Exam 21: Gdp and the Consumer Price Index

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 NOT a sector of the economy shown in the circular-flow model?

-(Table: Lemonade and Cookies) Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. Nominal GDP in 2014 was:

Purchases of _____ are included in GDP.

Goods that are produced domestically but sold abroad are:

In 2011, consumption spending is $7,000, government purchases of goods and services is $2,000, and investment spending is $1,500. If GDP for 2011 is $10,300, exports are _____ and imports 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. The government has a budget:

The circular-flow diagram illustrates:

Which of the following transactions would NOT be counted in GDP?

Use the following to answer question : -(Table: Pizza Economy II) Look at the table Pizza Economy II. GDP in this economy is:

Aggregate output is:

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:

In the circular-flow diagram, an organization that produces goods and services for sale is a:

Stock in a company is:

Which of the following is FALSE? Gross domestic product:

Use the following to answer questions Figure: Circular-Flow Model -(Figure: Circular-Flow Model) Look at the figure Circular-Flow Model. If the circular-flow model is in equilibrium (the sum of money flowing into each box is equal to the sum of the money flowing out of it) and there is an increase in exports, which of the following is likely to happen?

Which one of the following is an example of consumption expenditure?

A nation's exports minus its imports:

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

If the price level and nominal GDP both doubled, then real GDP would:

Use the following to answer questions Figure: Expanded Circular-Flow Model -(Figure: Expanded Circular-Flow Model) Look at the figure Expanded Circular-Flow Model. The total flow of funds into and out of financial markets is: