(Table: GDP of Switzerland) According to the information in the table, GDP is: \[\begin{array} { | l | l | } \hline \text { Year 2018 (in billions of dollars) } & \\ \hline \text { Consumption spending } & \$ 65 \\ \hline \text { Rental income } & 10 \\ \hline \text { Interest } & 35 \\ \hline \text { Profit } & 20 \\ \hline \text { Investment spending } & 15 \\ \hline \text { Wages } & 29 \\ \hline \text { Government purchases } & 18 \\ \hline \text { Imports } & 7 \\ \hline \text { Exports } & 3 \\ \hline \end{array}\]

A) $94 billion. B) $94 billion C) $188 billion. D) $188 billion E) $168 billion F)$168 billion. G)$139 billion. H)$139 billion A) $94 billion. B) $94 billion C) $188 billion. D) $188 billion E) $168 billion F)$168 billion. G)$139 billion. H)$139 billion

Below is U.S. economic data for 2017. What was total spending? \[\begin{array} { | l | r | } \hline \text { Consumption } & \$ 13.312 \text { trillion } \\ \hline \text { Investment } & \$ 3.371 \text { trillion } \\ \hline \text { Government spending } & \$ 3.412 \text { trillion } \\ \hline \text { Exports } & \$ 2.357 \text { trillion } \\ \hline \text { Imports } & \$ 2.932 \text { trillion } \\ \hline \end{array}\]

A) $22.45 trillion B) $19.52 trillion C) $20.67 trillion D) $20.10 trillion A) $22.45 trillion B) $19.52 trillion C) $20.67 trillion D) $20.10 trillion

Consider the data shown in the table. Assume that the economy produces only frozen fish. What is the growth rate of real GDP between the two years? \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Tons of Frozen } \\ \text { Fish Sold } \end{array} & \begin{array} { c } \text { Actual } \\ \text { Price } \end{array} \\ \hline \text { Last year } & 100 & \$ 1,800 \\ \hline \text { This year } & 105 & \$ 1,850 \\ \hline \end{array}\]

A) 3% B) 8% C) 5% D) 11% A) 3% B) 8% C) 5% D) 11%

(Table: Per Capita GDP) Use Table: Per Capita GDP. If 2016 is the base year, real GDP in 2016 was: \[\begin{array} { | l | l | l | l | } \hline \text { Year } & \text { Nominal GDP } & \text { Price Level } & \text { Population } \\ \hline \mathbf { 2 0 1 6 } & \$ 3,000 & 100 & 5 \\ \hline \mathbf { 2 0 1 9 } & 8,000 & 200 & 10 \\ \hline \end{array}\]

A) $500 B) $500. C) $3,000 D) $3,000. E) $4,000 F)$4,000. G)$300,000 H)$300,000. A) $500 B) $500. C) $3,000 D) $3,000. E) $4,000 F)$4,000. G)$300,000 H)$300,000.

(Table: Price and Output Data) Use Table: Price and Output Data. Between years 4 and 5, nominal GDP increased by: \[\begin{array} { | l | l | l | } \hline \text { Year } & \text { Output } & \text { Price per Unit } \\ \hline 1 & 2 & \$ 2 \\ \hline 2 & 3 & 4 \\ \hline 3 = \text { base period } & 4 & 5 \\ \hline 4 & 6 & 6 \\ \hline 5 & 7 & 9 \\ \hline \end{array}\]

A) 33% B) 33%. C) 75%. D) 75% E) 50%. F)50% G)13% H)13%. A) 33% B) 33%. C) 75%. D) 75% E) 50%. F)50% G)13% H)13%.

Based on the following statistics, how much are net exports? \[\begin{array} { | l | r | } \hline \text { Consumption } & \$ 13.312 \text { trillion } \\ \hline \text { Investment } & \$ 3.371 \text { trillion } \\ \hline \text { Government spending } & \$ 3.412 \text { trillion } \\ \hline \text { Exports } & \$ 2.357 \text { trillion } \\ \hline \text { Imports } & \$ 2.932 \text { trillion } \\ \hline \end{array}\]

A) $2.357 trillion B) -$0.575 trillion C) $20.67 trillion D) $0.575 trillion A) $2.357 trillion B) -$0.575 trillion C) $20.67 trillion D) $0.575 trillion

(Table: Lemonade and Cookies) Use Table: Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. The growth of nominal GDP from 2018 to 2019 was due to an approximately _____ increase in prices and an approximately _____ increase in aggregate output. \[\begin{array} { | l | l | l | l | l | } \hline & \text { 2018 Output } & \text { 2018 Prices } & \text { 2019 Output } & \text { 2019 Prices } \\ \hline \text { Lemonade } & \text { 200 glasses } & \text { \$1 per glass } & 220 \text { glasses } & \text { \$1 per glass } \\ \hline \text { Cookies } & 100 \text { cookies } & \text { \$2 per cookie } & 100 \text { cookies } & \text { \$2.25 per cookie } \\ \hline \end{array}\]

A) 11.25%; 0%. B) 11.25%; 0% C) 0%; 45%. D) 0%; 45% E) 5%; 11.25%. F)5%; 11.25% G)6.25%; 5% H)6.25%; 5%. A) 11.25%; 0%. B) 11.25%; 0% C) 0%; 45%. D) 0%; 45% E) 5%; 11.25%. F)5%; 11.25% G)6.25%; 5% H)6.25%; 5%.

(Table: Real and Nominal Output) Use Table: Real and Nominal Output. Assuming year 3 is the base year, real output in year 4 is: \[\begin{array} { | l | l | l | } \hline \text { Year } & \text { Units of Output } & \text { Price per Unit } \\ \hline 1 & 40 & \$ 1 \\ \hline 2 & 30 & \$ 2 \\ \hline 3 & 50 & \$ 2 \\ \hline 4 & 70 & \$ 4 \\ \hline 5 & 60 & \$ 6 \\ \hline 6 & 60 & \$ 8 \\ \hline \end{array}\]

A) $100 B) $100. C) $120 D) $120. E) $140 F)$140. G)$200 H)$200. A) $100 B) $100. C) $120 D) $120. E) $140 F)$140. G)$200 H)$200.

Exam 21: Sizing up the Economy Using Gdp

(Table: GDP of Switzerland) According to the information in the table, GDP is: Year 2018 (in billions of dollars) Consumption spending \ 65 Rental income 10 Interest 35 Profit 20 Investment spending 15 Wages 29 Government purchases 18 Imports 7 Exports 3

(Multiple Choice)

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Question 101

In the United States, government spending accounts for approximately _____ of GDP.

(Multiple Choice)

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Question 102

Below is U.S. economic data for 2017. What was total spending? Consumption \ 13.312 trillion Investment \ 3.371 trillion Government spending \ 3.412 trillion Exports \ 2.357 trillion Imports \ 2.932 trillion

(Multiple Choice)

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Question 103

Nominal GDP grew by 4%, and the growth rate of real GDP was 2.5%. What was the rate of inflation?

(Multiple Choice)

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Question 104

How do each of these transactions below affect GDP for the current year? (a) A stay-at-home parent returns to work. (b) A stay-at-home parent purchases $70 worth of groceries, buys used books worth $40, and makes capital gains of $3,200. (c) A worker is paid under the table and does not report the payments to the IRS.

(Essay)

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Question 105

Suppose that, in year 1, an economy produces 200 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year, the economy produces 210 golf balls that sell for $3.50 each and 80 pizzas that sell for $9 each. Using year 1 as the base year, the growth rate of real GDP from year 1 to year 2 is ____.

(Multiple Choice)

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Question 106

Consider the data shown in the table. Assume that the economy produces only frozen fish. What is the growth rate of real GDP between the two years? Tons of Frozen Fish Sold Actual Price Last year 100 \ 1,800 This year 105 \ 1,850

(Multiple Choice)

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Question 107

(Table: Per Capita GDP) Use Table: Per Capita GDP. If 2016 is the base year, real GDP in 2016 was: Year Nominal GDP Price Level Population \ 3,000 100 5 8,000 200 10

(Multiple Choice)

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Question 108

If Kenya's nominal GDP rises by 7%, does this mean that Kenya has had economic growth of 7%? Explain.

(Essay)

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Question 109

(Table: Price and Output Data) Use Table: Price and Output Data. Between years 4 and 5, nominal GDP increased by: Year Output Price per Unit 1 2 \ 2 2 3 4 3= base period 4 5 4 6 6 5 7 9

(Multiple Choice)

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Question 110

Based on the following statistics, how much are net exports? Consumption \ 13.312 trillion Investment \ 3.371 trillion Government spending \ 3.412 trillion Exports \ 2.357 trillion Imports \ 2.932 trillion

(Multiple Choice)

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Question 111

Which of the following is a scaled number?

(Multiple Choice)

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Question 112

In 2010, Canada's GDP was approximately $1,357 billion, and its population was about 34.12 million. What was Canada's approximate GDP per person in 2010?

(Multiple Choice)

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Question 113

Spending on rebuilding an interstate highway connecting New York City and Hartford, Connecticut, is an example of:

(Multiple Choice)

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Question 114

GDP per person is calculated as:

(Multiple Choice)

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Question 115

Which of the scenarios below represents a macroeconomic decision?

(Multiple Choice)

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Question 116

According to the rule of 70, if GDP per person is growing at a rate of roughly 5.2%, approximately how many years will it take for average income to double?

(Short Answer)

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Question 117

(Table: Lemonade and Cookies) Use Table: Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. The growth of nominal GDP from 2018 to 2019 was due to an approximately _ increase in prices and an approximately _ increase in aggregate output. 2018 Output 2018 Prices 2019 Output 2019 Prices Lemonade 200 glasses \1 per glass 220 glasses \1 per glass Cookies 100 cookies \2 per cookie 100 cookies \2 .25 per cookie

(Multiple Choice)

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Question 118

Total spending in the economy is calculated as:

(Multiple Choice)

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Question 119

(Table: Real and Nominal Output) Use Table: Real and Nominal Output. Assuming year 3 is the base year, real output in year 4 is: Year Units of Output Price per Unit 1 40 \ 1 2 30 \ 2 3 50 \ 2 4 70 \ 4 5 60 \ 6 6 60 \ 8

(Multiple Choice)

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Question 120

Exam 21: Sizing up the Economy Using Gdp

(Table: GDP of Switzerland) According to the information in the table, GDP is: Year 2018 (in billions of dollars) Consumption spending \ 65 Rental income 10 Interest 35 Profit 20 Investment spending 15 Wages 29 Government purchases 18 Imports 7 Exports 3

In the United States, government spending accounts for approximately _____ of GDP.

Below is U.S. economic data for 2017. What was total spending? Consumption \ 13.312 trillion Investment \ 3.371 trillion Government spending \ 3.412 trillion Exports \ 2.357 trillion Imports \ 2.932 trillion

Nominal GDP grew by 4%, and the growth rate of real GDP was 2.5%. What was the rate of inflation?

Consider the data shown in the table. Assume that the economy produces only frozen fish. What is the growth rate of real GDP between the two years? Tons of Frozen Fish Sold Actual Price Last year 100 \ 1,800 This year 105 \ 1,850

(Table: Per Capita GDP) Use Table: Per Capita GDP. If 2016 is the base year, real GDP in 2016 was: Year Nominal GDP Price Level Population \ 3,000 100 5 8,000 200 10

If Kenya's nominal GDP rises by 7%, does this mean that Kenya has had economic growth of 7%? Explain.

(Table: Price and Output Data) Use Table: Price and Output Data. Between years 4 and 5, nominal GDP increased by: Year Output Price per Unit 1 2 \ 2 2 3 4 3= base period 4 5 4 6 6 5 7 9

Based on the following statistics, how much are net exports? Consumption \ 13.312 trillion Investment \ 3.371 trillion Government spending \ 3.412 trillion Exports \ 2.357 trillion Imports \ 2.932 trillion

Which of the following is a scaled number?

In 2010, Canada's GDP was approximately $1,357 billion, and its population was about 34.12 million. What was Canada's approximate GDP per person in 2010?

Spending on rebuilding an interstate highway connecting New York City and Hartford, Connecticut, is an example of:

GDP per person is calculated as:

Which of the scenarios below represents a macroeconomic decision?

According to the rule of 70, if GDP per person is growing at a rate of roughly 5.2%, approximately how many years will it take for average income to double?

Total spending in the economy is calculated as:

(Table: Real and Nominal Output) Use Table: Real and Nominal Output. Assuming year 3 is the base year, real output in year 4 is: Year Units of Output Price per Unit 1 40 \ 1 2 30 \ 2 3 50 \ 2 4 70 \ 4 5 60 \ 6 6 60 \ 8

The Core Principles of Economics

Demand: Thinking Like a Buyer

Supply: Thinking Like a Seller

Equilibrium: Where Supply Meets Demand

Elasticity: Measuring Responsiveness

When Governments Intervene in Markets

Welfare and Efficiency

Gains From Trade

International Trade

Externalities and Public Goods

Labor Demand and Supply

Wages, Workers, and Management

Inequality, Social Insurance, and Redistribution

Market Structure and Market Power

Entry, Exit, and Long-Run Profitability

Business Strategy

Sophisticated Pricing Strategies

Game Theory and Strategic Choices

Decisions Involving Uncertainty

Decisions With Private Information

Economic Growth

Unemployment

Inflation and Money

Consumption and Saving

Investment

The Financial Sector

International Finance and the Exchange Rate

Business Cycles

IS-MP Analysis: Interest Rates and Output

Phillips Curve

The Fed Model: Linking Interest Rates, Output, and Inflation

Aggregate Demand and Aggregate Supply

Monetary Policy

Government Spending, Taxes, and Fiscal Policy

Appendix: Aggregate Expenditure and the Multiplier

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