Say real GDP is $9.2 trillion. If personal consumption is $5.1 trillion, investment is 1.8 trillion, and government purchases are 2.5 trillion, then:
A.
personal consumption is less than exports.
B.
exports exceed imports by $0.2 trillion.
C.
imports are equal to exports.
D.
imports exceed exports by $0.2 trillion.
3. If nominal output is $4.2 trillion and the GDP Deflator is 5 percent higher than its base year, then real output is:
4. If the CPI in 1979 was 72.6 and it was 82.4 in 1980, then the inflation rate from 1979 to 1980 was?
5. Housing comprises roughly 40% of the market basket in the CPI. If the price of housing rises 15% in one year while the other components in the CPI rise by 10%, the CPI will rise by 12%. True or False?
