Exam 7: Gdp and Cpi: Tracking the Macroeconomy

Use the following to answer questions : Table: Per Capita GDP -(Table: Per Capita GDP) Look at the table Per Capita GDP. Per capita nominal GDP in 2014 was:

In the circular-flow diagram, the places where goods and services are bought and sold are the:

Use the following to answer questions : -(Table: GDP II) Look at the table GDP II. Calculate the GDP deflator for 2010.

If the consumer price index for 2010 was 160.6 and for 2011 was 163.1, what was the inflation rate between the two years?

Households demand goods and services in the product markets.

If the consumer price index increases from 125 to 130 in one year, the rate of inflation is 5%.

Use the following to answer questions : Table: Pizza Economy III -(Table: Pizza Economy III) Look at the table Pizza Economy III. Using 2010 as the base year, real GDP in 2010 was:

The inflation rate is measured as the percentage change per year in a price index.

The indirect ownership of physical capital refers to households owning:

Aggregate output is the total quantity of intermediate goods and services produced in a year.

The producer price index is likely to respond more quickly to price changes than the other indexes, so it is regarded as a warning sign of inflation.

If during 2011 the Republic of Sildavia recorded a value added of $78 billion, wages of $40 billion, profits of $8 billion, and total sales of $90 billion, the value of intermediate goods purchased during 2011 in Sildavia was:

The best available common measure of a nation's standard of living is:

The money spent on domestically produced final goods and services:

Explain why each of the following transactions would or would not be counted in the GDP of the United States. a. American auto producer Ford builds a factory in Canada. b. You buy a blueberry muffin at your coffee shop. c. A Ford dealership in Ohio has 15 unsold new cars at the end of 2011.

Use the following to answer question: -(Table: Furniture Production Schedule) Look at the table Furniture Production Schedule. What is the total value added at all stages of production of the furniture?

Use the following to answer questions: Table: Real and Nominal Output -(Table: Real and Nominal Output) Look at the table Real and Nominal Output. Assuming year 3 is the base year, real output in year 3 is:

Use the following to answer questions : -(Table: Gadget GDP in Rayistan) Look at the table Gadget GDP in Rayistan. Rayistan is a small nation that produces only one good, the gadget. The table shows production and prices of gadgets for two consecutive years, as well as the population of Rayistan. a. Compute nominal GDP in 2010 and 2011. b. Compute real GDP in 2010 and 2011. c. Has Rayistan's standard of living, as measured by real GDP per capita, increased, decreased, or stayed the same?

The consumer price index is calculated by the Congressional Budget Office.

Use the following to answer question : -GDP is the sum of: