What is essential when comparing New Jersey GDP with New York or Pennsylvania?
Correct answer(s):
- Using consistent years and price measures
Topic
Economic Analysis and Public Policy
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Quizzes in Economic Analysis and Public Policy for HSC
Why can earlier New Jersey GDP figures change in later publications?
Correct answer(s):
- BEA revises estimates when new data or methods become available
Why does a rise in current-dollar GDP not necessarily imply equally large real growth?
Correct answer(s):
- Price increases can raise nominal values
Which environmental issue can be overlooked by GDP alone?
Correct answer(s):
- Pollution and ecosystem costs of development
What public-policy challenge accompanies heavily used New Jersey ports and roads?
Correct answer(s):
- Balancing commerce with maintenance, congestion, and land use
How can universities help New Jersey’s advanced industries?
Correct answer(s):
- By producing research and skilled graduates
Why should economists use several indicators to assess New Jersey living standards?
Correct answer(s):
- GDP, household income, employment, and housing costs show different things
How is an industry’s share of New Jersey GDP calculated?
Correct answer(s):
- Its value added divided by state GDP for a comparable period
Why is New Jersey state GDP different from New York metropolitan GDP?
Correct answer(s):
- The geographic boundaries of the measures differ