In year one, real GDP is $4,500 and in year two real GDP is $4,800. What was the grawth rate of real GDP between years one and two? OA. -approximately 76 OB6. 25% OC 93.75% OD. approximately 15% QUESTION 29 The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the O A Bureau of Cconamic Analysis O B. National Dureau of Economic Research OC Bureau of Labor Statistics O D.Council of Economic Advisars QUESTION 30 Which of the following is an example of a final good ar service? OA Paint purchased by Ford, Inc. used to paint their new fleet of Mustangs. OB. Beefbought by a restaurant owner from a wholesale food distributor. OCA brand new economics text book purchased by a PGCC student. O D Jet Fuel bought by Northwest Airlines to power its fleet of planes. QUESTION 31 Which of the following is true about real GDP? O A I is always equal to nominal GDP OB. IL increases only when price increases -It OC increases only when output increases O D.L increases when population increases QUESTION 32 Which of the following statements is false? O A. A quota is a tax levied against a specific good being imported into a country O B.A Lariff is a lax levied on imported goods OCA quota is a limit on the quantity of a good being imported into a country O D. A larill reduces the amount of imported goods

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Transcribed Image Text:QUESTION 28 In year one, real GDP is $4,500 and in year two real GDP is $4,800. What was the growth rate of real GDP between years one and two? OA. -approximately 7% OB-6, 25% OC 93.75% OD. approximately 15% QUESTION 29 The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the O A. Bureau of Econamic Analysis O B. National Bureau of Cconomic Research OC Bureau of Labor Statistics O D.Council of Economic Advisors QUESTION 30 Which of the following is an example of a final good or service? OA. Paint purchased by Ford, Inc. used to paint their new fleet of Mustangs. OB. Beef bought by a restaurant owner from a wholesale food distributor. OCA brand new economics text book purchased by a PGCC student. O Jet Fuel bought by Northwest Airlines to power its fleet of planes. QUESTION 31 Which of the following is true about real GDP? O A. IL is always equal to nominal GDP O B. IL increases only when price increases OCIL increases only when output increases O D.It increases when population increases QUESTION 32 Which of the following statements is false? OA A quota is a tax levied against a specific good being imported into a country O B.A Lariff is a lax levied on imported goods OLA quota is a limit on the quantity of a good being imported into a country O D. A Larilff reduces the amount of imported goods

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