GDP PRACTICE QUESTIONS GDP in an economy is

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GDP PRACTICE QUESTIONS

GDP PRACTICE QUESTIONS

GDP in an economy is $3452 billion. Consumer expenditures are $2343 billion, government purchases

GDP in an economy is $3452 billion. Consumer expenditures are $2343 billion, government purchases are $865 billion and gross investment is $379 billion. What are Net exports?

GDP in an economy is $3452 billion. Consumer expenditures are $2343 billion, government purchases

GDP in an economy is $3452 billion. Consumer expenditures are $2343 billion, government purchases are $865 billion and gross investment is $379 billion. What are Net exports? Formula to use -- C + Ig + G + Xn = GDP $2343 + $379 + $865 + Xn = $3452 $3587 + Xn = $3452 Xn = -135

In an economy, the total expenditure for a market basket of goods in year

In an economy, the total expenditure for a market basket of goods in year 1 (the base year) was $4, 000 billion. In year 2, the total expenditure for the same market basket of goods was $4, 500 billion. What is the price index for the economy in year 2?

In an economy, the total expenditure for a market basket of goods in year

In an economy, the total expenditure for a market basket of goods in year 1 (the base year) was $4, 000 billion. In year 2, the total expenditure for the same market basket of goods was $4, 500 billion. What is the price index for the economy in year 2? _goods this year_ X 100 PI = goods in base year

In an economy, the total expenditure for a market basket of goods in year

In an economy, the total expenditure for a market basket of goods in year 1 (the base year) was $4, 000 billion. In year 2, the total expenditure for the same market basket of goods was $4, 500 billion. What is the price index for the economy in year 2? _goods this year_ X 100 PI = goods in base year $4, 500 4, 000 X 100 = 113

Suppose nominal GDP rose from $500 billion to $600 billion while the GDP price

Suppose nominal GDP rose from $500 billion to $600 billion while the GDP price index increased from 125 to 150. Real GDP a. was constant b. increased c. decreased d. cannot be calculated from these figures

Suppose nominal GDP rose from $500 billion to $600 billion while the GDP price

Suppose nominal GDP rose from $500 billion to $600 billion while the GDP price index increased from 125 to 150. Real GDP a. was constant b. increased c. decreased d. cannot be calculated from these figures Real GDP = nominal GDP______ Price index in hundredths. Year 1 real GDP = 500 = 400 1. 25 Year 2 real GDP = 600 = 400 1. 50

Suppose nominal GDP rose from $500 billion to $600 billion while the GDP price

Suppose nominal GDP rose from $500 billion to $600 billion while the GDP price index increased from 125 to 150. Real GDP a. was constant b. increased c. decreased d. cannot be calculated from these figures Real GDP = nominal GDP______ Price index in hundredths. Year 1 real GDP = 500 = 400 1. 25 Year 2 real GDP = 600 = 400 1. 50

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