Homework answers / question archive / Queens College, CUNY - ECON 201 CHAPTER 2: Measuring the Macroeconomy MULTIPLE CHOICE 1)Who led the team that created the original National Income and Product Accounts in the 1930s? a

Queens College, CUNY - ECON 201 CHAPTER 2: Measuring the Macroeconomy MULTIPLE CHOICE 1)Who led the team that created the original National Income and Product Accounts in the 1930s? a

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Queens College, CUNY - ECON 201

CHAPTER 2: Measuring the Macroeconomy

MULTIPLE CHOICE

1)Who led the team that created the original National Income and Product Accounts in the 1930s?

John M. Keynes

Simon Kuznets

Paul A.

Samuelson

Milton Friedman

William D.

Nordhaus

Which measure of overall economic activity was not available in the 1930s?

Stock prices

Steel production

GDP

Gold prices

Industrial

production

The National Income and Product Accounts provides a system for:

a.	aggregating the production of all goods and services into a single measure of economic activity
b.	aggregating the production of all goods into a single measure of economic activity
c.	aggregating the production of all services into a single measure of economic activity
d.	aggregating the production of most goods and services into a single measure of economic activity
e.	aggregating the production of all goods and services into two measures of economic activity

In 2012, U.S. national output was equal to about:

a.	$15.7 billion	d.	$10 trillion
b.	$15.7 trillion	e.	$13.1 million
c.	$50,000

In 2012, U.S. national output per person was equal to about:

a.	$15.7 billion	d.	$12,000
b.	$43,000	e.	$80,000
c.	$50,000

The National Income and Product Accounts allows us to relate to

to .

a.	household income; government income; firm income
b.	total output; total spending; inflation
c.	total output; inflation; total income
d.	household income; household expenditure; total output
e.	total output; total spending; total income

The National Income and Product Accounts identity states:

a.		d.
b.		e.
c.

The difference between economic profits and normal profits is that:

normal profits are earnings based on the normal competitive return to one’s own labor; economic profits are the above-normal returns associated with prices that exceed

competitive prices

economic profits are earnings based on the normal competitive return to one’s own labor; normal profits are the above-normal returns associated

with prices that exceed competitive prices

normal profits are earnings based on the normal competitive return to

one’s own labor; economic profits are the above-normal returns

associated with prices that exceed

monopolistic prices

economic profits are earnings based on the noncompetitive return to one’s own labor; normal profits are the above-normal returns associated with prices that exceed competitive

prices

None of these answers are correct.

Goods that are produced in a different year than they are sold are called:

inventory

a loss

output

adjustment

net national

product

capital

depreciation

The statistic used by economists to measure the value of economic output is:

the unemployment

rate

the GDP deflator

GDP

the federal funds

rate

the CPI

An economy’s is equal to its .

a.	consumption; income
b.	expenditure on goods and services; output
c.	expenditure on goods; expenditure on services
d.	investment; government expenditures
e.	taxes; net exports

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as:

a.		d.
b.		e.
c.

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, the national income identity can be written as:

a.		d.
b.		e.
c.

According to the expenditure approach, if Y is GDP, C is consumption, I is investment, G is government purchases, and NX is net exports, which of the following is the national income identity?

a.		d.
b.		e.
c.

Refer to the following table when answering the next four questions.

Table 2.1: U.S. 2011?2012 Expenditures ($ billions)

	2011	2012
Personal consumption expenditures	10,729	11,120
Goods	3,625	3,783
Services	7,104	7,337
Gross private domestic investment	1,855	2,062
Fixed investment	1,818	2,004
Change in private inventories	37	58
Net exports of goods and services	–568	–560
Exports	2,094	2,184
Imports	2,662	2,744
Government expenditures	3,060	3,063
Federal	1,222	1,214
State and local	1,838	1,849

Consider Table 2.1, which tabulates GDP for 2011–2012. Total GDP in 2011 is:

a.	$35,476 billion	d.	$10,092 billion
b.	$15,076 billion	e.	$6,382 billion
c.	$15,644 billion

Consider Table 2.1, which tabulates GDP for 2011–2012. Total GDP in 2012 is:

a.	$36,858 billion	d.	$15,685 billion
b.	$13,991 billion	e.	$6,554 billion
c.	$16,245 billion

Consider Table 2.1, which tabulates GDP for 2011–2012. The federal government’s share of total GDP in 2011 was about:

a.	19.5 percent	d.	20.3 percent
b.	7.7 percent	e.	8.1 percent
c.	12.2 percent

Consider Table 2.1, which tabulates GDP for 2011–2012. Household consumption as a share of GDP and investment’s share over 2011–2012.

decreased;

increased

increased;

decreased

increased;

increased

stayed the same;

stayed the same

decreased;

stayed the same

In 2012, household expenditures accounted for about of total GDP.

a.	50 percent	d.	76 percent
b.	71 percent	e.	13 percent
c.	45 percent

In 2012, investment expenditures accounted for about of total GDP.

a.	71 percent	d.	10 percent
b.	?3.5 percent	e.	16 percent
c.	13 percent

In 2012, government expenditures accounted for about of total GDP.

a.	5 percent	d.	13 percent
b.	?4 percent	e.	20 percent
c.	66 percent

In 2012, net exports accounted for about of total GDP.

a.	?4 percent	d.	100 percent
b.	13 percent	e.	?14 percent
c.	20 percent

Net exports are also called:

capital outflows

foreign aid

the trade

balance

government

transfers

the current

account

Using the expenditure approach, government expenditures include:

a.	defense and nondefense federal, state, and local government expenditures
b.	only nondefense federal government expenditures
c.	federal government expenditures and transfer payments
d.	only state and local government expenditures
e.	residential investment and state and local government expenditures

In 2012, government transfer payments accounted for about of government spending.

a.	one-third	d.	three-fifths
b.	half	e.	100 percent

74 percent

Using the expenditure approach, consumption expenditures include household purchases of:

a.	durable and nondurable goods and services
b.	durable and nondurable goods
c.	durable and nondurable goods and taxes
d.	durable and nondurable goods and residences
e.	nondurable goods

Using the expenditure approach, investment includes:

a.	household residential expenditures
b.	firm structures, equipment, and inventories
c.	fixed firm and household structures, equipment, and inventories
d.	government and firm equipment expenditures
e.	government defense and firm equipment expenditures

Which of the following is/are NOT included in the expenditure approach to national income accounting?

transfer

payments

changes in stock

prices

taxes

None of these answers are

correct.

Social Security

Which of the following are NOT included in the expenditure approach to national income accounting?

defense expenditures

household service

expenditures

firm expenditures on

equipment

All of these answers are

correct.

residential

expenditures

In 2012, the U.S. GDP was about , and was the largest share.

a.	$5 trillion; net exports
b.	$22.5 billion; government expenditures
c.	$10.5 trillion; investment
d.	$13.6 billion; consumption
e.	$15.7 trillion; consumption

Which of the following is/are NOT included in the expenditure approach to national income accounting?

software

All of these answers are

correct.

taxes

None of these answers are

correct.

defense

expenditures

U.S. expenditure shares by households, firms, and the government have been relatively except during .

constant; the

1970s

constant; the

Vietnam War

variable; the

Great Depression

variable; the

1990s

constant; World

War II

Since about , U.S. expenditure shares by households, firms, and the government have been relatively .

a.	1939; constant	d.	1950; constant
b.	the Great	e.	1929 until 1945;

Depression era;

constant

1950; variable

According to the text, the gains in GDP’s consumption share has:

a.	caused a rapid decline in inventories
b.	driven investment below 10 percent
c.	no impact on net exports
d.	been at a cost to net exports and government spending
e.	also pushed up the government expenditure share

Prior to the late 1970s, the United States about as much as it

exported;

consumed

invested;

exported

exported;

imported

imported;

invested

imported;

consumed

According to the income approach to GDP, the largest percentage of GDP comes from:

indirect business

taxes

depreciation of

fixed capital

firm profits

None of these answers are

correct.

compensation to

employees

Refer to the following table when answering the next three questions.

Table 2.2: U.S. 2011–2012 Domestic Income ($ billions)

2011

2012

Compensation of

employees, paid

8,303

8,600

Wage and salary accruals	6,669	6,914
Supplements to wages and salaries	1,634	1,687
Taxes on production and imports	1,098	1,130
Subsidies	62	61
Net operating surplus	3,768	3,963
Private enterprises	3,794	3,997
Current surplus of government enterprises	–27	–34
Depreciation of fixed capital	1,937	2,012
Private	1,587	1,648
Government	349	364

Consider Table 2.2, National Income Accounts for 2011 and 2012. From this data, total GDP in 2011 was about billion.

a.	$16,606	d.	$15,044
b.	$14,008	e.	$15,645
c.	$32,969

Consider Table 2.2, National Income Accounts for 2011 and 2012. From this data, total GDP in 2012 was about billion.

a.	$15,644	d.	$14,576
b.	$15,044	e.	$17,201
c.	$34,339

Consider Table 2.2, National Income Accounts for 2011 and 2012. From this data, total net domestic product in 2012 was about billion.

a.	$13,632	d.	$14,576
b.	$13,708	e.	$11,743
c.	$15,645

Since about 1970, income share of GDP has been .

labor’s; rising

indirect business

taxes’; rising

labor’s; the same

the health

sector’s; falling

profits’; falling

In the past 60 years or so, labor’s share of GDP in the United States .

is roughly two- thirds

is equal to capital’s income

is exactly 50

percent

has risen sharply

is roughly one-

third

When the city of Los Angeles hires more police officers, may rise, but it may be due to the associated with crime.

GDP; costs

interest rates;

costs

revenues; costs

prices; costs

taxes; benefits

When a state builds a new penitentiary, rise(s), but that does not imply that improve(s).

a.	income; welfare	d.	GDP; welfare
b.	GDP; taxes	e.	taxes; costs
c.	GDP; transfers

Which of the following counts toward changes in the current GDP?

a.	You find $10 on the sidewalk.
b.	You purchase a used stereo from a friend.
c.	The government builds a new highway.
d.	You fix your own sink.
e.	None of these answers are correct.

Which of the following does NOT count toward changes in the current GDP?

a.	A student buys another year of tuition.

b.	You buy a used car from your parents.
c.	The local police station buys new squad cars.
d.	The Pentagon buys gasoline.
e.	None of these answers are correct.

By how much does the current GDP rise in the following scenario? A real estate agent sells a house for $250,000 that the previous owners had purchased 10 years earlier for $90,000. The real estate agent earns a commission of $10,000.

a.	$160,000	d.	$90,000
b.	$250,000	e.	$260,000
c.	$10,000

By how much does GDP change between 2010 and 2011 in the following scenario? In 2010, a rich woman has a chef and pays him $50,000 to cook for her. In 2010, she marries the chef and he continues to cook.

GDP rises by

$50,000.

GDP rises by

$25,000.

GDP is unchanged.

Not enough

information is given.

GDP falls by

$50,000.

Nominal GDP is the of all goods and services produced in a period of time using prices.

value; 1945

value; current

summation;

current

summation; base

year

value; a previous

year’s

If you own your own home, National Accounts uses to measure the value of your home.

a.	the geometric mean of the highest and lowest priced house in your

	neighborhood
b.	the original purchase price
c.	an estimate price of your house based on current market conditions
d.	“rental equivalents”
e.	the value of your home to your insurance carrier

Real GDP is the of all goods and services produced in a period of time using prices.

summation;

current

value; 1945

value; base year

summation; base

year

value; 1970

Which of the following is NOT discussed in Jones and Klenow’s alternative measure of economic welfare?

inequality

child mortality

rates

leisure

consumption

share of GDP

life expectancy

Nominal GDP is given by , where the price level is the .

a.	Nominal GDP = Price level ?Real GDP; GDP deflator
b.	Nominal GDP = Price level ÷ Real GDP; GDP deflator
c.	Nominal GDP = Price level + Real GDP; CPI
d.	Nominal GDP = Price level Real GDP; GDP deflator
e.	Nominal GDP = Price level ?Real GDP; CPI

Real GDP is given by , where the price level is the .

a.	Real GDP = Nominal GDP ?Price level; CPI
b.	Real GDP = Nominal GDP ÷ Price level; GDP deflator
c.	Real GDP = Nominal GDP + Price level; GDP deflator
d.	Real GDP = Nominal GDP – Price level; GDP deflator
e.	Real GDP = Nominal GDP ÷ Price level; CPI

The price level can be derived as and is called the .

a.	Price level = Nominal GDP ÷ Real GDP; CPI
b.	Price level = Nominal GDP ?Real GDP; CPI
c.	Price level = Real GDP ?Nominal GDP; GDP deflator
d.	Price level = Real GDP ÷ Nominal GDP; Paasche deflator
e.	Price level = Nominal GDP ÷ Real GDP; GDP deflator

The percent change in the nominal GDP is given as:

a.	percent change in the price level + percent change in real GDP
b.	percent change in the price level – percent change in real GDP
c.	percent change in the price level ? percent change in real GDP
d.	percent change in the price level ÷ percent change in real GDP
e.	price level ?percent change in real GDP

If the percent change in the price level is than the percent change in

, .

smaller; nominal GDP; real GDP

shrinks

greater; nominal GDP; real GDP

	shrinks
c.	greater; real GDP; nominal GDP shrinks
d.	greater; real GDP; nominal GDP always stays the same
e.	Not enough information is given.

Nominal gross domestic product is defined as:

a.	the value of all goods and services produced by an economy, within its borders, over a period of time, at base-year prices
b.	the value of all goods produced by an economy, within its borders, over a period of time, at current prices
c.	the value of all goods and services produced by an economy, within its borders, over a period of time, at current prices
d.	the value of all goods and services produced by an economy’s citizens, regardless of where they live, over a period of time, at current prices
e.	the value of all goods and services produced by an economy’s citizens, regardless of where they live, over a period of time, at base-year prices

Real gross domestic product is defined as:

a.	the value of all goods and services produced by an economy, within its borders, over a period of time, at base-year prices
b.	the value of all goods and services produced by an economy, within its borders, over a period of time, at current prices
c.	the value of all goods produced by an economy, within its borders, over a period of time, at current prices
d.	the value of all goods and services produced by an economy’s citizens, regardless of where they live, over a period of time, at current prices

e.	the value of all goods and services produced by an economy’s citizens, regardless of where they live, over a period of time, at base-year prices

Refer to the following table when answering the next seven questions. In this economy, only two goods are produced: video games and pistachios.

Table 2.3: National Income Accounting

	2017	2018
Quantity of pistachios	1,000	1,100
Quantity of video games	500	500
Price of pistachios	$1.00	$1.50
Price of video games	$15.00	$14.75

Consider Table 2.3. Using the Laspeyres index, the real GDP in 2017 is:

a.	$8,900	d.	$15,500
b.	$8,500	e.	$9,150
c.	$1,500

Consider Table 2.3. Using the Laspeyres index, the real GDP in 2018 is:

a.	$9,025	d.	$9,150
b.	$8,500	e.	$8,475
c.	$8,600

Consider Table 2.3. Using the Paasche index, the real GDP in 2018 is:

a.	$9,150	d.	$9,025
b.	$8,500	e.	$8,475
c.	$8,600

Consider Table 2.3. Using the Paasche index, real GDP in 2017 is:

a.	$8,475	d.	$9,150
b.	$8,500	e.	$8,875
c.	$8,600

Consider Table 2.3. Using the Laspeyres index, inflation between 2017 and 2018 was about:

0 percent

6 percent

5 percent

Not enough

information is given.

1 percent

Consider Table 2.3. Using the Laspeyres index, the percent change in real GDP was about:

6 percent

1 percent

5 percent

Not enough information is

given.

0 percent

Consider Table 2.3. Using the Laspeyres index, the percent change in nominal GDP was about:

5 percent

0 percent

1 percent

Not enough information is

given.

6 percent

If we calculate the real GDP using the index, we use the

period’s prices.

Laspeyres; final

chain-weighted;

current

Paasche; final

chain-weighted;

final

Paasche; initial

If we calculate the real GDP using the initial period’s prices, we are using a

index. If, instead, we use the final period’s prices, we are using a

index.

Paasche; chain-

weighted

Paasche;

Laspeyres

Laspeyres; chain-

chain-weighted;

weighted

Fisher

Laspeyres;

Paasche

The chain-weighted measure of real GDP uses prices from:

a.	a constant base year
b.	a constantly changing base year
c.	a base year that changes every five years
d.	a base year that changes every ten years
e.	None of these answers are correct.

Suppose we calculate the percent change in real GDP from year 1 to year 2 using both the Laspeyres and the Paasche indices. With the Laspeyres index we get 12 percent and with the Paasche index we get 9 percent. The chain- weighted growth of real GDP is:

a.	1.5 percent	d.	9.5 percent
b.	9.75 percent	e.	10.5 percent
c.	1.33 percent

Nominal GDP means that the value of all goods and services is measured in

prices.

a.	average	d.	current
b.	last year’s	e.	constant
c.	the base year’s

If NGDP is nominal GDP and RGDP is real GDP, which of the following can be used to calculate inflation?

a.	percent change in NGDP + percent change in RGDP
b.	percent change in NGDP ?percent change in RGDP
c.	percent change in NGDP ?percent change in RGDP
d.	percent change in RGDP + percent change in NGDP

e.	percent change in RGDP ?percent change in NGDP

If NGDP is nominal GDP and P is the price level, which of the following can be used to calculate the growth of the real GDP?

a.	percent change in NGDP – percent change in P
b.	percent change in NGDP + percent change in P
c.	percent change in NGDP ?percent change in P
d.	percent change in P + percent change in NGDP
e.	percent change in P – percent change in NGDP

If the nominal GDP rises by 3 percent and the price level rises by 5 percent, then the real GDP by .

rises; 8 percent

falls; 2 percent

falls; 8 percent

None of these answers are

correct.

rises; 2 percent

If the nominal GDP rises by 6 percent and the price level rises by 3 percent, then the real GDP by .

falls; 3 percent

falls; 9 percent

rises; 9 percent

None of these

answers are correct.

rises; 3 percent

If the nominal GDP rises by 6 percent and the real GDP rises by 3 percent, then the price level by .

rises; 3 percent

falls; 9 percent

rises; 9 percent

There is no

change in inflation.

falls; 3 percent

To get a more accurate view of the size of countries’ economies, we first need to convert each country’s GDP to the dollar using and then adjust for

a.	the interest rate; the exchange rate
b.	the exchange rate; price level differences
c.	price level differences; the interest rate
d.	the exchange rate; fiscal policy
e.	fiscal policy; the exchange rate

If we want to calculate the Mexican real GDP in U.S. dollars but adjusted for prices, we use the following:

a.
b.
c.
d.
e.	None of these answers are correct.

If we want to calculate the U.S. real GDP in Mexican pesos, we would use the following:

a.
b.
c.
d.
e.	None of these answers are correct.

Define E = $/£ as the dollar/pound exchange rate and NGDP_UK as the United Kingdom’s nominal GDP; then , the United Kingdom’s nominal GDP in dollars, is given by:

a.		d.
b.		e.	None of these

answer are

correct.

Refer to the following table when answering the next four questions.

Table 2.4: U.S. and Eurozone Nominal GDP in 2011

	2011
Eurozone nominal GDP (€ billions)	€13,144
U.S. nominal GDP ($ billions)	$15,100
Dollar/euro exchange rate	$1.28/€1
PEZ/PUS	0.96

Consider the data in Table 2.4. The value of Eurozone nominal GDP in U.S. dollars is:

a.	$15,729 billion	d.	$10,269 billion
b.	$11,797 billion	e.	$17,525 billion
c.	$16,824 billion

Consider the data in Table 2.4. The value of the Eurozone nominal GDP in U.S. dollars adjusted for price differences is:

a.	$18,555 billion	d.	$17,525 billion
b.	$9,858 billion	e.	$16,151 billion
c.	$10,697 billion

Consider the data in Table 2.4. When we convert the Eurozone’s nominal GDP into dollars and adjust for price differences, the U.S. economy is about

times than the Eurozone economy.

a.	0.93; smaller	d.	0.61; smaller
b.	1.07; smaller	e.	1.09; bigger
c.	1.47; bigger

Consider the data in Table 2.4. When we convert the Eurozone’s nominal GDP into dollars but do NOT adjust for price differences, the U.S. economy is about

times than the Eurozone economy.

a.	1.15; smaller	d.	1.11; smaller
b.	1.64; smaller	e.	1.09; bigger

1.15; bigger

TRUE/FALSE

The largest GDP expenditure share historically has been government expenditure.

In 2012, consumption expenditures accounted for over 70 percent of the total GDP.

The value added for a good produced is equal to the value of the firm’s output plus the value of the intermediate goods used to produce that output.

According to the expenditure approach to GDP, household expenditures include purchases of residential housing.

The largest share of household consumption expenditures is durable goods.

According to the expenditure approach to GDP, investment expenditures include purchases of residential housing.

According to the income approach to GDP, the largest portion of GDP is compensation to employees.

According to the income approach to GDP, the largest portion of GDP is net operating surplus.

In the income approach to GDP, fixed capital depreciation is defined as the after-tax profits of a firm.

GDP measures all economic activity.

When you cook yourself dinner, you are contributing to economic activity, but it is not measured in GDP.

When you buy a car from your brother, which he bought new in 2000, the purchase adds to current GDP.

GDP often is used as a “measure” of economic welfare; it includes all factors that contribute to economic wellbeing.

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP shrinks.

If the percent change in prices is greater than the percent change in the nominal GDP, the real GDP rises.

When calculating the real GDP using the Laspeyres index, we use the final period’s prices.

When calculating the real GDP using the Paasche index, we use the final period’s prices.

If the nominal GDP rises by 5 percent and the price level falls by 2 percent, the real GDP falls by 7 percent.

If Croatia’s price level is higher than the U.S. price level, Croatia’s dollar- denominated GDP, calculated using price adjustments, will appear smaller than if simply calculated with the exchange rate.

To get an accurate view of how GDPs differ across countries, we simply need to convert all countries’ GDPs into dollars using the prevailing exchange rate.

If the percent change in real GDP is found to be 4 percent using the Laspeyres index and 3 percent using the Paasche index, the chain-weighted price index will give us a growth rate of 3.5 percent.

SHORT ANSWER

What is real GDP? Why do we calculate real GDP? What are the shortcomings of real GDP?

Using the expenditure approach to national income accounting, when discussing government expenditures, do we include transfer payments? Why or why not?

What are the components that make up the income approach to calculating GDP? What are the components that make up the expenditure approach to calculating GDP?

Identify which of the following goods are part of the current year’s U.S. GDP and which are considered current year’s U.S. GNP; explain. (Note: Ford is a company owned by U.S. citizens and Toyota is a company owned by Japanese citizens.)
1. a Ford produced in Mexico
2. a Toyota produced in California
3. a meal you make for a dinner party
4. an American-made vintage T-shirt from Led Zeppelin’s 1971 North American tour you bought online last week

Consider the data in the following table, which represents the total production of the country Tucommodatia. They produce only consumer goods.

	2017	2018	2019
Quantity of Y	100	105	103
Quantity of X	5	3	4
Price of Y	$5	$5	$5
Price of X	$100	$105	$110

1. Calculate real GDP for all three years, using 2017 as the base year.
2. Calculate the Consumer Price Index (CPI), using 2017 as the base year. Identify whether there was inflation from the previous year.

You are a staff economist for your local bank and the bank manager claims that in 2012 the Chinese economy was bigger than in the United States. To prove him wrong you decide to put your economics training to work for you and decide to show him China’s GDP in U.S. dollars, and to show him how smart you are, you also decide to calculate PPP GDP in China and compare

that to the United States as well. You have the following data: In 2012, China’s nominal GDP was CY 51.932 trillion (CY = Chinese yuan); the yuan- dollar exchange rate was CY 6.31/$1; nominal GDP in the United States was

$15.685 trillion; the price level in the United States was 1.00 and the price level in China was 0.60. How big is China’s economy?

You are a staff economist for your local bank and the bank manager asks you to calculate whether Qatar (QAT), Luxembourg (LUX), or the United States (USA) is biggest in per capita terms when adjusted for price differences. She gives you the following data table and asks you to fill in the missing values.

Population (column A) and GDP (D) are in millions. GDP in column D is in domestic currency, the euro for Luxembourg, the Qatari rial for Qatar, and the

U.S. dollar for the United States. The exchange rate (B) is units of foreign currency per U.S. $1, and P_US /P_i is the relative price level for the United States and the other countries.

Table GDP, Population, and Exchange Rate Data in 2010

	Pop	Exchan ge Rate	P_US/P_i	GDP (million s)	Per Capita GDP Nationa l Currenc y	Per Capita GDP ($s)	PPP Per Capita GDP ($s)
	(A)	(B)	(C)	(D)	(E)	(F)	(G)
LUX	0.498	0.76	0.87	36,561	?	?	?
QAT	0.841	3.64	1.01	470,42 2	?	?	?
USA	310.23	1.00	1.00	14,584, 731	?	?	?

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Queens College, CUNY - ECON 201 CHAPTER 2: Measuring the Macroeconomy MULTIPLE CHOICE 1)Who led the team that created the original National Income and Product Accounts in the 1930s? a

Economics

MULTIPLE CHOICE

TRUE/FALSE