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.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
Solve all parts
 
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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Value Added Method
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education