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Lecture 3

PSY 3010 Lecture 3: Unit 2 Written AssignmentExam


Department
Psychology
Course Code
PSY 3010
Professor
dr.Watson
Lecture
3

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Chapter 4:
1. Consumer Sovereignty is when the consumers get to choose what products are produced by
what they choose to purchase. It has to do everything with choosing what is produced because
the consumers only buy what they want produced. The producers and consumers decide how
they products are made. The consumers receive the products that are produced.
3. The business sector spends the most. The household sector spends the least amount. The
International sector has the most volatility spending.
4. When imports are greater than exports then the net exports are negative.
8a. Country A: $16 million in exports; Country B: $9 million in exports; Country C: $5 million in
exports.
8b. Country C has a trade deficit. Country A has a trade surplus.
Chapter 5:
6. The CPI isnt a good measure of cost of living because it measures the average price of goods
and not the actual price of specific goods.
7. GDP: $400+$20+$100+$20=$540
8. GNP: $540+$12-$10= $542
9. NNP: $542-$20= $522
10. The national income is $522-$5=$517
11. The gross investment is $542
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