageLearning.PoweredbyCognero.Page 55 NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  004.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YQJOQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-GY5D-NP5N-CF1S-KQMR-8RSU-NPT1-CESU-CCDB-GOSU-NQJS-GASS-CCTS-GA5G-K3UF-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE5. NominalGDPwilldefinitelyincreasewhen a. pricesincreaseandoutputincreases. b. pricesincreaseandoutputdecreases. c. pricesdecreaseandoutputincreases. d. Alloftheabovearecorrect.ANSWER:  aPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  005.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YQJZQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJT-8Y4S-NAJA-CW5D-KCJA-GASU-OPTU-8RSU-QCJI-GOSU-GPDF-8RSU-KQBA-CFTU-KQMD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE6. ChangesinnominalGDPreflect a. onlychangesinprices. b. onlychangesintheamountsbeingproduced. c. bothchangesinpricesandchangesintheamountsbeingproduced. d. neitherchangesinpricesnorchangesintheamountsbeingproduced.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPCopyrightCengageLearning.PoweredbyCognero.Page 55 QUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  006.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YQJSQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJW-CW3D-QCBW-GR5U-ECBO-GASU-KC33-8YSS-EPJI-GOSS-GAMN-GRSS-NC3A-C3OS-CPDR-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE7. RealGDPwillincrease a. onlywhenpricesincrease. b. onlywhenoutputincreases. c. whenpricesincreaseoroutputincreases. d. Alloftheabovearecorrect.ANSWER:  bPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  007.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YQJIQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJI-GO4U-RAJI-GO3D-O3BZ-CCSU-Y3TI-8YSS-KPTI-GOSU-OPJU-GESS-G3BI-GC4D-CCBI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE8. ChangesinrealGDPreflect a. onlychangesinprices. b. onlychangesintheamountsbeingproduced. c. bothchangesinpricesandchangesintheamountsbeingproduced. d. neitherchangesinpricesnorchangesintheamountsbeingproduced.ANSWER:  bCopyrightCengageLearning.PoweredbyCognero.Page 55 POINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  008.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YQJWQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMF-C3UD-Q3JS-GJOU-CP5N-CWSU-R3MB-8RSU-YPMD-GOSU-QA5N-GRSU-1CBW-CR4G-K3TT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE9. RealGDPistheyearlyproductionoffinalgoodsandservicesvaluedat a. currentprices. b. constantprices. c. expectedfutureprices. d. theratioofcurrentpricestoconstantprices.ANSWER:  bPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  009.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTKNQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJT-GPUG-CCDF-GIOU-NAJZ-GASU-CPBA-8YSU-GP5B-GOSS-G3DR-8YSU-N3UB-CC5D-QC3Z-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE10. WhichofthefollowingstatementsaboutGDPiscorrect? a. NominalGDPvaluesproductionatcurrentprices,whereasrealGDPvaluesproductionatconstantprices. b. NominalGDPvaluesproductionatconstantprices,whereasrealGDPvaluesproductionatcurrentprices.CopyrightCengageLearning.PoweredbyCognero.Page 55  c. NominalGDPvaluesproductionatmarketprices,whereasrealGDPvaluesproductionatthecostoftheresourcesusedintheproductionprocess. d. NominalGDPvaluesproductionatthecostoftheresourcesusedintheproductionprocess,whereasrealGDPvaluesproductionatmarketprices.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  010.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJ3QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMF-8BOS-CP3I-G3OU-GA3I-GESS-GQJT-CRSU-KQBT-GOSS-CPJW-GESU-OQDF-8B1D-YQBO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE11. Whichofthefollowingisalwaysmeasuredinpricesfromabase-year? a. bothnominalandrealGDP. b. nominalbutnotrealGDP. c. realbutnotnominalGDP. d. neithernominalnorrealGDP.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  011.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJAQUESTION GLOBAL ID:  CopyrightCengageLearning.PoweredbyCognero.Page 55 GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJT-C3TD-GATZ-CIUD-Q3TA-GHSU-CPB3-8YSS-C3JT-GOSU-YPBW-GHSU-QC3O-CRAD-QA3S-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE12. Whichofthefollowingalwaysusespricesandquantitiesfromthesameperiod? a. bothnominalandrealGDP. b. nominalGDPbutnotrealGDP. c. realGDPbutnotnominalGDP. d. neithernominalorrealGDP.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  012.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTKGQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJZ-8R5D-YPDN-8FTU-GCJO-CESS-EAJO-CESU-13TT-GOSS-GCUR-GYSU-GPBS-C3TS-GPJW-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE13. Whichofthefollowingiscorrect? a. NominalGDPisalwayslessthanrealGDP. b. NominalGDPisalwaysgreaterthanrealGDP. c. NominalGDPequalsrealGDPinthebaseyear. d. NominalGDPequalsrealGDPinallyearsbutthebaseyear.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCopyrightCengageLearning.PoweredbyCognero.Page 55 CUSTOM ID:  013.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTKFQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJW-GRAS-NPTI-GO4U-1CDB-8YSS-KATS-8YSU-GA31-GOSU-1C5F-GESU-RC3O-CO5G-GPUG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE14. WhichofthefollowingstatementsaboutnominalGDPandrealGDPiscorrect? a. NominalGDPisabettergaugeofeconomicwell-beingthanrealGDP. b. RealGDPisabettergaugeofeconomicwell-beingthannominalGDP. c. RealGDPandnominalGDPareequallygoodmeasuresofeconomicwell-being. d. NeithernominalnorrealGDPprovideameasureofeconomicwell-being.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  014.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTKRQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ1-GJUD-KPTA-GWHU-RA3A-CWSU-NPJ1-8YSU-KP3W-GOSU-OPTI-COSS-EQJU-GH3S-EPMR-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE15. Wheneconomiststalkaboutgrowthintheeconomy,theymeasurethatgrowthasthe a. absolutechangeinnominalGDPfromoneperiodtoanother. b. percentagechangeinnominalGDPfromoneperiodtoanother. c. absolutechangeinrealGDPfromoneperiodtoanother. d. percentagechangeinrealGDPfromoneperiodtoanother.ANSWER:  dPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthCopyrightCengageLearning.PoweredbyCognero.Page 55 KEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  015.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTKDQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMN-GH5G-GP3U-G3TG-RQMN-GHSS-KQDN-8YSU-KPUB-GOSS-NCDN-GASU-E3BA-CFTU-QQJI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE16. TheGDPdeflatoristheratioof a. realGDPtonominalGDPmultipliedby100. b. realGDPtotheinflationratemultipliedby100. c. nominalGDPtorealGDPmultipliedby100. d. nominalGDPtotheinflationratemultipliedby100.ANSWER:  cPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  016.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJUQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJZ-GWAU-GCBO-CR4U-GAUR-GHSU-EPJO-8RSU-N3UB-GOSS-CC3O-GESU-QAJ3-8Y5U-OC3I-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE17. WhichofthefollowingisthecorrectformulafortheGDPdeflator? a. . b. . c. . d. .ANSWER:  bPOINTS:  1CopyrightCengageLearning.PoweredbyCognero.Page 55 DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  017.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJ1QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMD-G7UD-KPBU-8B1U-NCJW-8YSU-RATW-8YSU-GQBU-GOSS-CCBI-CASU-RPDN-CIUD-1PDB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE18. ChangesintheGDPdeflatorreflect a. onlychangesinprices. b. onlychangesintheamountsbeingproduced. c. bothchangesinpricesandchangesintheamountsbeingproduced. d. neitherchangesinpricesnorchangesintheamountsbeingproduced.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  018.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJTQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMB-GOAD-QAUR-CRHD-NAJU-GOSU-NAT3-8YSU-RPJT-GOSU-YQBW-CWSU-NPTU-GOHU-O3MG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE19. TheGDPdeflatorforyearssubsequenttothebaseyearmeasuresthechangein a. nominalGDPfromthebaseyearthatcannotbeattributabletoachangeinrealGDP. b. realGDPfromthebaseyearthatcannotbeattributabletoachangeinnominalGDP.CopyrightCengageLearning.PoweredbyCognero.Page 55  c. nominalGDPfromthebaseyearthatcannotbeattributabletoachangeinprices. d. realGDPfromthebaseyearthatcannotbeattributabletoachangeinprices.ANSWER:  aPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  019.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJOQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJO-G7OS-K3BW-CJOU-ECT1-GOSU-G3JS-8YSU-RCMG-GOSU-R3BA-GCSU-NAMB-CO4U-ECUF-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE20. Inthebaseyear,theGDPdeflatorisalways a. -1. b. 0. c. 1. d. 100.ANSWER:  dPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  020.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJZQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ1-GC3S-G3JU-GH4D-G3BI-8YSU-QQBI-CESS-G3DN-GOSU-NP3T-8RSS-RCTT-GIUD-YC3T-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEECopyrightCengageLearning.PoweredbyCognero.Page 55 21. Thetermeconomistsusetodescribeasituationinwhichtheeconomy’soverallpricelevelisrisingis a. growth. b. inflation. c. recession. d. expansion.ANSWER:  bPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.29b-LO:GivenCPIdata,calculatetheannualinflationrateforaspecifiedyear.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  021.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJSQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJU-GR3D-OATS-GO5G-CCT3-COSS-GCBI-CRSS-C3UD-GOSS-RA3Z-CASU-RPTO-GO3S-RAUN-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE22. Theinflationrateisthe a. absolutechangeinrealGDPfromoneperiodtoanother. b. percentagechangeinrealGDPfromoneperiodtoanother. c. absolutechangeinthepricelevelfromoneperiodtoanother. d. percentagechangeinthepricelevelfromoneperiodtoanother.ANSWER:  dPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.29b-LO:GivenCPIdata,calculatetheannualinflationrateforaspecifiedyear.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  022.23.4-MC-MANK08CopyrightCengageLearning.PoweredbyCognero.Page 55 QUESTION ID:  JFND-GO3A-ERHD-YTJIQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMD-8R3G-G3TI-CO5U-YPTZ-GYSS-RPTU-8RSU-NCMB-GOSS-KQBZ-8RSS-CQJ3-GC4D-GC5N-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE23. Thepercentagechangeinthepricelevelfromoneperiodtoanotheriscalled a. thegrowthrate. b. theinflationrate. c. theGDPdeflator. d. theunemploymentrate.ANSWER:  bPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.29b-LO:GivenCPIdata,calculatetheannualinflationrateforaspecifiedyear.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  023.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTJWQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-CW3S-CQDR-G7OS-KCDR-CESU-1CJS-CRSU-OAJT-GOSS-GP5F-CESS-CPMN-GB1D-GQBI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE24. Theinflationrateinyear2equals a. . b. . c. . d. .ANSWER:  aPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceCopyrightCengageLearning.PoweredbyCognero.Page 55 HAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  024.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YT1NQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMR-CF1D-NCTW-CA3S-E3UR-COSS-EAJS-CRSU-NC3Z-GOSU-N3T1-GHSS-EPUF-CC3D-RQDB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE25. Acountry’srealGDProsefrom$500to$530whileitsnominalGDProsefrom$600to$700.Whatwasthiscountry’sinflationrate? a. 16.7%. b. 10.0%. c. 15.0%. d. -9.1%.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  025.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTT3QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMR-CW4U-ECDB-GOAD-1AJI-GOSU-RPDB-CRSS-CPBI-GOSU-NQMB-8YSU-GPUF-CRHU-ECBS-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE26. IfrealGDPdoublesandtheGDPdeflatordoubles,thennominalGDP a. remainsconstant. b. doubles. c. triples.CopyrightCengageLearning.PoweredbyCognero.Page 55  d. quadruples.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  026.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTTAQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJW-GW5S-N3UG-GY5U-EPJT-GCSU-OA3I-8RSU-QPDF-GOSS-RCBU-COSU-OP3Z-GWHU-C3DB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE27. IfnominalGDPdoublesandtheGDPdeflatordoubles,thenrealGDP a. remainsconstant. b. doubles. c. triples. d. quadruples.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  027.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YT1GQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMB-GE4D-EA31-C3UD-CC31-GESS-CAUB-CRSS-KP3W-GOSU-CC3T-CRSU-CQJA-8Y3S-CPDB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEECopyrightCengageLearning.PoweredbyCognero.Page 55 28. IfrealGDPis5,100andnominalGDPis4,900,thentheGDPdeflatoris a. 104.1sopricesarehigherthaninthebaseyear. b. 104.1sopricesarelowerthaninthebaseyear. c. 96.1sopricesarehigherthaninthebaseyear. d. 96.1sopricesarelowerthaninthebaseyear.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  028.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YT1FQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMR-CP1U-YC3U-CC3G-C3TI-CESS-RCTT-8RSU-RPBW-GOSS-KA5R-GESU-E3TI-8RAU-CAUG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE29. IfinsomeyearrealGDPwas$5trillionandtheGDPdeflatorwas200,whatwasnominalGDP? a. $2.5trillion. b. $10trillion. c. $40trillion. d. $100trillion.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCopyrightCengageLearning.PoweredbyCognero.Page 55 CUSTOM ID:  029.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YT1RQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMR-GFUG-KA5F-GW5D-N3JA-CASU-RQBA-8RSS-CAUF-GOSU-K3UD-8RSS-N3MG-GBUD-CAMD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE30. IfinsomeyearrealGDPwas$25billionandtheGDPdeflatorwas68,whatwasnominalGDP? a. $2.72billion. b. $17billion. c. $36.8billion. d. $43billion.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  030.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YT1DQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJU-CE4S-GQBW-CC4U-YPMN-GOSS-R3MB-CESS-R3JA-GOSU-13DF-8YSU-OPMN-CR3S-ECDD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE31. IfinsomeyearnominalGDPwas$18billionandtheGDPdeflatorwas120,whatwasrealGDP? a. $6.7billion. b. $15billion. c. $21.6billion. d. $38billion.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticCopyrightCengageLearning.PoweredbyCognero.Page 55 TOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  031.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTTUQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMF-CRAD-NAUN-8Y4D-YQBA-8RSS-RCMG-CESU-1PTS-GOSU-NPDF-GESU-OPTT-GE4D-KPBZ-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE32. IfinsomeyearnominalGDPwas$20billionandtheGDPdeflatorwas50,whatwasrealGDP? a. $2.5billion. b. $10billion. c. $40billion. d. $100billion.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  032.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTT1QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMR-CW4U-OQBT-8YAS-EP3A-GRSS-GCUD-CRSU-QCUF-GOSS-NP5N-CWSS-RATT-CC4U-QCTW-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE33. IfinsomeyearnominalGDPwas$10trillionandrealGDPwas$4trillion,whatwastheGDPdeflator? a. 25. b. 40. c. 250. d. 400.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPCopyrightCengageLearning.PoweredbyCognero.Page 55 QUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  033.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTTTQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMR-GA4D-RP5D-GWHU-OATT-CWSS-ECUR-CRSU-NP33-GOSU-KP3O-GHSU-CCMD-CP1U-K3JT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE34. IfinsomeyearnominalGDPwas$28trillionandrealGDPwas$32trillion,whatwastheGDPdeflator? a. 87.5. b. 114.3. c. 400. d. 896.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  034.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTTOQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJS-CTOU-1CB3-CW5D-NQDD-GRSU-C3TW-CRSS-KC5N-GOSU-KCTI-8RSU-CAJI-GY5D-1AT3-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE35. AneconomyrecentlyreportednominalGDPof3trillioneuroandaGDPdeflatorof200.WhatwasrealGDP? a. 1.5trillioneuro,andrealGDPisabettergaugeofeconomicactivitythannominalGDP. b. 1.5trillioneuro,butnominalGDPisabettergaugeofeconomicactivitythanrealGDP. c. 6trillioneuro,andrealGDPisabettergaugeofeconomicactivitythannominalGDP.CopyrightCengageLearning.PoweredbyCognero.Page 55  d. 6trillioneuro,butnominalGDPisabettergaugeofeconomicactivitythanrealGDP.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  035.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTTZQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJI-CTTG-GPUF-GWHU-RCMD-GASU-NQJT-8RSU-OQDG-GOSU-YQBW-CESU-QP5R-GC4D-1CUR-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE36. IfnominalGDPis$12trillionandrealGDPis$10trillion,thentheGDPdeflatoris a. 83.33,andthisindicatesthatthepricelevelhasdecreasedby16.67percentsincethebaseyear. b. 83.33,andthisindicatesthatthepricelevelhasincreasedby83.33percentsincethebaseyear. c. 120,andthisindicatesthatthepricelevelhasincreasedby20percentsincethebaseyear. d. 120,andthisindicatesthatthepricelevelhasincreasedby120percentsincethebaseyear.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  036.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTTSQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJW-GBUG-KCDN-GYHD-EQBA-GOSU-1CBU-CRSS-N3DB-GOSU-KCMR-8YSU-KPJ1-GBTU-1PMB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEECopyrightCengageLearning.PoweredbyCognero.Page 55 37. IfnominalGDPis$10trillionandrealGDPis$12trillion,thentheGDPdeflatoris a. 83.33,andthisindicatesthatthepricelevelhasdecreasedby16.67percentsincethebaseyear. b. 83.33,andthisindicatesthatthepricelevelhasincreasedby83.33percentsincethebaseyear. c. 120,andthisindicatesthatthepricelevelhasincreasedby20percentsincethebaseyear. d. 120,andthisindicatesthatthepricelevelhasincreasedby120percentsincethebaseyear.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  037.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTTIQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJO-CE4U-OA5D-GOAS-GPB1-CASS-EQBW-8RSU-EC3S-GOSS-ECUN-GYSS-EP3A-8FTD-NA3I-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE38. IfnominalGDPis$10trillionandrealGDPis$8trillion,thentheGDPdeflatoris a. 80,andthisindicatesthatthepricelevelhasdecreasedby20percentsincethebaseyear. b. 80,andthisindicatesthatthepricelevelhasincreasedby80percentsincethebaseyear. c. 125,andthisindicatesthatthepricelevelhasincreasedby25percentsincethebaseyear. d. 125,andthisindicatesthatthepricelevelhasincreasedby125percentsincethebaseyear.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCopyrightCengageLearning.PoweredbyCognero.Page 55 CUSTOM ID:  038.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTTWQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMN-GR3S-K3J1-CPOU-CAMB-CCSS-RPDD-8YSU-1C3I-GOSU-OP3T-CRSU-EAUN-GI1D-R3MG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE39. IfnominalGDPis$8trillionandrealGDPis$10trillion,thentheGDPdeflatoris a. 80,andthisindicatesthatthepricelevelhasdecreasedby20percentsincethebaseyear. b. 80,andthisindicatesthatthepricelevelhasincreasedby80percentsincethebaseyear. c. 125,andthisindicatesthatthepricelevelhasincreasedby25percentsincethebaseyear. d. 125,andthisindicatesthatthepricelevelhasincreasedby125percentsincethebaseyear.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  039.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO4NQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMN-GA4U-C3MR-GOHS-KAJT-CWSU-YQBZ-8YSU-GAUB-GOSS-KQDR-CASU-QPB1-CC5S-GCTU-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE40. Supposeaneconomy’sproductionconsistsonlyofcornandsoybeans.In2010,20bushelsofcornaresoldat$4perbusheland10bushelsofsoybeansaresoldat$2perbushel.In2009,thepriceofcornwas$2perbushelandthepriceofsoybeanswas$1perbushel.Using2009asthebaseyear,itfollowsthat,for2010, a. nominalGDPis$50,realGDPis$100,andtheGDPdeflatoris50. b. nominalGDPis$50,realGDPis$100,andtheGDPdeflatoris200. c. nominalGDPis$100,realGDPis$50,andtheGDPdeflatoris50. d. nominalGDPis$100,realGDPis$50,andtheGDPdeflatoris200.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,CopyrightCengageLearning.PoweredbyCognero.Page 55 calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  040.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO4BQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ1-CTOU-KPT3-CCAS-NQMN-GASU-QA3A-8YSU-EAJT-GOSS-KPTA-8YSU-1CDF-CR5U-1P3T-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE41. Supposeaneconomyproducesonlyeggsandham.In2009,100dozeneggsaresoldat$3perdozenand50poundsofhamsoldat$4perpound.In2010,thebaseyear,eggssoldat$1.50perdozenandhamsoldat$5perpound.For2009, a. nominalGDPis$400,realGDPis$500,andtheGDPdeflatoris80. b. nominalGDPis$400,realGDPis$500,andtheGDPdeflatoris125. c. nominalGDPis$500,realGDPis$400,andtheGDPdeflatoris80. d. nominalGDPis$500,realGDPis$400,andtheGDPdeflatoris125.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  041.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO33QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ1-GE4S-CCUD-8Y3S-N3BO-GWSS-RPJU-8YSU-1PUN-GOSU-1CMR-GWSU-CPUF-CO4D-EC5F-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE42. Supposeaneconomyproducesonlycranberriesandmaplesyrup.In2010,50unitsofcranberriesaresoldat$20perunitand100unitsofmaplesyruparesoldat$8perunit.In2009,thebaseyear,thepriceofcranberrieswas$10perunitandthepriceofmaplesyrupwas$15perunit.For2010, a. nominalGDPis$1800,realGDPis$2000,andtheGDPdeflatoris90. b. nominalGDPis$1800,realGDPis$2000,andtheGDPdeflatoris111.1. c. nominalGDPis$2000,realGDPis$1800,andtheGDPdeflatoris90.CopyrightCengageLearning.PoweredbyCognero.Page 55  d. nominalGDPis$2000,realGDPis$1800,andtheGDPdeflatoris111.1.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  042.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO3AQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ1-GTTS-NQMR-8R3G-GP5B-GHSU-QQDD-CRSS-CP5N-GOSU-NAJI-CWSU-GAMN-CEHU-EATI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE43. Supposeaneconomyproducesonlycheeseandfish.In2010,20unitsofcheesearesoldat$5eachand8unitsoffisharesoldat$50each.In2009,thebaseyear,thepriceofcheesewas$10perunitandthepriceoffishwas$75perunit.For2010, a. nominalGDPis$500,realGDPis$800,andtheGDPdeflatoris62.5. b. nominalGDPis$500,realGDPis$800,andtheGDPdeflatoris160. c. nominalGDPis$800,realGDPis$500,andtheGDPdeflatoris62.5. d. nominalGDPis$800,realGDPis$500,andtheGDPdeflatoris160.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  043.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO4GQUESTION GLOBAL ID:  CopyrightCengageLearning.PoweredbyCognero.Page 55 GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMG-8FTD-Q3TS-CE4U-RAMN-GASU-NA5R-CESU-NCTW-GOSS-KPB1-GWSU-YQJ1-CEAU-KPBS-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE44. SupposeaneconomyproducesonlyiPhonesandbananas.In2010,1000iPhonesaresoldat$300eachand5000poundsofbananasaresoldat$3perpound.In2009,thebaseyear,iPhonessoldat$400eachandbananassoldat$2perpound.For2010, a. nominalGDPis$315,000,realGDPis$410,000,andtheGDPdeflatoris76.83. b. nominalGDPis$410,000,realGDPis$315,000,andtheGDPdeflatoris130.16. c. nominalGDPis$315,000,realGDPis$410,000,andtheGDPdeflatoris130.16. d. nominalGDPis$410,000,realGDPis$315,000,andtheGDPdeflatoris76.83.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  044.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO4FQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJZ-GI1U-O3TA-CC5U-QCB1-GOSS-G3J1-8RSU-ECJA-GOSU-QC5B-COSU-N3BW-CFTD-1A5R-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE45. Supposeaneconomyproducesonlyburgersandbagsoffries.In2010,4000burgersaresoldat$3eachand6000bagsoffriesaresoldat$1.50each.In2008,thebaseyear,burgerssoldfor$2.50eachandbagsoffriessoldfor$2each. a. nominalGDPis$22,000,realGDPis$21,000,andtheGDPdeflatoris95.45. b. nominalGDPis$22,000,realGDPis$21,000,andtheGDPdeflatoris104.77. c. nominalGDPis$21,000,realGDPis$22,000,andtheGDPdeflatoris95.45. d. nominalGDPis$21,000,realGDPis$22,000,andtheGDPdeflatoris104.77.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputCopyrightCengageLearning.PoweredbyCognero.Page 55 GDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  045.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO4RQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMB-GY5D-KPDB-CR5D-RCBI-GCSU-N3BI-8YSU-RQB1-GOSS-KATS-GYSS-G3B3-CAAG-NAUB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE46. AcountryreportednominalGDPof$100billionin2010and$75billionin2009.ItalsoreportedaGDPdeflatorof125in2010and120in2009.Between2009and2010, a. realoutputandthepricelevelbothrose. b. realoutputroseandthepricelevelfell. c. realoutputfellandthepricelevelrose. d. realoutputandthepricelevelbothfell.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  046.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO4DQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMF-GHHS-R3UG-GFTS-NP3O-CCSU-OC33-8YSS-KPDD-GOSS-CCJI-GHSU-QA3Z-G71S-NCJO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE47. AcountryreportednominalGDPof$200billionin2010and$180billionin2009.ItalsoreportedaGDPdeflatorof125in2010and105in2009.Between2009and2010, a. realoutputandthepricelevelbothrose. b. realoutputroseandthepricelevelfell. c. realoutputfellandthepricelevelrose. d. realoutputandthepricelevelbothfell.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPCopyrightCengageLearning.PoweredbyCognero.Page 55 QUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  047.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO3UQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJS-GRAU-NQJW-CTTD-OCUF-GRSU-QCBA-CRSS-RP33-GOSS-ECT1-CCSU-NA3T-8R4U-1PMF-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE48. AcountryreportednominalGDPof$115billionin2010and$125billionin2009.ItalsoreportedaGDPdeflatorof85in2010and100in2009.Between2009and2010, a. realoutputandthepricelevelbothrose. b. realoutputroseandthepricelevelfell. c. realoutputfellandthepricelevelrose. d. realoutputandthepricelevelbothfell.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  048.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO31QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMD-CTUD-RQJZ-C3TD-YQBZ-GHSS-RQB3-8YSU-QPMG-GOSU-K3JO-CESU-1PBU-CCAU-RPBA-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE49. AcountryreportedanominalGDPof$85billionin2010and$100billionin2009.ItalsoreportedaGDPdeflatorof100in2010and105in2009.Between2009and2010, a. realoutputandthepricelevelbothrose. b. realoutputroseandthepricelevelfell. c. realoutputfellandthepricelevelrose.CopyrightCengageLearning.PoweredbyCognero.Page 55  d. realoutputandthepricelevelbothfell.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  049.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO3TQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJO-GA3U-Q3T3-CJOU-1CMD-GYSU-GPDR-8RSS-RCB3-GOSS-CPUD-8YSU-NAT1-CRAU-NC5R-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEETable23-4ThetablebelowreportsnominalandrealGDPfortheU.S.from1929to1932.YearNominalGDPRealGDP1929103.6977193091.2892.8193176.5834.9193258.7725.850. RefertoTable23-4.WhataretheGDPdeflatorandtheinflationratefor1931? a. 9.16,-11.5 b. 9.16,-10.3 c. 1091.37,10.3 d. 1091.37,11.5ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-4LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ApplicationCopyrightCengageLearning.PoweredbyCognero.Page 55 DATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  050.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO3OQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-GTTU-1C3Z-CO4S-RQBS-GESS-RQJI-8YSU-ECB1-GOSU-C3B1-GYSS-ECJU-GA4G-GCUF-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-9fbe25e9226d-d05b-ac34-a2d4-3111bc7c51. RefertoTable23-4.WhataretheGDPdeflatorandtheinflationratefor1932? a. 8.09,-11.7 b. 8.09,-13.3 c. 1236.46,11.7 d. 1236.46,13.3ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-4LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  051.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO3ZQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMR-GFTG-KQJI-CTUG-CA3T-GESU-1CMN-8RSU-NCUN-GOSU-KCUD-CCSU-K3BZ-8B1G-EA3O-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-9fbe25e9226d-d05b-ac34-a2d4-3111bc7c52. RefertoTable23-4.WhatwasthegrowthrateofrealGDPfor1930? a. -8.62%.RealGDPisabettergaugeofeconomicwell-beingthannominalGDP. b. -8.62%.NominalGDPisabettergaugeofeconomicwell-beingthanrealGDP. c. -9.43%.RealGDPisabettergaugeofeconomicwell-beingthannominalGDP. d. -9.43%.NominalGDPisabettergaugeofeconomicwell-beingthanrealGDP.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPCopyrightCengageLearning.PoweredbyCognero.Page 55 QUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-4LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  052.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO3SQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-CO4G-KPBS-CW5U-YCDN-8RSU-OPBZ-CESS-C3JT-GOSU-C3MG-COSU-YCDN-CWAG-ECTS-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-9fbe25e9226d-d05b-ac34-a2d4-3111bc7c53. RefertoTable23-4.WhatwasthegrowthrateofrealGDPfor1931? a. -6.93%.RealGDPisabettergaugeofeconomicwell-beingthannominalGDP. b. -6.93%.NominalGDPisabettergaugeofeconomicwell-beingthanrealGDP. c. -6.49%.RealGDPisabettergaugeofeconomicwell-beingthannominalGDP. d. -6.49%.NominalGDPisabettergaugeofeconomicwell-beingthanrealGDP.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-4LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  053.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO3IQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-CAHU-KPTT-GE5U-EA3Z-COSU-1AT1-CRSU-ECJW-GOSU-RPT3-GHSU-YPDN-C3TD-1AJ3-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-9fbe25e9226d-d05b-ac34-a2d4-3111bc7cCopyrightCengageLearning.PoweredbyCognero.Page 55 54. RefertoTable23-4.Ifpriceshadremainedconstantbetween1929and1930,NominalGDPwouldhavedecreased a. 8.62%. b. 9.43%. c. 11.97%. d. 13.6%.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-4LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  054.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YO3WQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMN-GEAD-NCTA-G3TU-1PDR-GASS-ECJA-CESU-GATA-GOSS-E3UB-8RSS-GPDN-GYHU-OQMD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-9fbe25e9226d-d05b-ac34-a2d4-3111bc7cTable23-5ThecountryofCaspirproducesonlycerealandmilk.Quantitiesandpricesofthesegoodsforthelastseveralyearsareshownbelow.Thebaseyearis2015.PricesandQuantitiesYearPriceofCerealQuantityofCerealPriceofMilkQuantityofMilk2015$4.00100$1.501802016$4.00120$2.002002017$5.00150$2.502002018$6.00180$3.5024055. RefertoTable23-5.In2015,thiscountry’s a. nominalGDPwasgreaterthanrealGDP,andtheGDPdeflatorwasgreaterthan100. b. nominalGDPwasequaltorealGDP,andtheGDPdeflatorwasequalto100%. c. nominalGDPwaslessthanrealGDP,andtheGDPdeflatorwaslessthan100. d. nominalGDPwasequaltorealGDP,andtheGDPdeflatorwasequalto100.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateCopyrightCengageLearning.PoweredbyCognero.Page 55 REFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-5LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  055.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTNNQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMD-8Y3D-EQMB-GA3G-GCBU-GASU-OCUG-8RSS-RCJO-GOSS-GCTT-8RSS-NP3I-GJTS-KCBZ-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-88aec818bc64-3259-c284-57ce-2760529256. RefertoTable23-5.In2016,thiscountry’s a. realGDPwas$880,andtheGDPdeflatorwas111.4. b. realGDPwas$780,andtheGDPdeflatorwas88.6. c. realGDPwas$880,andtheGDPdeflatorwas112.8. d. realGDPwas$780,andtheGDPdeflatorwas112.8.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-5LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:AnalysisDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  056.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTNBQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJW-GP1D-NPJS-CC3G-NAJW-CASU-QAUF-8YSU-Y3J3-GOSU-G3BS-COSU-YCDG-GFTG-NPJI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-88aec818bc64-3259-c284-57ce-27605292CopyrightCengageLearning.PoweredbyCognero.Page 55 57. RefertoTable23-5.In2017,thiscountry’s a. realGDPwas$900,andtheGDPdeflatorwas138.9. b. realGDPwas$1250,andtheGDPdeflatorwas128.0. c. realGDPwas$900,andtheGDPdeflatorwas128.0. d. realGDPwas$1250,andtheGDPdeflatorwas138.9.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-5LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  057.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTB3QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJS-GA3S-KP31-GAHS-KP3T-GHSU-KAMD-8RSU-YP5R-GOSU-R3JZ-GOSS-N3DD-GJUD-EP3U-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-88aec818bc64-3259-c284-57ce-2760529258. RefertoTable23-5.In2018,thiscountry’s a. realGDPwas$1080,andtheGDPdeflatorwas156.3. b. realGDPwas$1080,andtheGDPdeflatorwas177.8. c. realGDPwas$1920,andtheGDPdeflatorwas177.8. d. realGDPwas$1920,andtheGDPdeflatorwas156.3.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-5LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorCopyrightCengageLearning.PoweredbyCognero.Page 55 KEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  058.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTBAQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMN-COAS-E3BW-CTUD-QP31-GOSU-RATA-CESU-OAMD-GOSU-1AT1-GHSS-CPBW-CAAD-RPTU-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-88aec818bc64-3259-c284-57ce-2760529259. RefertoTable23-5.Thiscountry’soutputgrew a. 31.3%from2015to2016. b. 42.0%from2016to2017. c. 15.4%from2016to2017. d. 53.6%from2017to2018.ANSWER:  cPOINTS:  1DIFFICULTY:  ChallengingREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-5LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthKEYWORDS:  BLOOM'S:AnalysisDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  059.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTNGQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJA-CW4S-KC5B-GAHS-G3DR-CWSS-RPJT-CRSU-KAMR-GOSU-YA3I-CRSU-QP5F-GE5D-CPDD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-88aec818bc64-3259-c284-57ce-2760529260. RefertoTable23-5.Thiscountry’sinflationratefrom2017to2018was a. 20.0%. b. 21.8%. c. 38.9%. d. 28.0%.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateCopyrightCengageLearning.PoweredbyCognero.Page 55 REFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-5LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  060.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTNFQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMF-GPTG-CPJZ-CE5S-E3B3-CASS-GC5N-CRSU-KA5R-GOSU-1A5R-CRSS-RP5B-CW4S-GC5R-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-88aec818bc64-3259-c284-57ce-2760529261. RefertoTable23-5.Thiscountry’sinflationratefrom2016to2017was a. 25.0%. b. 23.1%. c. 26.1%. d. 18.8%.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-5LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  061.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTNRQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJA-CFOU-NPTO-GC3S-KCDR-GRSU-YC31-8RSU-RCBZ-GOSS-R3TO-GCSS-GA5B-CEHD-1A3T-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-88aec818bc64-3259-c284-57ce-27605292CopyrightCengageLearning.PoweredbyCognero.Page 55 Table23-10AhypotheticalcountryofLahlandproducesonlymoviesandpopcorn.Quantitiesandpricesofthesegoodsforthelastseveralyearsareshownbelow.Thebaseyearis2015.PricesandQuantitiesYearPriceofMoviesQuantityofMoviesPriceofPopcornQuantityofPopcorn2014$10.00500$510002015$11.00600$49002016$12.00650$59502017$12.00625$692562. RefertoTable23-10.Inwhichyearwasthiscountry’snominalGDPhighest? a. 2014 b. 2015 c. 2016 d. 2017ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-10LEARNING OBJECTIVES:  ECON.MANK.15.114.28d-LO:Givendataonacountry'sexpenditures,calculateGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  062.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTNDQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ1-GB1D-G3B3-GO5S-KAJU-CESS-RQMR-CESU-OCTA-GOSS-CPUD-GCSU-ECMN-CR5U-CCBI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-5d38c799e8e0-9128-2a64-3510-a4ed3b9163. RefertoTable23-10.Inwhichyearwasthiscountry’srealGDPhighest? a. 2014 b. 2015 c. 2016 d. 2017ANSWER:  cPOINTS:  1CopyrightCengageLearning.PoweredbyCognero.Page 55 DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-10LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  063.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTBUQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-8BTU-OAMG-GE4D-RA3A-8YSU-GCBS-8YSU-RQMB-GOSU-Q3J1-GYSU-OCUN-GPUD-QC31-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-5d38c799e8e0-9128-2a64-3510-a4ed3b9164. RefertoTable23-10.Whatwasthiscountry’snominalGDPin2014? a. $9,500 b. $10,000 c. $10,200 d. $10,500ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-10LEARNING OBJECTIVES:  ECON.MANK.15.114.28d-LO:Givendataonacountry'sexpenditures,calculateGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  064.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTB1QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMG-GE5S-KCUG-CFOS-NCMN-8RSS-ECBS-8YSS-KCMF-GOSU-YQDD-8YSU-RC31-GY3D-EPDD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEECopyrightCengageLearning.PoweredbyCognero.Page 55 PREFACE GLOBAL ID:  GCID-5d38c799e8e0-9128-2a64-3510-a4ed3b9165. RefertoTable23-10.Whatwasthiscountry’srealGDPin2016? a. $10,575 b. $11,250 c. $10,950 d. $12,550ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-10LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  065.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTBTQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-8YAD-RPJO-GC4U-KCJZ-CASU-RATO-8YSU-OPJ1-GOSU-O3BW-GOSU-QATI-CR4U-CP3O-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-5d38c799e8e0-9128-2a64-3510-a4ed3b9166. RefertoTable23-10.Whatwasthiscountry’sGDPdeflatorin2017? a. 123.4 b. 116.7 c. 120.0 d. Noneoftheaboveiscorrect.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-10LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputCopyrightCengageLearning.PoweredbyCognero.Page 55 GDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  066.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTBOQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMG-GY5D-O3BT-8BOS-KCTO-GASU-KPJT-8YSS-KQMR-GOSS-CA3S-GCSU-N3TO-CC3G-G3UG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-5d38c799e8e0-9128-2a64-3510-a4ed3b91Table23-6ThetablebelowcontainsdataforthecountryofBatterland,whichproducesonlywafflesandpancakes.Thebaseyearis2013.PricesandQuantitiesYearPriceofWafflesQuantityofWafflesPriceofPancakesQuantityofPancakes2010$2.0080$1.001002011$2.00100$2.001202012$2.00120$3.001502013$4.00150$3.0020067. RefertoTable23-6.In2010,thiscountry'snominalGDPwas a. $260. b. $440. c. $620. d. $760.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28d-LO:Givendataonacountry'sexpenditures,calculateGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  067.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTBZQUESTION GLOBAL ID:  CopyrightCengageLearning.PoweredbyCognero.Page 55 GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJI-CC5U-QCDB-GYAG-CC5G-GRSU-CQBU-CRSU-EPJS-GOSU-RCBI-GHSU-GPJ3-CF1U-QC3U-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a68. RefertoTable23-6.In2011,thiscountry'snominalGDPwas a. $260. b. $440. c. $620. d. $760.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28d-LO:Givendataonacountry'sexpenditures,calculateGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  068.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTBSQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ1-GEHG-RCUR-GF1S-KPTT-CASU-N3JT-CESU-GP3A-GOSS-CCTW-GRSS-RQJ1-C31U-QAJW-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a69. RefertoTable23-6.In2010,thiscountry'srealGDPwas a. $620. b. $260. c. $400. d. $630.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.CopyrightCengageLearning.PoweredbyCognero.Page 55 NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  069.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTBIQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMB-GR5U-Q3DG-CRHS-NA3O-GHSS-NQMF-8YSU-YQJS-GOSU-KQBS-GYSU-YPJT-CR5D-G3UN-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a70. RefertoTable23-6.In2011,thiscountry'srealGDPwas a. $320. b. $440. c. $760. d. $770.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  070.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YTBWQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJA-CC4S-EPBA-GCHD-1C5R-GOSU-KAJO-8YSS-EQMD-GOSU-CPJO-GWSU-YQBA-GW5S-CCJO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a71. RefertoTable23-6.In2012,thiscountry'srealGDPwas a. $510. b. $690. c. $930. d. $780.CopyrightCengageLearning.PoweredbyCognero.Page 55 ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  071.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC1NQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-COHD-OCTI-CFUD-KCBU-GOSU-13JO-8RSU-OAUD-GOSS-GAJO-GRSU-KP33-GWAU-R3UG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a72. RefertoTable23-6.In2013,thiscountry'srealGDPwas a. $500. b. $700. c. $900. d. $1200.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  072.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC1BQUESTION GLOBAL ID:  CopyrightCengageLearning.PoweredbyCognero.Page 55 GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJU-GA5S-C3UG-COAU-KATA-CWSU-OPUN-8YSU-CATU-GOSU-RA3U-CESU-GPUN-GHAU-QPBA-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a73. RefertoTable23-6.In2010,thiscountry'sGDPdeflatorwas a. 41.9. b. 100. c. 165.0. d. Thiscannotbecalculatedfromtheinformationgiven.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  073.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCT3QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ3-8RAD-K3T3-COAD-1AJO-8YSS-R3J1-CESU-13TU-GOSU-NCUG-GHSU-NCDF-C31D-GQJI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a74. RefertoTable23-6.In2013,thiscountry'sGDPdeflatorwas a. 1.0. b. 100.0. c. 171.4. d. 240.0.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.CopyrightCengageLearning.PoweredbyCognero.Page 55 NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  074.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCTAQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJA-CR3G-CAJZ-CR4D-NQJA-GWSU-E3TO-8YSU-QATW-GOSU-QQMG-GESU-RP3Z-G71D-1CMN-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a75. RefertoTable23-6.In2011,thiscountry'sGDPdeflatorwas a. 57.9. b. 100.0. c. 137.5. d. 169.2.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  075.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC1GQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMD-GHAU-CPDB-CCHS-KPT3-GHSU-CC31-CESS-NPJT-GOSU-R3UD-8YSU-NCJS-GT1U-Y3JS-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a76. RefertoTable23-6.In2012,thiscountry'sGDPdeflatorwas a. 74.2. b. 100.0. c. 171.4. d. 240.0.CopyrightCengageLearning.PoweredbyCognero.Page 55 ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  076.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC1FQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMF-CT1U-K3TW-8Y5G-EAUG-GRSU-CCB3-8YSU-EC3A-GOSU-RP5R-CESU-NQMD-GC3U-KCUD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a77. RefertoTable23-6.From2012to2013,thiscountry'soutputgrew a. 28.2%. b. 29.0%. c. 29.6%. d. 73.9%.ANSWER:  bPOINTS:  1DIFFICULTY:  ChallengingREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthKEYWORDS:  BLOOM'S:AnalysisDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  077.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC1RQUESTION GLOBAL ID:  CopyrightCengageLearning.PoweredbyCognero.Page 55 GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJT-8BUG-RPMF-CJUD-KQDN-GHSS-NAJU-CESS-G3TI-GOSU-N3DN-GCSU-R3MN-8FUD-GPTT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a78. RefertoTable23-6.Thiscountry'sinflationratefrom2010to2011was a. 1.38%. b. 38.20%. c. 138.20%. d. 41.90.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.29b-LO:GivenCPIdata,calculatetheannualinflationrateforaspecifiedyear.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  078.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC1DQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJO-GP1G-RCBO-CI1G-CCMF-COSS-NAMR-CESU-GA3W-GOSS-C3MD-CESU-Y3DN-GF1G-KPTS-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8a79. RefertoTable23-6.Thiscountry'sinflationratefrom2012to2013was a. 35.6%. b. 25.8%. c. 34.8%. d. 100.0%.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-6LEARNING OBJECTIVES:  ECON.MANK.15.114.29b-LO:GivenCPIdata,calculatetheannualinflationrateforaspecifiedyear.CopyrightCengageLearning.PoweredbyCognero.Page 55 NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  079.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCTUQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMD-CW5G-KAJ1-G71G-C3UR-GASS-CQBI-8YSS-GATA-GOSU-EP3W-COSS-R3T1-8Y4S-GP5G-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-ee6e73792520-1d79-48f4-8277-c1fc6a8aTable23-7ThetablebelowcontainsdataforthecountryofTogogo.Thebaseyearis1974.YearNominalGDPGDPDeflator1974$20001001975$30001201976$37501501977$600020080. RefertoTable23-7.Whichofthefollowingisnotcorrect? a. Thiseconomyexperiencedgrowthfrom1974to1975. b. Thiseconomyexperiencedgrowthfrom1975to1976. c. Thiseconomyexperiencedgrowthfrom1976to1977. d. Thiseconomyexperiencedinflationfrom1974to1975,from1975to1976,andfrom1976to1977.ANSWER:  bPOINTS:  1DIFFICULTY:  ChallengingREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-7LEARNING OBJECTIVES:  ECON.MANK.15.114.30-LO:Analyzethefactorsthataffectacountry'sgrowth.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthKEYWORDS:  BLOOM'S:AnalysisDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  080.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCT1QUESTION GLOBAL ID:  CopyrightCengageLearning.PoweredbyCognero.Page 55 GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJW-GT1G-EAMD-GW3S-NAUD-CRSU-YCBW-CESS-EQMF-GOSS-KAUR-GHSS-CATI-G3UD-C3JZ-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-8086c1770410-5018-3d54-bff3-9fc5ce4781. RefertoTable23-7.From1975to1976, a. inflationwas25%andoutputdidnotgrow. b. inflationwas25%andoutputgrew. c. inflationwas50%andoutputdidnotgrow. d. inflationwas50%andoutputgrew.ANSWER:  aPOINTS:  1DIFFICULTY:  ChallengingREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-7LEARNING OBJECTIVES:  ECON.MANK.15.114.30-LO:Analyzethefactorsthataffectacountry'sgrowth.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:AnalysisDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  081.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCTTQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJI-GEHU-C3JZ-CEAU-OCTU-CRSS-KA3A-8YSS-G3TO-GOSU-1AJO-CCSU-Y3MD-CAAD-G3DB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-8086c1770410-5018-3d54-bff3-9fc5ce4782. RefertoTable23-7.From1976to1977, a. inflationwas33.3%andoutputgrewatarateof20%. b. inflationwas33.3%andoutputgrewatarateof60%. c. inflationwas50%andoutputgrewatarateof20%. d. inflationwas50%andoutputgrewatarateof60%.ANSWER:  aPOINTS:  1DIFFICULTY:  ChallengingREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-7LEARNING OBJECTIVES:  ECON.MANK.15.114.30-LO:Analyzethefactorsthataffectacountry'sgrowth.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputKEYWORDS:  BLOOM'S:AnalysisDATE CREATED:  9/19/20161:11PMCopyrightCengageLearning.PoweredbyCognero.Page 55 DATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  082.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCTOQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMD-GOAD-GAT1-CO4U-KCMG-GYSU-GQBS-8YSU-GPJI-GOSU-R3BI-GASU-C3BI-8R4D-Y3JU-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-8086c1770410-5018-3d54-bff3-9fc5ce47Table23-8Acountryproducesonlymeatandpotatoesinthequantitiesandpriceslistedbelow.Use2011asthebaseyear.YearPriceofPotatoesQuantityofPotatoesPriceofMeatQuantityofMeat2011$2.0010$2062012$2.5015$2272013$3.5020$25883. RefertoTable23-8.In2012,nominalGDPis a. $191.50,andrealGDPis$170. b. $157,andrealGDPis$170. c. $191.50,andrealGDPis$157. d. $170,andrealGDPis$227.50.ANSWER:  aPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-8LEARNING OBJECTIVES:  ECON.MANK.15.114.28e-LO:Givenpricingandconsumptiondata,calculaterealGDP.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  083.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCTZQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJZ-GT1U-N3DD-GBTU-NC5F-GESS-GA5R-CRSS-EPDN-GOSS-CPBT-GESU-CPDR-8YAU-EPTI-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-0b7fbcaf0100-eabb-5cd4-149f-f65e5df684. RefertoTable23-8.In2012,GDPdeflatoris a. 122.CopyrightCengageLearning.PoweredbyCognero.Page 55  b. 134. c. 92. d. 113.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-8LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  084.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCTSQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJO-CWHG-K3UB-GP1U-OPJU-GOSS-CPJA-8RSU-RA5B-GOSU-GATW-CESS-CCMD-GTOU-NQMB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-0b7fbcaf0100-eabb-5cd4-149f-f65e5df6Table23-9Acountryproducesonlyicecreamandpie.Quantitiesandpricesofthesegoodsforthelastseveralyearsareshownbelow.Thebaseyearis2008.PricesandQuantitiesYearPriceofIceCreamQuantityofIceCreamPriceofPieQuantityofPie2008$2.5040$5.00202009$3.0050$6.00252010$4.0040$6.003085. RefertoTable23-9.In2009,thiscountry’s a. realGDPwas$250,andtheGDPdeflatorwas125. b. realGDPwas$250,andtheGDPdeflatorwas120. c. realGDPwas$240,andtheGDPdeflatorwas125. d. realGDPwas$240,andtheGDPdeflatorwas120.ANSWER:  bPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceCopyrightCengageLearning.PoweredbyCognero.Page 55 HAS VARIABLES:  FalsePREFACE NAME:  Table23-9LEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGDPDeflatorKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  085.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCTIQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJI-CA4D-YCDG-G7TG-GC3S-CASU-NPTS-CRSU-EPT3-GOSS-N3J3-CWSU-E3MD-CC4U-RCBA-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-7dd53adfb828-6928-5e54-2202-4a2a25b786. RefertoTable23-9.Thiscountry’sinflationratefrom2009to2010tothenearesttenthwas a. 2.9% b. 8.8% c. 13.3% d. Noneoftheaboveiscorrect.ANSWER:  cPOINTS:  1DIFFICULTY:  ChallengingREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalsePREFACE NAME:  Table23-9LEARNING OBJECTIVES:  ECON.MANK.15.114.29b-LO:GivenCPIdata,calculatetheannualinflationrateforaspecifiedyear.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:PriceLevelConceptsInflationKEYWORDS:  BLOOM'S:ApplicationDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  086.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YCTWQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMR-8R3U-N3UR-GH4U-1PT1-GHSU-RPDD-8RSU-KCUB-GOSS-EATU-GESU-KCBA-8RHS-RPMD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEEPREFACE GLOBAL ID:  GCID-7dd53adfb828-6928-5e54-2202-4a2a25b787. WhichofthefollowingisnotacorrectstatementaboutthegrowthofrealGDPintheU.S.economy?CopyrightCengageLearning.PoweredbyCognero.Page 55  a. RealGDPin2009wasalmostfourtimesits1965level. b. Growthwassteadybetween1965and2009. c. ContinuedgrowthinrealGDPenablesthetypicalAmericantoenjoygreatereconomicprosperitythanhisorherparentsandgrandparentsdid. d. Theoutputofgoodsandservicesproducedgrewonaverageabout3percentperyearbetween1965and2009.ANSWER:  bPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28-LO:ExaminetheeconomicindicatorofGDPNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:MeasuringOutputGrowthKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  087.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC4NQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJ1-GOHD-NAJZ-CC3U-QPJA-CRSS-GPUF-CESU-QP5N-GOSU-YPJO-8RSU-E3MB-GBTD-RC31-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE88. Arecessionhastraditionallybeendefinedasaperiodduringwhich a. nominalGDPdeclinesfortwoconsecutivequarters. b. nominalGDPdeclinesforfourconsecutivequarters. c. realGDPdeclinesfortwoconsecutivequarters. d. realGDPdeclinesforfourconsecutivequarters.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:BusinessCyclesKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  088.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC4BQUESTION GLOBAL ID:  CopyrightCengageLearning.PoweredbyCognero.Page 55 GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMN-GO3G-GPUB-CA3U-OCBS-CCSU-Q3JT-8YSS-KPUF-GOSU-QPB3-COSU-NAUN-8R3D-CC5G-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE89. Recessionsarenotassociatedwithwhichofthefollowing? a. increasedbankruptcies b. fallingprofits c. fallingincomes d. fallingunemploymentANSWER:  dPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:BusinessCyclesKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  089.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC33QUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJI-GR5U-ECUB-CA3U-ECMR-GWSS-C3MN-8RSU-NAJ3-GOSS-GPMN-8YSU-GAJU-CI1D-EP33-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE90. Arecessionisalwaysassociatedwith a. theendofawar. b. slowlygrowingrealGDP. c. risinginflation. d. decliningrealGDP.ANSWER:  dPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:BusinessCyclesKEYWORDS:  BLOOM'S:ComprehensionDATE CREATED:  9/19/20161:11PMCopyrightCengageLearning.PoweredbyCognero.Page 55 DATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  090.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC3AQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMJA-GF1U-KATS-GR3G-NP5D-CASU-OPMG-CESS-KCTA-GOSS-EC3W-CASS-GQJO-COHD-OPDD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE91. Muchofmacroeconomicsattemptstoexplain a. changesinthepriceofoilandgasoline. b. long-rungrowthandshort-runfluctuationsinrealGDP. c. changesinthegrowthrateofstategovernmentspending. d. changesinthepricesandquantitiesofindividualgoodsandservices.ANSWER:  bPOINTS:  1DIFFICULTY:  EasyREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  DISC:BusinessCyclesKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  091.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC4GQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMF-GITD-CPDG-8F1G-KAMN-CRSS-RPBT-CRSU-1CBA-GOSS-GP3Z-8YSU-CC3U-CC5D-CP31-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE92. Whichofthefollowingstatementsaboutrecessionsistrue? a. AnoldruleofthumbdefiningrecessionistwoconsecutivequartersoffallingnominalGDP. b. Recessionsoccuratregularintervalsandlaststandardamountsoftime. c. Thereisnoironcladruleforthedeclarationofrecessions. d. Recessionsareassociatedwithlowunemploymentandhighincome.ANSWER:  cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  RealversusNominalGDPQUESTION TYPE:  MultipleChoiceHAS VARIABLES:  FalseLEARNING OBJECTIVES:  ECON.MANK.15.114.28f-LO:Givendataonacountry'srealandnominalGDP,calculatetheGDPdeflator.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticCopyrightCengageLearning.PoweredbyCognero.Page 55 TOPICS:  DISC:BusinessCyclesKEYWORDS:  BLOOM'S:KnowledgeDATE CREATED:  9/19/20161:11PMDATE MODIFIED:  9/21/20161:44PMCUSTOM ID:  092.23.4-MC-MANK08QUESTION ID:  JFND-GO3A-ERHD-YC4FQUESTION GLOBAL ID:  GCID-E7BW-1TBP-GH5S-EQDD-GBUG-KAUD-GITN-4CJT-CRH1-43MF-CO4N-4P3I-GPUN-43TO-GTTG-RCTW-GJDI-GWN8-EPRW-EMMF-GR4D-GCTZ-GH3U-YCUD-GHSU-O3JT-CESU-YCTT-GOSU-RQDR-GCSS-CCTU-G7TD-QCUG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEECopyrightCengageLearning.PoweredbyCognero.Page 55