Exam 7: Gdp and Cpi: Tracking the Macroeconomy

Use the following to answer questions: Figure: Expanded Circular-Flow Model -(Figure: Expanded Circular-Flow Model) Look at the figure Expanded Circular-Flow Model. How much is total government spending?

Use the following to answer questions: Figure: Expanded Circular-Flow Model -(Figure: Expanded Circular-Flow Model) Look at the figure Expanded Circular-Flow Model. Which of the following is a type of market?

Use the following to answer questions : -(Table: Price Index) Look at the table Price Index. Which year is most likely to be the base year?

An economy's gross domestic product is made up of:

Goods that are produced in a particular period but not sold in that period:

Economists include the prices of only the most important consumer goods, such as food and energy, in the aggregate price level.

Inflation can be measured by the:

When Disney builds a new amusement park in the United States, it is counted as part of GDP.

Use the following to answer questions : Table: The Consumer Price Index -(Table: The Consumer Price Index) Look at the table The Consumer Price Index. The approximate rate of inflation in year 3 is:

The GDP deflator is used to calculate the official estimate of inflation that is used to index Social Security payments.

Use the following to answer questions : Table: Measuring GDP -(Table: Measuring GDP) Look at the table Measuring GDP. Government purchases of goods and services are:

Real GDP is:

Use the following to answer questions : Scenario: Good A and Good B -Real per capita GDP is:

In the circular-flow model, households:

The GDP deflator is:

The person who is usually credited with developing national income accounts is:

The total value of all final goods and services produced in a given year, calculated with the prices current in the year in which the output is produced is:

Chained dollars:

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

Use the following to answer questions: Scenario: Real GDP Suppose that in year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. -(Scenario: Real GDP) Look at the scenario Real GDP. Using year 1 as the base year, real GDP in year 2 is: