(Table: Lemonade and Cookies) Use Table: Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. If 2018 is the base year, real GDP in 2018 was: \[\begin{array} { | l | l | l | l | l | } \hline & \text { 2018 Output } & \text { 2018 Prices } & \text { 2019 Output } & \text { 2019 Prices } \\ \hline \text { Lemonade } & 200 \text { glasses } & \text { \$1 per glass } & 220 \text { glasses } & \text { \$1 per glass } \\ \hline \text { Cookies } & 100 \text { cookies } & \text { \$2 per cookie } & 100 \text { cookies } & \text { \$2.25 per cookie } \\ \hline \end{array}\]

A) $400 B) $400. C) $420. D) $420 E) $425. F)$425 G)$445. H)$445 A) $400 B) $400. C) $420. D) $420 E) $425. F)$425 G)$445. H)$445

Consider the data shown in the table. Assume that the economy produces only barrels of oil. What is the nominal GDP for last year? \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Barrels of } \\ \text { Oil Sold } \end{array} & \begin{array} { c } \text { Actual } \\ \text { Price } \end{array} \\ \hline \text { Last year } & 80,000 & \$ 60 \\ \hline \text { This year } & 83,000 & \$ 63 \\ \hline \end{array}\]

A) $5,104,500 B) $5,229,000 C) $4,920,000 D) $4,800,000 A) $5,104,500 B) $5,229,000 C) $4,920,000 D) $4,800,000

Based on the following statistics, how much is consumption? \[\begin{array} { | l | c | } \hline \text { Total spending } & \$ 11.62 \text { trillion } \\ \hline \text { Investment } & \$ 2.56 \text { trillion } \\ \hline \text { Government spending } & \$ 2.95 \text { trillion } \\ \hline \text { Exports } & \$ 1.80 \text { trillion } \\ \hline \text { Imports } & \$ 2.18 \text { trillion } \\ \hline \end{array}\]

A) $11.62 trillion B) $5.13 trillion C) $6.49 trillion D) -$0.38 trillion A) $11.62 trillion B) $5.13 trillion C) $6.49 trillion D) -$0.38 trillion

Consider the data shown in the table. Assume that the economy produces only textbooks. What is the real GDP for last year? \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Textbooks } \\ \text { Sold } \end{array} & \begin{array} { c } \text { Actual } \\ \text { Price } \end{array} \\ \hline \text { Last year } & 5,000 & \$ 50 \\ \hline \text { This year } & 5,250 & \$ 55 \\ \hline \end{array}\]

A) $250,000 B) $262,500 C) $288,750 D) $275,625 A) $250,000 B) $262,500 C) $288,750 D) $275,625

(Table: Per Capita GDP) Use Table: Per Capita GDP. If 2016 is the base year, real GDP in 2019 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) $400. B) $400 C) $3,000. D) $3,000 E) $4,000 F)$4,000. G)$80,000 H)$80,000. A) $400. B) $400 C) $3,000. D) $3,000 E) $4,000 F)$4,000. G)$80,000 H)$80,000.

(Table: Pizza Economy III) Use Table: Pizza Economy III. Considering 2018 as the base year, given that the total population was 1,140 in 2018 and 1,380 in 2019, real GDP per capita between 2018 and 2019 grew at a rate of _____. \[\begin{array} { | l | l | l | l | l | } \hline & \begin{array} { l } \text { 2018 Units of } \\ \text { Output } \end{array} & \begin{array} { l } \text { 2018 Price per } \\ \text { Unit } \end{array} & \begin{array} { l } \text { 2019 Units of } \\ \text { Output } \end{array} & \begin{array} { l } \text { 2019 Price } \\ \text { per Unit } \end{array} \\ \hline \text { Gino's Pizza } & 4,000 & \$ 10 & 4,000 & \$ 8 \\ \hline \text { Bee's Spaghetti } & 3,000 & \$ 9 & 1,000 & \$ 6 \\ \hline \text { Claudia's Cookies } & 2,000 & \$ 6 & 1,000 & \$ 1 \\ \hline \text { Andre's Salad } & 5,000 & \$ 7 & 2,000 & \$ 4 \\ \hline \end{array}\]

A) ?50% B) ?50%. C) ?25% D) ?25%. E) 50% F)50%. G)75% H)75%. A) ?50% B) ?50%. C) ?25% D) ?25%. E) 50% F)50%. G)75% H)75%.

(Table: Smartwatch GDP in Singapore). Use Table: Smartwatch GDP in Singapore. Why is real GDP per capita used as a measure of a country's standard of living? What are some of the limitations of using real GDP as the only measure of a country's quality of life? \[\begin{array} { | l | l | } \hline \text { 2018 Smartwatch Production } & 4,000 \\ \hline \begin{array} { l } 2018 \text { Smartwatch Prices (base } \\ \text { year) } \end{array} & \$ 500 \\ \hline 2018 \text { Population in Singapore } & 10,000 \\ \hline \text { 2019 Smartwatch Production } & 4,400 \\ \hline \text { 2019 Smartwatch Prices } & \$ 600 \\ \hline \text { 2019 Population of Singapore } & 12,000 \\ \hline \end{array}\]

The answer of (Table: Smartwatch GDP in Singapore). Use Table:...

Consider the data shown in the table. Assume that the economy produces only textbooks. What is the real GDP for this year? \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Textbooks } \\ \text { Sold } \end{array} & \begin{array} { c } \text { Actual } \\ \text { Price } \end{array} \\ \hline \text { Last year } & 5,000 & \$ 50 \\ \hline \text { This year } & 5,250 & \$ 55 \\ \hline \end{array}\]

A) $250,000 B) $262,500 C) $288,750 D) $275,625 A) $250,000 B) $262,500 C) $288,750 D) $275,625

Exam 21: Sizing up the Economy Using Gdp

For each of these scenarios, calculate the growth rate of real GDP. (a) Inflation is 3%, and the growth rate of nominal GDP is 5%. (b) Inflation is 2.5%, and the growth rate of nominal GDP is 6.5%. (c) Inflation is 2%, and the growth rate of nominal GDP is 1%.

(Short Answer)

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Question 161

The LG Corporation produced 24,000 smartphones in 2019. Only 4,000 smartphones remained unsold at the end of 2019. As a result:

(Multiple Choice)

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Question 162

Refer to the diagram of the circular flow of income. Based on the diagram, the arrow going FROM box 2 to box 1 must be:

(Multiple Choice)

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Question 163

(Table: Lemonade and Cookies) Use Table: Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. If 2018 is the base year, real GDP in 2018 was: 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 164

In 2017, Canada's GDP was approximately $1.57 trillion, and its population was about 36.96 million. What was Canada's approximate GDP per person in 2017?

(Multiple Choice)

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Question 165

During 1994 and 1995, nominal GDP in the United States grew by 4.8%, and the rate of inflation was 2.1%. What was the growth rate of real GDP between the two years?

(Multiple Choice)

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Question 166

Refer to the diagram of the circular flow of income. Based on the diagram, the arrow going FROM box 4 to box 3 must be:

(Multiple Choice)

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Question 167

Refer to the diagram of the circular flow of income. The key lessons from this diagram are that: (i) all flows of resources are matched by flows of money. (ii) the market value of total output must be equal to total spending. (iii) total spending must equal total income. (iv) all inputs are provided by businesses.

(Multiple Choice)

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Question 168

Consider the data shown in the table. Assume that the economy produces only barrels of oil. What is the nominal GDP for last year? Barrels of Oil Sold Actual Price Last year 80,000 \ 60 This year 83,000 \ 63

(Multiple Choice)

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Question 169

Based on the following statistics, how much is consumption? Total spending \ 11.62 trillion Investment \ 2.56 trillion Government spending \ 2.95 trillion Exports \ 1.80 trillion Imports \ 2.18 trillion

(Multiple Choice)

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Question 170

Consider the data shown in the table. Assume that the economy produces only textbooks. What is the real GDP for last year? Textbooks Sold Actual Price Last year 5,000 \ 50 This year 5,250 \ 55

(Multiple Choice)

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Question 171

Refer to the diagram of the circular flow of income. Based on the diagram, box 1 must be:

(Multiple Choice)

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Question 172

Refer to the diagram of the circular flow of income. Based on the diagram, box 4 must be:

(Multiple Choice)

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Question 173

If the local construction company buys an industrial 3D printer, this expenditure is:

(Multiple Choice)

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Question 174

What are four strategies for scaling big numbers?

(Essay)

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Question 175

(Table: Per Capita GDP) Use Table: Per Capita GDP. If 2016 is the base year, real GDP in 2019 was: Year Nominal GDP Price Level Population \ 3,000 100 5 8,000 200 10

(Multiple Choice)

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Question 176

(Table: Pizza Economy III) Use Table: Pizza Economy III. Considering 2018 as the base year, given that the total population was 1,140 in 2018 and 1,380 in 2019, real GDP per capita between 2018 and 2019 grew at a rate of _____. 2018 Units of Output 2018 Price per Unit 2019 Units of Output 2019 Price per Unit Gino's Pizza 4,000 \ 10 4,000 \ 8 Bee's Spaghetti 3,000 \ 9 1,000 \ 6 Claudia's Cookies 2,000 \ 6 1,000 \ 1 Andre's Salad 5,000 \ 7 2,000 \ 4

(Multiple Choice)

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Question 177

In 1939, inflation in the United States was -1%, but at the same time, the country recorded a real GDP growth rate of 8%. What was the nominal GDP growth rate?

(Multiple Choice)

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Question 178

(Table: Smartwatch GDP in Singapore). Use Table: Smartwatch GDP in Singapore. Why is real GDP per capita used as a measure of a country's standard of living? What are some of the limitations of using real GDP as the only measure of a country's quality of life? 2018 Smartwatch Production 4,000 2018 Smartwatch Prices (base year) \ 500 2018 Population in Singapore 10,000 2019 Smartwatch Production 4,400 2019 Smartwatch Prices \ 600 2019 Population of Singapore 12,000

(Essay)

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Question 179

Consider the data shown in the table. Assume that the economy produces only textbooks. What is the real GDP for this year? Textbooks Sold Actual Price Last year 5,000 \ 50 This year 5,250 \ 55

(Multiple Choice)

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Question 180

Exam 21: Sizing up the Economy Using Gdp

For each of these scenarios, calculate the growth rate of real GDP. (a) Inflation is 3%, and the growth rate of nominal GDP is 5%. (b) Inflation is 2.5%, and the growth rate of nominal GDP is 6.5%. (c) Inflation is 2%, and the growth rate of nominal GDP is 1%.

The LG Corporation produced 24,000 smartphones in 2019. Only 4,000 smartphones remained unsold at the end of 2019. As a result:

Refer to the diagram of the circular flow of income. Based on the diagram, the arrow going FROM box 2 to box 1 must be:

In 2017, Canada's GDP was approximately $1.57 trillion, and its population was about 36.96 million. What was Canada's approximate GDP per person in 2017?

During 1994 and 1995, nominal GDP in the United States grew by 4.8%, and the rate of inflation was 2.1%. What was the growth rate of real GDP between the two years?

Refer to the diagram of the circular flow of income. Based on the diagram, the arrow going FROM box 4 to box 3 must be:

Consider the data shown in the table. Assume that the economy produces only barrels of oil. What is the nominal GDP for last year? Barrels of Oil Sold Actual Price Last year 80,000 \ 60 This year 83,000 \ 63

Based on the following statistics, how much is consumption? Total spending \ 11.62 trillion Investment \ 2.56 trillion Government spending \ 2.95 trillion Exports \ 1.80 trillion Imports \ 2.18 trillion

Consider the data shown in the table. Assume that the economy produces only textbooks. What is the real GDP for last year? Textbooks Sold Actual Price Last year 5,000 \ 50 This year 5,250 \ 55

Refer to the diagram of the circular flow of income. Based on the diagram, box 1 must be:

Refer to the diagram of the circular flow of income. Based on the diagram, box 4 must be:

If the local construction company buys an industrial 3D printer, this expenditure is:

What are four strategies for scaling big numbers?

(Table: Per Capita GDP) Use Table: Per Capita GDP. If 2016 is the base year, real GDP in 2019 was: Year Nominal GDP Price Level Population \ 3,000 100 5 8,000 200 10

In 1939, inflation in the United States was -1%, but at the same time, the country recorded a real GDP growth rate of 8%. What was the nominal GDP growth rate?

Consider the data shown in the table. Assume that the economy produces only textbooks. What is the real GDP for this year? Textbooks Sold Actual Price Last year 5,000 \ 50 This year 5,250 \ 55

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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