Exam 7: Consumer Choice: Maximizing Utility and Behavioral Economics

Look at the following data: durable goods = $300 billion; nondurable goods = $450 billion; services = $900 billion; fixed investment + inventory investment = $200 billion; government purchases = $400 billion; exports = $40 billion; imports = $85 billion.GDP is equal to

In the calculation of national income,dividends paid to stockholders are part of

Net domestic product is the total value of

Gross Domestic Product is computed by using

In 1900,the country with the highest per capita GDP was

An example of income earned but not received is

The base year is the year

Which of the following statements is true?

Two ways of measuring Gross Domestic Product are the __________ approach and the __________ approach.

Look at the following data: consumption = $925 billion; exports = $50 billion; imports = $62 billion; investment = $325 billion; government purchases = $300 billion.GDP is equal to __________ billion.

Suppose there are five goods in the economy,A-E.The current-year quantity of each is 10A,20B,30C,40D,and 50E.Current-year prices are $1 for each unit of A,$2 for each unit of B,$3 for each unit of C,$4 for each unit of D,and $5 for each unit of E.Base-year prices are $1 for each good.Real GDP in the current year equals _________ and GDP equals _________.

-Refer to Exhibit 7-1.Which of the following summations represents net domestic product?

GDP can rise as a result of a rise in __________________,and Real GDP can rise as a result of a rise in _______________________.

Which of the following illustrates double counting?

Net domestic product (NDP)is the total value of new goods available in the economy after worn out capital goods have been replaced.

-Refer to Exhibit 7-2.GDP in 1990 is

The sum of durable goods,nondurable goods,and services equals

Sophia just bought shares of IBM stock for $25,000 and paid a $350 commission to her broker.How did this impact GDP?

An example of income received but not earned is

In 1820 the country with the highest per capita GDP was ______________________.In 1900 the country that ranked #1 in terms of per capita GDP was ___________________ and fifty years later the top ranking was held by _________________________.