Table 6.2 \[\begin{array}{l} \text { Table } 6.2\\ \begin{array} { | c | c | c | } \hline \text { Year } & \text { Price of apples } & \text { Price of oranges } \\ \hline 2016 & \$ 3.00 & \$ 1.00 \\ \hline 2017 & \$ 4.00 & \$ 2.00 \\ \hline \end{array} \end{array}\] -Refer to Table 6.2. of a consumer's basket that consists of apples and oranges. What is the consumer price index for 2016 if the base year is 2016?

A) 4 B) 10 C) 20 D) 50 E) 100 A) 4 B) 10 C) 20 D) 50 E) 100

Table 6.4 \[\begin{array}{l} \text { Table } 6.4\\ \begin{array} { c c c } \text { Year } & \text { Price Index } & \text { Nominal GDP } \\ \hline 2001 & 100 & \$ 95 \text { billion } \\ 2002 & 105 & \$ 110 \text { billion } \\ 2003 & 110 & \$ 120 \text { billion } \\ 2004 & 120 & \$ 125 \text { billion } \\ 2005 & 132 & \$ 137.5 \text { billion } \end{array} \end{array}\] -Refer to Table 6.4, which shows the price indexes and the nominal gross domestic product (GDP) for an economy from 2001 to 2005. The real GDP _____ between 2004 and 2005.

A) increased by about $5 billion B) decreased by about $5 billion C) remained almost constant D) increased by about $2 billion E) decreased by about $2 billion A) increased by about $5 billion B) decreased by about $5 billion C) remained almost constant D) increased by about $2 billion E) decreased by about $2 billion

Table 6.2 \[\begin{array}{l} \text { Table } 6.2\\ \begin{array} { | c | c | c | } \hline \text { Year } & \text { Price of apples } & \text { Price of oranges } \\ \hline 2016 & \$ 3.00 & \$ 1.00 \\ \hline 2017 & \$ 4.00 & \$ 2.00 \\ \hline \end{array} \end{array}\] -Refer to Table 6.2 of a consumer's basket that consists of apples and oranges. The consumer buys 2 units of apples and 4 units of oranges every year. What is the consumer price index for 2017 if the base year is 2016?

A) 100 B) 150 C) 120 D) 160 E) 130 A) 100 B) 150 C) 120 D) 160 E) 130

Exam 6: Tracking the U. S. Economy.

If nominal gross domestic product (GDP) for a particular year is $6 trillion and real gross domestic product (GDP) for that year is $5 trillion, then the GDP price index for that year is _____

(Multiple Choice)

4.7/5

(41)

Question 41

Transfer payments are injections into the circular flow of income and expenditure model.

(True/False)

4.8/5

(37)

Question 42

The national income accounting system measures economic activity based on the concept of _____

(Multiple Choice)

4.8/5

(38)

Question 43

Table 6.2 Table 6.2 Year Price of apples Price of oranges 2016 \ 3.00 \ 1.00 2017 \ 4.00 \ 2.00 -Refer to Table 6.2. of a consumer's basket that consists of apples and oranges. What is the consumer price index for 2016 if the base year is 2016?

(Multiple Choice)

5.0/5

(33)

Question 44

_____ is a measure of inflation based on the cost of a fixed market basket of goods and services.

(Multiple Choice)

4.9/5

(38)

Question 45

The value added at all stages of production sums to the market value of the final good, and the value added for all final goods sums to GDP based on the income approach.

(True/False)

4.7/5

(42)

Question 46

_____ is the income households have available to spend or to save after paying taxes and receiving transfer payments.

(Multiple Choice)

4.8/5

(46)

Question 47

Table 6.4 Table 6.4 Year Price Index Nominal GDP 2001 100 \ 95 billion 2002 105 \ 110 billion 2003 110 \ 120 billion 2004 120 \ 125 billion 2005 132 \ 137.5 billion -Refer to Table 6.4, which shows the price indexes and the nominal gross domestic product (GDP) for an economy from 2001 to 2005. The real GDP _____ between 2004 and 2005.

(Multiple Choice)

4.9/5

(35)

Question 48

If the price index is 100 this year, then _____

(Multiple Choice)

5.0/5

(37)

Question 49

A GDP price index of 100 for a year implies that _____

(Multiple Choice)

5.0/5

(41)

Question 50

Table 6.2 Table 6.2 Year Price of apples Price of oranges 2016 \ 3.00 \ 1.00 2017 \ 4.00 \ 2.00 -Refer to Table 6.2 of a consumer's basket that consists of apples and oranges. The consumer buys 2 units of apples and 4 units of oranges every year. What is the consumer price index for 2017 if the base year is 2016?

(Multiple Choice)

4.9/5

(42)

Question 51

The circular-flow model shows that _____

(Multiple Choice)

4.9/5

(33)

Question 52

Which of the following equations equals aggregate expenditure?

(Multiple Choice)

4.7/5

(33)

Question 53

Gross domestic product (GDP) is not a perfect measure of welfare because it _____

(Multiple Choice)

4.9/5

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Question 54

Which of the following is reflected in the gross domestic product (GDP)?

(Multiple Choice)

4.9/5

(39)

Question 55

Which approach adds up earnings during the year by those who produce all that output?

(Multiple Choice)

4.9/5

(41)

Question 56

If the consumer price index (CPI) this year is 162 and last year it was 170, the inflation rate _____

(Multiple Choice)

4.8/5

(39)

Question 57

Which of the following would be included in the calculation of gross domestic product (GDP)?

(Multiple Choice)

4.9/5

(40)

Question 58

Which of the following would not be included in GDP?

(Multiple Choice)

4.9/5

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Question 59

_____ is measured in terms of current-year prices.

(Multiple Choice)

4.7/5

(36)

Question 60

If nominal gross domestic product (GDP) for a particular year is $6 trillion and real gross domestic product (GDP) for that year is $5 trillion, then the GDP price index for that year is _____

Transfer payments are injections into the circular flow of income and expenditure model.

The national income accounting system measures economic activity based on the concept of _____

Table 6.2 Table 6.2 Year Price of apples Price of oranges 2016 \ 3.00 \ 1.00 2017 \ 4.00 \ 2.00 -Refer to Table 6.2. of a consumer's basket that consists of apples and oranges. What is the consumer price index for 2016 if the base year is 2016?

_____ is a measure of inflation based on the cost of a fixed market basket of goods and services.

The value added at all stages of production sums to the market value of the final good, and the value added for all final goods sums to GDP based on the income approach.

_____ is the income households have available to spend or to save after paying taxes and receiving transfer payments.

If the price index is 100 this year, then _____

A GDP price index of 100 for a year implies that _____

The circular-flow model shows that _____

Which of the following equations equals aggregate expenditure?

Gross domestic product (GDP) is not a perfect measure of welfare because it _____

Which of the following is reflected in the gross domestic product (GDP)?

Which approach adds up earnings during the year by those who produce all that output?

If the consumer price index (CPI) this year is 162 and last year it was 170, the inflation rate _____

Which of the following would be included in the calculation of gross domestic product (GDP)?

Which of the following would not be included in GDP?

_____ is measured in terms of current-year prices.

The Art and Science of Economic Analysis.

Economic Tools and Economic Systems.

Economic Decision Makers.

Demand, Supply, and Markets.

Introduction to Macroeconomics.

Unemployment and Inflation.

Productivity and Growth.

Aggregate Demand.

Aggregate Supply.

Fiscal Policy.

Federal Budgets and Public Policy.

Money and the Financial System.

Banking and the Money Supply.

Monetary Theory and Policy.

Macro Policy Debate: Active or Passive?

International Trade.

International Finance.

Economic Development.

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