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[solution]: 1. "Almost all of the fourth quarter increase in GDP wound up as


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1. "Almost all of the fourth quarter increase in GDP wound up as unsold inventory sitting on shelves." If it doesn't get sold, how could it get counted into GDP?

a) it is added when measuring GDP, as an element of investment demand

b) it is added when measuring GDP, as an element of consumption demand

c) it is subtracted when measuring GDP, as an element of investment demand 2

d) it is subtracted when measuring GDP, as an element of consumption demand

2. "The oil crisis caused U.S. oil companies' overseas profits to shoot up, producing a jump in ______ that could mislead policy-makers." The blank should be

a) GDP b) GNP c) investment d) interest rates

3. "Suppose a new computer is invented that costs one-quarter of existing computers and performs as well. Now when GDP is calculated production of the same number of computers creates only one-quarter as much dollar output - GDP falls!"

a) true, both nominal and real GDP fall

b) false, real GDP should rise because of adjustments for quality

c) false, real GDP should rise because of price index adjustments

d) false, real GDP should be unchanged because of price index adjustments

 


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