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  • NIPA annual revisions usually occur #11
  • The two major reasons for the tremendous growth in output in the U.S. economy over the last 125 years are #12
  • NIPA benchmark revisions are those that #13
  • When the NIPA data incorporate changes in data-construction methods or a new base year, the revisions are called #14
  • The Bigdrill company drills for oil, which it sells for $200 million to the Bigoil company to be made into gas. The Bigoil company's gas is sold for a total of $600 million. What is the total contribution to the country's GDP from companies Bigdrill and Bigoil? #15
  • A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the #16
  • In the production function Y = AF(K, N), A is …, K is …, and N is …. #17
  • In the production function Y = AF(K, N), total factor productivity is #18
  • Suppose the economy's production function is Y = AK 0.3 N 0.7 If K = 2000, N = 100, and A = 1, then Y = 246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase? #19
  • Suppose the economy's production function is Y = AK 0.3 N 0.7 If K = 2000, N = 100, and A = 1, then Y = 246. If K rises by 10%, and A and N are unchanged, by how much does Y increase? #20
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