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Fill in the blank for the following: GDP is the value of all ________ produced in a given period.

final and intermediate goods and services produced by the private sector only

final and intermediate goods and services, plus raw materials

final goods and services

none of the answers is correct

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Use the following information to answer this question. If nominal GDP rises from $100 to $110, while the GDP deflator rises from 2.0 to 2.2, the percentage change in real GDP is approximately equal to

0 percent, no real growth

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For this question, assume that 1995 is the base year. In Spain, during the period 2000-2014, we know that

real GDP and nominal GDP would be equal for the entire period.

nominal GDP is always smaller than real GDP since 1995.

real GDP and nominal GDP were equal in 1995.

real GDP is larger than nominal GDP from 2002 to 2008.

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Unemployment implies that in the labor market

there are not enough workers for the work positions available

the demand for labor is larger than the supply of labor

there is an excess of labor supply

there is an excess of labor demand

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Suppose nominal GDP increased in a given year. Based on this information, we know with certainty that

the price level (GDP deflator) has increased.

on that year either real output or the price level (GDP deflator), or even both, have increased.

real output and the price level (GDP deflator) have both increased.

real output has increased.

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If the CPI in a country in 2000 was 300 and in 2001 was 330, the inflation rate in 2001 was

we need to know the base year to be able to calculate the inflation rate

we don't have enough information, we also need information about the GDP deflator to calculate the inflation rate

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Unemployment usually

decreases in recessions and increases in expansions.

increases in recessions and increases in expansions.

decreases in recessions and decreases in expansions.

increases in recessions and decreases in expansions.

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One of the reasons macroeconomists have concerns about inflation is that inflation causes

real GDP to exceed nominal GDP.

nominal GDP to fall.

real GDP to rise.

none of the answers is correct

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The Nominal Spanish GDP in year t is the:

income that includes underground activities, out of the market.

income paid in year t to Spanish production factors that produce both in Spain and abroad.

market value of the final goods produced in Spain in year t.

wages paid in year t to workers that produce the goods produced in Spain.

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During the late 1990s, Japan experienced reductions in the GDP deflator. Given this information, we know with certainty that

real GDP did not change during these periods.

real GDP fell during these periods.

the overall price level in Japan decreased during these periods.

both real GDP and the overall price level decreased during these periods.

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