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Macroeconomics, 7e(Blanchard)
Chapter 2: ATour of the Book
2.1 Aggregate Output.
6) Hedonic pricing is
A) the way that luxury goods arepriced in a market economy.
B) the tendency for the inflationrate to rise by greater and greater amounts.
C) the tendency for nominal GDPto rise when the price level rises.
D) the process of translatingnominal GDP into real GDP.
E) the process of pricingindividual characteristics of a good or service.
Answer: E
Diff: 1
7) In a given year, suppose a company spends$100 million on intermediate goods and $200 million on wages, with no otherexpenses. Also assume that its total sales are $800 million. The value added bythis company equals
A) $200 million.
B) $300 million.
C) $500 million.
D) $700 million.
E) $800 million.
Answer: D
Diff: 2
8) A firm's value added equals
A) its revenue minus all of itscosts.
B) its revenue minus its wages.
C) its revenue minus its wagesand profit.
D) its revenue minus its cost ofintermediate goods.
E) none of the above
Answer: D
Diff: 2
9) Deflation generally occurswhen which of the following occurs?
A) the consumer price index isgreater than the GDP deflator
B) the consumer price indexdecreases
C) the rate of inflation falls,for example, from 4% to 2%
D) nominal GDP does not change
Answer: B
Diff:1
10) During the mid-1980s, weobserved a significant reduction in oil prices. In the United States, we wouldexpect that this reduction in oil prices would cause
A) a larger reduction in the CPIcompared to the GDP deflator.
B) an equal reduction in the CPIand GDP deflator.
C) a larger reduction in the GDPdeflator compared to the CPI.
D) no change in the CPI and areduction in the GDP deflator.
Answer: A
Diff: 2
11) Suppose nominal GDP in 2009does not change (compared its previous level in 2008). Given this information,we know with certainty that
A) real GDP increased during2009.
B) the GDP deflator increasedduring 2009.
C) both the GDP deflator and realGDP fell during 2009.
D) more information is needed toanswer this question.
Answer: D
Diff: 2
12) During the late 1990s, Japanexperienced reductions in the GDP deflator. Given this information, we knowwith certainty that
A) real GDP fell during theseperiods.
B) real GDP did not change duringthese periods.
C) the overall price level inJapan decreased during these periods.
D) both real GDP and the overallprice level decreased during these periods.
Answer: C
Diff: 2
13) Hedonic pricing is used to
A) convert nominal values to realvalues.
B) calculate the differencebetween nominal GDP and real GDP.
C) measure the rate of change inreal GDP.
D) obtain chain-weight indexes.
E) none of the above
Answer: E
Diff: 1
14) GDP in current dollars isequivalent to which of the following?
A) real GDP
B) GDP in terms of goods
C) GDP in 2000 dollars
D) GDP in constant dollars
E) none of the above
Answer: E
Diff:1
15) Which of the following does notrepresent real GDP?
A) GDP in current dollars
B) GDP in terms of goods
C) GDP in base year dollars
D) GDP in constant dollars
Answer: A
Diff: 1
16) Which of the followingrepresents real GDP?
A) GDP in constant dollars
B) GDP in terms of goods
C) GDP in base year dollars
D) all of the above
Answer: A
Diff: 1
17) According to convention, arecession is referred to if an economy goes through
A) at least two consecutivequarters of negative growth.
B) at least three consecutivequarters of negative growth.
C) at least four quarters ofnegative growth.
D) at least two consecutivemonths of negative growth.
Answer: A
Diff: 1
18) Based on the notationpresented in Chapter 2, which of the following expressions represents real GDP?
A) Yt
B) PtYt
C) Yt/Pt
D) $Yt/Pt
Answer: A
Diff: 1
19) Measures of aggregate outputhave been published on a regular basis in the United States since
A) 1947.
B) 1933.
C) 1917.
D) 1946.
Answer: A
Diff: 1
20) Which of the following aboutcapital income is not correct?
A) It refers to a firm's revenue.
B) It is also called profitincome.
C) It goes to the firms.
D) It accounts for less than 35%of income in advanced countries.
Answer: A
Diff:1
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