Exam 7: GDP and the CPI: Tracking the Macroeconomy

Use the following to answer questions: -(Figure 7-1: Circular-Flow Model) Use Figure 7-1: Circular-Flow Model. What is the value of GDP in this economy?

Suppose a consumer buys a Perfect Pizza frozen cheese pizza at the grocery store for $10. Perfect Pizza purchased the dough and tomato sauce from a food-processing company for $2 and bought the cheese for $1. It sold the pizza to the store for $5. How much has GDP increased?

Use the following to answer questions: -(Table: Per Capita GDP) Use Table: Per Capita GDP. The growth rate of nominal GDP from 2011 to 2014 was _____%.

Use the following to answer questions: -(Figure 7-1: Circular-Flow Model) Use Figure 7-1: Circular-Flow Model. If the circular-flow model is in equilibrium (the sum of money flowing into each box is equal to the sum of the money flowing out of it) and there is an increase in government spending, holding everything else constant, which outcome is likely to occur?

Use the following to answer questions: -(Table: Per Capita GDP) Use Table: Per Capita GDP. The growth rate of real GDP from 2011 to 2014 was:

If the price level and nominal GDP both doubled, then real GDP would:

If real GDP falls while nominal GDP rises, then prices on average have:

Use the following to answer questions: -(Table: Peanut Butter and Jelly Economy) Use Table: Peanut Butter and Jelly Economy. Between 2010 and 2011, nominal GDP _____ by _____%.

_____ is considered to be an IOU.

The national income and product accounts are calculated by the:

If, during 2011, the Republic of Sildavia recorded a GDP of $65 billion, interest payments of $15 billion, imports of $13 billion, profits of $7 billion, exports of $15 billion, and rent of $7 billion, wages during 2011 in Sildavia were:

Use the following to answer questions: -(Table: Peanut Butter and Jelly Economy) Use Table: Peanut Butter and Jelly Economy. Nominal GDP in 2010 was:

Use the following to answer questions: -(Table: Measuring GDP) Use Table: Measuring GDP. Total expenditures on GDP by the household sector are:

Use the following to answer questions: -(Table: Per Capita GDP) Use Table: Per Capita GDP. If 2011 is the base year, real GDP in 2011 was:

In the factor markets:

Which example illustrates consumption expenditure?

Use the following to answer questions: -(Figure 7-2: Expanded Circular-Flow Model) Use Figure 7-2: Expanded Circular-Flow Model How much is total government spending?

Private savings is equal to:

Gross domestic product is defined as:

Use the following to answer questions: -(Table: Lemonade and Cookies) Use Table: Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. Nominal GDP in 2013 was: