Question

GDP is defined as the

Group of answer choices

value of all goods and services produced within a country in a given period of time.

value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.

value of all final goods and services produced within a country in a given period of time.

value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.

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Question 24 pts

GDP is equal to

Group of answer choices

the market value of all final goods and services produced within a country in a given period of time.

Y.

C + I + G + NX.

All of the above are correct.

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Question 34 pts

Which of the following transactions would be included in GDP for 2015?

Group of answer choices

In February 2015, Dana sells a 2009 Hyundai to Tegan.

In March 2015, Dana buys a ticket to visit a zoo in Florida. She visits the zoo in February 2016.

In November 2015, Isabella eats onions that she harvested from her backyard garden in October 2015.

All of the above are correct.

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Question 44 pts

An identity is an equation that

Group of answer choices

describes an equilibrium.

pertains to macroeconomics, not to microeconomics.

must be true because of how the variables in the equation are defined.

involves final goods, not intermediate goods.

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Question 54 pts

A transfer payment is

Group of answer choices

a payment for moving expenses a worker receives when he or she is transferred by an employer to a new location.

a payment that is automatically transferred from your bank account to pay a bill or some other obligation.

a form of government spending that is not made in exchange for a currently produced good or service.

the benefit that a person receives from an expenditure by government minus the taxes that were collected by government to fund that expenditure.

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Question 64 pts

Ryan lives in an apartment where he pays $5,000 a year in rent. Sarah lives in a house that could be rented for $16,000 a year. How much do these housing services contribute to GDP?

Group of answer choices

$21,000

$28,000

$7,000

$14,000

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Question 74 pts

Table 24-2

The table below pertains to Pieway, an economy in which the typical consumer’s basket consists of 15 bushels of peaches and 10 bushels of pecans.

Year	Price of Peaches	Price of Pecans
2012	$11 per bushel	$6 per bushel
2013	$9 per bushel	$10 per bushel

Refer to Table 24-2. If 2013 is the base year, then the CPI for 2012 was

Group of answer choices

95.7.

100.0.

90.0.

213.6.

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Question 84 pts

Table 24-2

The table below pertains to Pieway, an economy in which the typical consumer’s basket consists of 15 bushels of peaches and 10 bushels of pecans.

Year	Price of Peaches	Price of Pecans
2012	$11 per bushel	$6 per bushel
2013	$9 per bushel	$10 per bushel

Refer to Table 24-2. If 2013 is the base year, then the inflation rate in 2013 was

Group of answer choices

22.5 percent.

2.35 percent.

10 percent.

4.4 percent.

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Question 94 pts

Table 24-A

The following is a price index for the state of Cali. Assume the year 2005 is used as the base year.

Year	Consumer Price Index	Inflation Rate
2005	100
2006	115	B
2007	125	C
2008	140	D
2009	A	10%
2010	160	E

Refer to Table 24-A. What belongs in space C?

Group of answer choices

120

25%

8.7%

12%

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Question 104 pts

Table 24-C

The table below pertains to California, an economy in which the typical consumer’s basket consists of 4 pounds of beef and 3 bushels of grapes.

Year	Price of Beef	Price of Grapes
2012	$20 per pound	$12 per bushel
2013	$25 per pound	$18 per bushel

Refer to Table 24-C. The cost of the basket in 2012 was

Group of answer choices

$108.

$116.

$112.

$224.

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Question 114 pts

Table 24-C

The table below pertains to California, an economy in which the typical consumer’s basket consists of 4 pounds of beef and 3 bushels of grapes.

Year	Price of beef	Price of grapes
2012	$20 per pound	$12 per bushel
2013	$25 per pound	$18 per bushel

Refer to Table 24-C. If 2012 is the base year, then the CPI for 2012 was

Group of answer choices

75.3.

100.0.

116.0.

132.8.

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Question 124 pts

In calculating the CPI, a fixed basket of goods and services is used. The quantities of the goods and services in the fixed basket are determined by

Group of answer choices

surveying consumers.

surveying sellers of the goods and services.

working backward from the rate of inflation to arrive at imputed values for those quantities.

arbitrary choices made by federal government employees.

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Question 134 pts

Which of the following statements is correct?

Group of answer choices

The CPI can be used to compare dollar figures from different points in time.

The percentage change in the CPI is a measure of the inflation rate, but the percentage change in the GDP deflator is not a measure of the inflation rate.

Compared to the consumer price index (CPI), the GDP deflator is the more common gauge of inflation.

The GDP deflator better reflects the goods and services bought by consumers than does the CPI.

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Question 144 pts

Net exports equal

Group of answer choices

exports plus imports.

exports minus imports.

imports minus exports.

GDP minus imports.

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Question 154 pts

Based on data from the past century, U.S. real GDP per capita growth increased by

Group of answer choices

3 percent per year, so that it is now 2 times as high as it was a century ago.

2 percent per year, so that it is now 8 times as high as it was a century ago.

4 percent per year, so that it is now 2 times as high as it was a century ago.

10 percent per year, so that it is now 8 times as high as it was a century ago.

Answer 1

1) GDP is defined as value of all final goods and services produced within a country in a given period of time. (option no - 3)

24) the correct option is 4 i.e. all of the above. GDP can be defined in all the thee ways.

34) in this question if the financial year starts in January then the answer would be all of the above as they all consuming the final good in the same financial year

44) an identity is an equation which describes an equilibrium, it may be in macro or micro term.

54) a transfer payment is a form of government spending that is not made in exchange for a currently produced good or service.

.