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Chapter 15 Measurement of Economic Performance (I)

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Exercise

Multiple Choice Questions

1. A
2. B
3. C
4. B
5. A

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Chapter 15 Measurement of Economic Performance (I)

Answers for Revision


Exercise

Structured Questions

1. (a)

For all the transactions mentioned, only the


buying of the second-hand car is not included
in the calculation of Hong Kongs GDP, as the
value of the car was included in the GDP when
it was sold for the first time.
Therefore, contribution to the GDP = $2,500
(commission) + $500 (fee paid to the garage) +
$2,000 (value of the new engine) = $5,000

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

1. (b)
If the engine was imported from Japan,
the value of the engine has to be
deducted from the contribution
calculated above as the engine was not
produced in Hong Kong.
The contribution dropped to $3,000.

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

2. (a)
False.
The net exports figure is negative when
the amount of imports is greater than
that of exports.

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

2. (b)
False.
The value of intermediate products has
been included in the value of the final
products.
The GDP will therefore be overstated
when we include the intermediate
products.

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

2. (c)
False.
It is excluded from GDP not because it
does not involve any production, but
because the production has not gone
through market.

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

2. (d)
True.
Implicit price deflator of GDP
= Nominal GDP / Real GDP x 100
Therefore, when the nominal GDP grows
faster than the real GDP, the general
price level as measured by implicit GDP
deflator increases.

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

3. (a)

The amount of contribution


= ($90,000 + $40,000) $100,000
= $30,000

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

3. (b)
We have to add up the value added of
the manufacturing company, the shoe
wholesaler and Shop A.
The amount of contribution
= ($100,000 $50,000 $2,000) +
($90,000 + $40,000 $100,000) +
($140,000 $90,000)
= $128,000

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

3. (c) (i)

The $140,000 worth of shoes sold to


consumers in Hong Kong contributed to
the private consumption expenditure (C).

3. (c) (ii)

No part of the production chain


contributed to the gross investment (I).

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

3. (c) (iii)

No part of the production chain


contributed to the government
consumption expenditure (G).

3. (c) (iv)

The $40,000 worth of shoes exported to


America contributed to the exports (X).

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Chapter 15 Measurement of Economic Performance (I)

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Exercise

3. (c) (v)

The $52,000 worth of materials imported


from Italy and Japan contributed to the
imports (M).

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