ECON 2010 : Exam One Equations
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1.
Given nominal GDP of $4.2 trillion and a GDP Deflator is 120, we can conclude that real GDP is equal to:
A. | $3 Trillion. | |
B. | $3.5 Trillion. | |
C. | $3.9 Trillion. | |
D. | $5.2 Trillion. |
2.
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?