1. Italy's real GDP fell from $2.2 trillion one year to $1.9 trillion the next, the annual growth rate would be: a 13.6 percent b -13.6 percent c 15.8 percent d -15.8 percent 2. good that is most likely to be in the producer price index is: a apples b gasoline c books d person in prison 3. The best example of a standardized good would be: a an autographed baseball b None of these could be considered a standardized good c corn d a handbag 4. If consumption is $8 billion, investments is $4 billion, government purchases are $2 billion, imports are $1 billion, and exports are $2 billion, GDP must equal: a $15 billion b $14 billion c $17 billion d $16 billion 5. market basket: a consists of no more than 4 goods. b Includes only necessities c includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending. d includes housing, food, clothing, transportation and oil.
1. Italy's real GDP fell from $2.2 trillion one year to $1.9 trillion the next, the annual growth rate would be: a 13.6 percent b -13.6 percent c 15.8 percent d -15.8 percent 2. good that is most likely to be in the producer price index is: a apples b gasoline c books d person in prison 3. The best example of a standardized good would be: a an autographed baseball b None of these could be considered a standardized good c corn d a handbag 4. If consumption is $8 billion, investments is $4 billion, government purchases are $2 billion, imports are $1 billion, and exports are $2 billion, GDP must equal: a $15 billion b $14 billion c $17 billion d $16 billion 5. market basket: a consists of no more than 4 goods. b Includes only necessities c includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending. d includes housing, food, clothing, transportation and oil.
Chapter5: Introduction To Macroeconomics
Section: Chapter Questions
Problem 1.1P
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1. Italy's real GDP fell from $2.2 trillion one year to $1.9 trillion the next, the annual growth rate would be:
a
13.6 percent
b
-13.6 percent
c
15.8 percent
d
-15.8 percent
2. good that is most likely to be in the producer price index is:
a
apples
b
gasoline
c
books
d
person in prison
3. The best example of a standardized good would be:
a
an autographed baseball
b
None of these could be considered a standardized good
c
corn
d
a handbag
4. If consumption is $8 billion, investments is $4 billion, government purchases are $2 billion, imports are $1 billion, and exports are $2 billion, GDP must equal:
a
$15 billion
b
$14 billion
c
$17 billion
d
$16 billion
5. market basket:
a
consists of no more than 4 goods.
b
Includes only necessities
c
includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending.
d
includes housing, food, clothing, transportation and oil.
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