Given the following data for the economy, compute the value of GDP. \[\begin{array} { | l l | } \hline \text { Government purchases of goods and services } & 10 \\ \text { Consumption Expenditures } & 70 \\ \text { Exports } & 5 \\ \text { Imports } & 12 \\ \text { Change in inventories } & - 7 \\ \text { Construction of new homes and apartments } & 15 \\ \text { Sales of existing homes and apartments } & 22 \\ \text { Government payments to retirees } & 17 \\ \text { Business fixed investment } & 9 \\ \hline \end{array}\]

A) 56 B) 83 C) 90 D) 141 A) 56 B) 83 C) 90 D) 141 C

Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: \[\begin{array} { l c c } \text { Name of Company } & \text { Revenues } & \text { Cost of Purchased Inputs } \\ \text { Fulton Family Farm } & \$ 0.50 & 0 \\ \text { DeLux Popcorn Co. } & \$ 2.50 & \$ .50 \\ \text { Friendly Groceries } & \$ 4.00 & \$ 2.50 \end{array}\] What is the value added of Fulton Family Farm?

A) $0.00 B) $0.50 C) $1.50 D) $2.50 A) $0.00 B) $0.50 C) $1.50 D) $2.50

Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: \[\begin{array} { l c c } { \text { Name of Company } } & \text { Revenues } & \text { Cost of Purchased Inputs } \\ \text { Citrus Growers Inc. } & \$ 0.75 & 0 \\ \text { Florida Jam Company } & \$ 2.00 & \$ .75 \\ \text { The Corner Store } & \$ 2.50 & \$ 2.00 \end{array}\] If the oranges were grown and the jam produced in the year 2009, but the marmalade was sold at The Corner Store in the year 2010, what is the contribution of these transactions to GDP in the year 2009?

A) $1.25 B) $2.00 C) $2.50 D) $2.75 A) $1.25 B) $2.00 C) $2.50 D) $2.75

Exam 4: Macroeconomics: the Birds-Eye View of the Economy

Given the following data for the economy, compute the value of GDP. Government purchases of goods and services 10 Consumption Expenditures 70 Exports 5 Imports 12 Change in inventories -7 Construction of new homes and apartments 15 Sales of existing homes and apartments 22 Government payments to retirees 17 Business fixed investment 9

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(Multiple Choice)

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Question 1

Correct Answer:

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The value of unpaid childcare services provided by a stay-at-home dad included in GDP; the value of daycare services purchased from a licensed childcare provider included in GDP.

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

Bob's Barber Shop cut 3,000 heads of hair in 2009 and 3,100 in 2010. The price of a haircut was $7 in 2009 and $8 in 2010. If 2009 is the base year, what was Bob's contribution to real GDP in 2009?

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Question 3

Correct Answer:

Verified

GDP equals the value added by producers of:

(Multiple Choice)

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Question 4

Which of the following would increase the investment component of U.S. GDP?

(Multiple Choice)

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Question 5

GDP can be measured as each of the following EXCEPT:

(Multiple Choice)

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Question 6

If an automobile manufacturer pays $200 for a car windshield, $400 for four car tires, $100 for a car CD player, and sells cars made with these parts for $20,000, then each car the automobile manufacturer sells contributes how much to GDP?

(Multiple Choice)

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Question 7

Government purchases include all of the following EXCEPT:

(Multiple Choice)

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Question 8

If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of oranges to consumers, uses the rest to make orange juice that is sold to consumers for $3 million, Citrus Grower's contribution to GDP is:

(Multiple Choice)

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Question 9

The largest expenditure component of U.S. GDP is:

(Multiple Choice)

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Question 10

When the production process extends over more than one year, the value of the final product is:

(Multiple Choice)

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Question 11

The government expenditure component of GDP includes:

(Multiple Choice)

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Question 12

Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of Company Revenues Cost of Purchased Inputs Fulton Family Farm \ 0.50 0 DeLux Popcorn Co. \ 2.50 \ .50 Friendly Groceries \ 4.00 \ 2.50 What is the value added of Fulton Family Farm?

(Multiple Choice)

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Question 13

Bob's Barber Shop cut 3,000 heads of hair in 2009 and 3,100 in 2010. The price of a haircut was $7 in 2009 and $8 in 2010. If 2009 is the base year, what was Bob's contribution to nominal GDP in the year 2009?

(Multiple Choice)

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Question 14

Educational services provided by public schools are:

(Multiple Choice)

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Question 15

The value of goods produced, but unsold, in the current period is:

(Multiple Choice)

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Question 16

Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of Company Revenues Cost of Purchased Inputs Citrus Growers Inc. \ 0.75 0 Florida Jam Company \ 2.00 \ .75 The Corner Store \ 2.50 \ 2.00 If the oranges were grown and the jam produced in the year 2009, but the marmalade was sold at The Corner Store in the year 2010, what is the contribution of these transactions to GDP in the year 2009?

(Multiple Choice)

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Question 17

Intermediate goods and services are production and counted in GDP.

(Multiple Choice)

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Question 18

An economy produces 500,000 tables valued at $100 each. Households purchase 100,000 tables, of which 50,000 are imported. Businesses purchase 200,000 domestically produced tables, the government purchases 100,000 domestically produced tables, and 50,000 domestically produced tables are sold abroad. The unsold tables at the end of the year are held in inventory by the table manufacturers. What is value of GDP?

(Multiple Choice)

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Question 19

Which of the expenditure components of GDP can be negative?

(Multiple Choice)

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Question 20

Showing 1 - 20 of 150

The value of unpaid childcare services provided by a stay-at-home dad included in GDP; the value of daycare services purchased from a licensed childcare provider included in GDP.

Bob's Barber Shop cut 3,000 heads of hair in 2009 and 3,100 in 2010. The price of a haircut was $7 in 2009 and $8 in 2010. If 2009 is the base year, what was Bob's contribution to real GDP in 2009?

GDP equals the value added by producers of:

Which of the following would increase the investment component of U.S. GDP?

GDP can be measured as each of the following EXCEPT:

If an automobile manufacturer pays $200 for a car windshield, $400 for four car tires, $100 for a car CD player, and sells cars made with these parts for $20,000, then each car the automobile manufacturer sells contributes how much to GDP?

Government purchases include all of the following EXCEPT:

If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of oranges to consumers, uses the rest to make orange juice that is sold to consumers for $3 million, Citrus Grower's contribution to GDP is:

The largest expenditure component of U.S. GDP is:

When the production process extends over more than one year, the value of the final product is:

The government expenditure component of GDP includes:

Bob's Barber Shop cut 3,000 heads of hair in 2009 and 3,100 in 2010. The price of a haircut was $7 in 2009 and $8 in 2010. If 2009 is the base year, what was Bob's contribution to nominal GDP in the year 2009?

Educational services provided by public schools are:

The value of goods produced, but unsold, in the current period is:

Intermediate goods and services are production and counted in GDP.

Which of the expenditure components of GDP can be negative?

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Measuring Economic Activity: Gdp and Unemployment

Measuring the Price Level and Inflation

Economic Growth, Productivity, and Living Standards

Workers, Wages, and Unemployment

Saving and Capital Formation

Money, Prices, and the Federal Reserve

Financial Markets and International Capital Flows

Short-Term Economics Fluctuations: An Introduction

Spending and Output in the Short Run

Stabilizing the Economy: the Role of the Fed

Aggregate Demand, Aggregate Supply, and Inflation

Filters

Exam 4: Macroeconomics: the Birds-Eye View of the Economy

The value of unpaid childcare services provided by a stay-at-home dad ______ included in GDP; the value of daycare services purchased from a licensed childcare provider ______ included in GDP.

Bob's Barber Shop cut 3,000 heads of hair in 2009 and 3,100 in 2010. The price of a haircut was $7 in 2009 and $8 in 2010. If 2009 is the base year, what was Bob's contribution to real GDP in 2009?

GDP equals the value added by producers of:

Which of the following would increase the investment component of U.S. GDP?

GDP can be measured as each of the following EXCEPT:

If an automobile manufacturer pays $200 for a car windshield, $400 for four car tires, $100 for a car CD player, and sells cars made with these parts for $20,000, then each car the automobile manufacturer sells contributes how much to GDP?

Government purchases include all of the following EXCEPT:

If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of oranges to consumers, uses the rest to make orange juice that is sold to consumers for $3 million, Citrus Grower's contribution to GDP is:

The largest expenditure component of U.S. GDP is:

When the production process extends over more than one year, the value of the final product is:

The government expenditure component of GDP includes:

Bob's Barber Shop cut 3,000 heads of hair in 2009 and 3,100 in 2010. The price of a haircut was $7 in 2009 and $8 in 2010. If 2009 is the base year, what was Bob's contribution to nominal GDP in the year 2009?

Educational services provided by public schools are:

The value of goods produced, but unsold, in the current period is:

Intermediate goods and services are ______ production and ______ counted in GDP.

Which of the expenditure components of GDP can be negative?

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Measuring Economic Activity: Gdp and Unemployment

Measuring the Price Level and Inflation

Economic Growth, Productivity, and Living Standards

Workers, Wages, and Unemployment

Saving and Capital Formation

Money, Prices, and the Federal Reserve

Financial Markets and International Capital Flows

Short-Term Economics Fluctuations: An Introduction

Spending and Output in the Short Run

Stabilizing the Economy: the Role of the Fed

Aggregate Demand, Aggregate Supply, and Inflation

Filters

The value of unpaid childcare services provided by a stay-at-home dad included in GDP; the value of daycare services purchased from a licensed childcare provider included in GDP.

Intermediate goods and services are production and counted in GDP.