NAVARRO CO 2301-NTM – Gross domestic product is generally ________ national income

| April 14, 2018

Gross domestic product is generally ________
national income.
Answer

greater than

less than

equal to

unrelated to

Table 9-9
Year/CPI
2012 = 100
2013 = 113

Refer to Table 9-9.Suppose that the data in the table above
reflect the price levels in the economy. Given that data, we can say that the
cost of living rose by ________ between 2012 and 2013?
Answer

2%

5%

8%

11%

13%

Emily is a writer. She buys pens and paper for
$20 and writes a 500-page novel that she sells to a publishing company for
$500,000. If the publisher prints 1 million copies that sell for $25 each, what
is the contribution to GDP of Emily’s novel?
Answer

$25 million

$20 million

$500,000

$50,000

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A very simple economy produces three goods: movies, burgers, and bikes. The
quantities produced and their corresponding prices for 2006 and 2013 are shown
in the table above.

Refer to Table 8-17.What is nominal GDP in 2006?
Answer

$3,320

$3,690

$6,360

$7,035

If the number of unemployed workers is 200
million, and the number in the labor force is 500 million, what is the
unemployment rate?
Answer

0.4%

4%

14%

40%

Monthly expenditures for a family of 4 in 2012
averaged $1,400. In 2013, the cost of the same purchases was $1,500. If 2012 is
the base year, what was the CPI in 2013?
Answer

110

107

100

93

1. Total income in an
economy is equal to
Answer

GDP
minus net exports.

income
minus taxes.

the
sum of wages, interest, rent, and profit.

firm
revenues.

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