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Pre-Test Chapter 6 ed17 - Pre-Test Chapter 6 ed17 2...

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Pre-Test Chapter 6 ed17 2 Multiple Choice Questions 1. (Last Word) The U.S. government agency responsible for compiling the national income accounts is the: A. Census Bureau. B. Bureau of Labor Statistics (BLS). C. Commerce Department's Bureau of Economic Analysis (BEA). D. Government Accounting Office (GAO). Answer the next question(s) on the basis of the following data. All figures are in billions of dollars. 2. Refer to the above data. Gross domestic product is: 3. If real GDP rises and the GDP price index has increased: Prof Keep Econ Chap 6 ed 17 Prof-Test Chap 6 Page 1 of 8
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Assume an economy that is producing only one product. Output and price data for a three-year period are as follows. Answer the next question(s) on the basis of these data. 4. Refer to the above data. If year 2 is chosen as the base year, in years 1 and 3 the price index values, respectively, are: 5. When an economy's production capacity is expanding: A. nominal GDP, but not necessarily real GDP, is rising. B. net exports is always a positive amount. C. DI exceeds PI. D. domestic investment exceeds depreciation. 6. The fact that nominal GDP has risen faster than real GDP:
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