Exam 21: Gdp and the Consumer Price Index

Use the following to answer questions Table: Measuring GDP -(Table: Measuring GDP) Look at the table Measuring GDP. Total expenditures on GDP by the household sector are:

Consider an economy that produces only DVDs and DVD players. Last year, 10 DVDs were sold at $20 each and 5 DVD players were sold at $100 each, while this year 15 DVDs were sold at $10 each and 10 DVD players were sold at $50 each. Nominal GDP this year is:

Net exports are calculated by subtracting:

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

Use the following to answer question : -(Table: GDP) GDP in the table is:

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

A share in the ownership of a company is a(n):

Households derive income from all of the following EXCEPT:

An intermediate good would be:

Which one of the following transactions is included in a current year's GDP as investment spending?

The market(s) that channel the excess savings of households into investment spending by firms is(are):

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?

Which of the following is an example of an intermediate good?

Which of the following causes an outflow of funds from a domestic economy?

Real GDP is nominal GDP adjusted for:

In the circular-flow diagram, households:

Which one of the following equations is correct?

Enchanté Inc., a designer clothing company, buys $400 worth of silk and $30 worth of accessories to produce each dress. If the value added by Enchanté is equal to $200, then according to the value-added approach, the price of the designer dress should be:

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, the growth rate of real GDP from year 1 to year 2 is:

Real GDP per capita is: