Inclusions of the GDP discussion


1 Point

Which of the following is included in GDP?

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medical marijuana purchased from a government-run pharmacy by a glaucoma patient


recreational marijuana purchased from a drug dealer by a college student


recreational marijuana produced and consumed by a man in his attic


All of the above are included in GDP.


1 Point

A steel company sells some steel to a bicycle company for $150. The bicycle company uses the steel to produce a bicycle, which it sells for $250. Taken together, these two transactions contribute


$150 to GDP.


$250 to GDP.


between $250 and $400 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle.


$400 to GDP.


1 Point

Which of the following items is the one type of household expenditure that is categorized as investment rather than consumption?


spending on education


the purchase of stocks and bonds


the purchase of a new house


the purchase of durable goods such as stoves and washing machines


1 Point

A Minnesota farmer buys a new tractor made in Iowa by a German company. As a result,


U.S. investment and GDP increase, but German GDP is unaffected.


U.S. investment and German GDP increase, but U.S. GDP is unaffected.


U.S. investment, U.S. GDP, and German GDP are unaffected, because tractors are intermediate goods.


U.S. investment, U.S. GDP, and German GDP all increase.


1 Point

If nominal GDP is $10 trillion and real GDP is $8 trillion, then the GDP deflator is


80, and this indicates that the price level has decreased by 20 percent since the base year.


80, and this indicates that the price level has increased by 80 percent since the base year.


125, and this indicates that the price level has increased by 25 percent since the base year.


125, and this indicates that the price level has increased by 125 percent since the base year.

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