Exam 7: Gdp and the Cpi: Tracking the Macroeconomy

Use the following to answer questions: -(Figure 7-2: Expanded Circular-Flow Model)Use Figure 7-2: Expanded Circular-Flow Model.The flow of funds into and out of the rest of the world is:

Use the following to answer question : -(Table: Calculating GDP)According to the information in Table: Calculating GDP,what is GDP?

In the factor markets:

Assume that the consumer price index for 2009 was 103.9 and for 2010 was 107.6.What was the inflation rate between the two years?

The value,at current market prices,of the final goods and services produced within a country during a particular period is:

Use the following to answer questions: -(Figure 7-2: Expanded Circular-Flow Model)Use Figure 7-2: Expanded Circular-Flow Model.What is the value of net exports?

If nominal GDP increases from one year to the next,_____ must have risen.

Use the following to answer questions: -(Table: Pizza Economy III)Use Table: Pizza Economy III.Considering 2010 as the base year,real GDP between 2010 and 2011 grew at a rate of:

The GDP deflator for a given year is equal to 100 times nominal GDP for that year divided by real GDP for that year expressed in prices of a selected base year.

Assume that the consumer price index for 2009 was 124.0 and for 2010 was 130.7.What was the inflation rate between the two years?

Use the following to answer questions: -(Figure 7-1: Circular-Flow Model)Use Figure 7-1: Circular-Flow Model.How does the government finance its purchases of goods and services?

The price index in the current year is the cost of the market basket in the base year divided by the cost of the market basket in the current year.

Use the following to answer questions: -(Table: Lemonade and Cookies)Use Table: Lemonade and Cookies.Assume that an economy produces only lemonade and cookies.If 2014 is the base year,real GDP in 2014 was:

Intermediate goods are NOT counted in GDP because:

If the price index in year 1 is 110 and the price index in year 2 is 115,then the inflation rate is exactly 5% from year 1 to year 2.

GDP does NOT exclude:

A firm is an organization that buys goods and/or services and produces resources.

A country's GNP:

In the circular-flow diagram,a person or a group of people who share income is a:

If the consumer price index is 120 in year 1 and 150 in year 2,then the rate of inflation from year 1 to year 2 is: