Question 1
2 out of 2 points
If you wanted to compare the quantity of output of a country across time
periods, which of the following would you use?
Answer
Selected
Answer:
real
GDP
Question 2
2 out of 2 points
Suppose a market basket of goods and services costs $1,000 in the base
year and the consumer price index (CPI) is currently 110. This indicates
the price of the market basket of goods and services is now
Answer
Selected
Answer:
$1,10
0.
Question 3
2 out of 2 points
If Honda (a Japan-based /rm) produces a car in Ohio and exports it to
Japan, in which country’s GDP will the car be counted?
Answer
Selected
Answer:
The GDP of the United States because that is
where it was built
Question 4
2 out of 2 points
An important difference between the GDP de4ator and the consumer price
index is that
Answer
Selected
Answer:
the GDP de4ator reffect the prices of all final goods and
services produced domestically, whereas the consumer price
index reffect the prices of some goods and services bought by
consumers.
Question 5
2 out of 2 points
Your father tells you he earned $1.50 per hour when he was 16 in 1969;
you remember making $6.00 per hour when you were 16 in 2003. Given
that the CPI was 36.7 in 1969 and 184.0 in 2003, which of the following is
the 2003 real equivalent of your father’s hourly earnings when he was 16?
Answer
Selected
Answer:
$7.5
2.
Question 6
2 out of 2 points
If nominal GDP increased 2 percent during a year, while real GDP
increased 4 percent, the
Answer
Selected
Answer:
price level must have decreased approximately 2 percent
compared to the prior year.
Question 7
2 out of 2 points
Which of the following statements about gross domestic product and
gross national product is true?
Answer
Selected
Answer:
Gross domestic product includes income payments to
foreigners for their work domestically; gross national product
does not.
Question 8
2 out of 2 points
