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Economic Measurement

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Quizzes in Economic Measurement

U.S. Economy

Why should Georgia’s chained-dollar industry GDP levels not simply be added outside the reference year?

  • All industry levels are already percentages
  • Real industry output is always excluded from state GDP
  • Chained dollars measure only state government revenue
  • Chain weighting generally makes the components nonadditive
Correct answer(s):
  • Chain weighting generally makes the components nonadditive
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U.S. Economy

Which BEA measure can be added across industries to explain Georgia’s real GDP growth?

  • Chained-dollar industry levels in every year
  • Industry employment totals expressed as dollars
  • Industry contributions to growth
  • Each industry’s separate growth rate without weights
Correct answer(s):
  • Industry contributions to growth
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U.S. Economy

What price issue is not fully resolved by comparing states’ real GDP?

  • The use of a stated reference year
  • Price changes over time in the output measure
  • The distinction between nominal and real units
  • Geographic price differences in locally sold output
Correct answer(s):
  • Geographic price differences in locally sold output
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U.S. Economy

What does subtracting Georgia’s real GDP from its nominal GDP fail to provide by itself?

  • A comparison involving two accounting measures
  • An arithmetic result based on reported values
  • A valid standalone inflation rate
  • A numerical difference between the two levels
Correct answer(s):
  • A valid standalone inflation rate
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U.S. Economy

What is wrong with comparing Georgia nominal GDP directly with another state’s real GDP for the same year?

  • Their population totals must be equal
  • Their industry lists must contain no services
  • Their price bases are inconsistent
  • Their geographic units must be identical counties
Correct answer(s):
  • Their price bases are inconsistent
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U.S. Economy

Why should median household income not be substituted for aggregate personal income?

  • Both exclude all nonwage income by definition
  • Both measure only wages paid by factories
  • They are identical measures with different labels
  • They describe different units and income concepts
Correct answer(s):
  • They describe different units and income concepts
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U.S. Economy

Which production belongs in Georgia state GDP?

  • Government and private-industry production
  • Only private factory production
  • Only state government tax collections
  • Only goods sold to foreign countries
Correct answer(s):
  • Government and private-industry production
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U.S. Economy

What can cause Georgia’s nominal GDP to rise?

  • Price increases, production growth, or both
  • Only an increase in physical output
  • Only an increase in state tax rates
  • Only a decline in the population denominator
Correct answer(s):
  • Price increases, production growth, or both
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U.S. Economy

Why use real GDP to compare Georgia’s production over time?

  • It removes every change in industry composition
  • It adjusts for estimated price changes
  • It includes only household savings
  • It measures government spending alone
Correct answer(s):
  • It adjusts for estimated price changes
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U.S. Economy

Which set belongs within BEA’s broad concept of personal income?

  • Only state government tax receipts
  • Labor income, property income, and transfers
  • Only hourly wages from private firms
  • Only household retail purchases
Correct answer(s):
  • Labor income, property income, and transfers
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U.S. Economy

Which choice gives the correct context for Delaware GDP per capita?

  • A valid Delaware GDP-per-capita calculation requires GDP and population data from one current figure and one undated estimate
  • A valid Delaware GDP-per-capita calculation requires GDP and population data from unrelated reference periods
  • A valid Delaware GDP-per-capita calculation requires GDP and population data from compatible reference periods
  • A valid Delaware GDP-per-capita calculation requires GDP and population data from different decades without adjustment
Correct answer(s):
  • A valid Delaware GDP-per-capita calculation requires GDP and population data from compatible reference periods
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U.S. Economy

Which important values are generally outside state GDP accounting?

  • Market production
  • Paid professional services
  • Manufactured goods
  • Unpaid work, ecological services, cultural heritage, and distributional outcomes
Correct answer(s):
  • Unpaid work, ecological services, cultural heritage, and distributional outcomes
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