Exam 7: GDP and the CPI: Tracking the Macroeconomy

The total value of all final goods and services produced in a given year, calculated with the prices current in the year in which the output is produced, is:

Government borrowing is:

In the product markets:

Use the following to answer questions: -(Figure 7-1: Circular-Flow Model) Use Figure 7-1: Circular-Flow Model. What are net exports?

Which transaction would NOT be counted in GDP?

Assume that the real GDP of the United States is approximately $12 trillion and the population of the United States is approximately 300 million. What is per capita real GDP?

If, during 2011, the Republic of Sildavia recorded a value added of $78 billion, wages of $40 billion, profits of $8 billion, and total sales of all goods and services $90 billion, the value of intermediate goods purchased during 2011 in Sildavia was:

The Arcadia Entertainment Co. produced 20,000 DVDs of the movie Thor in 2011. Only 4,000 copies remained unsold at the end of 2011. As a result:

Consider an economy that produces only DVDs and DVD players. Last year, 10 DVDs were sold at $20 each and 5 DVD players were sold at $100 each, while this year 15 DVDs were sold at $10 each and 10 DVD players were sold at $50 each. Nominal GDP this year is:

The total value of all final goods and services produced in a given year, calculated using the prices of a selected base year, is:

Which example is NOT a government transfer?

Use the following to answer question 93: -According to the information in Table: GDP. GDP in the table is:

The total volume of business sales in the economy is much larger than GDP because: