$700 million Question 2 1 pts Between 2022 and 2023, nominal GDP remains the constant and GDP deflator falls. Between 2022 and 2023, does real GDP rise or fall? Creal GDP rises. Real GDP falls. Real GDP may rise or fall. Question 3 1 pts GDP of county A increases by 30% every year. Yet the people of country A work more than 13 hours a day. This is related to which shortcoming of GDP. GDP cannot record the activities of the underground economy. GDP does not reflect the environmental quality GDP does not factor in leisure GDP does not measure happiness Question 4 1 pts Consider the following data, where gross domestic product (GDP) values are measured in millions of dollars. Year Nominal GDP Real GDP GDP Deflator 2009 $480 100 2010 $550 110 2011 1$600 $520 2012 $600 120 What is the value of nominal GDP in 2012? $500 million $600 million $680 million $720 million Question 5 1 pts Which of the following statements is true? When we compute the value of GDP, we definitely need to count the market values of both intermediate goods and final goods.(When we compute the value of GDP of the current year, we definitely need to count the market values of goods made in previous years. (O When we compute the value of GDP, we only count the market values of goods, not the market values of services. (OWhen we compute the value of GDP, we count both the market values of goods and the market values of services. Question 6 1 pts In 2021, you bought Amazon stock for $1,000. You paid a broker to buy the stock for you. The broker charged you $100 for the brokerage service. How much do the above activities contribute to the GDP of 20217 (%100 ($900 $1,000 ($1,100 Question 7 1 pts In 2021, you won a lottery of $30,000. You spent $20,000 to buy a new car made in 2021. How much do the above activities contribute to the GDP of 20217 ($10,000 (0$20,000 ($30,000 ($50,000 Question 8 1 pts In 2021, You received from your mom $500 as a gift. You deposited all the money to a bank account. How much do the above activities contribute to the GDP of 20217 (%0 ($200 ($500 Question 9 8 pts To which component of current US GDP does each of the following belong to? (Consumption, Investment, Government purchase, Net Exports or none of the four) the purchase of a used couch on Craigslist [ Choose ] v the purchase of a new house [ Choose ] v the salary of a public school teacher [ Choose ] the export of soybean from US to Canada [ Choose ] v a new computer purchased by a company [ Choose | v tan mcreasg in Apple's mvenltorles of [ Choose ] v iPads. The iPads are made in the US. The money given to the unemployed by [ Choose | v the government The purchase of a new TV for your own [ Choose ] v entertainment. Consider an economy that only produces 3 goods: A, B, and C. The following table shows the prices and the quantities of the goods in different years. 2020 is the base year. Use the given information to answer questions 10 - 13. 2020 price 2020 quantity 2021 price 2021 quantity 2022 2022 Good quantity Question 10 1 pts What is the price level of 20207 Question 11 1 pts Calculate the nominal GDP of 2022. Answer: The nominal GDP of 2022 = Question 12 1 pts Calculate the real GDP of 2022. Answer: The real GDP of 2022 =$% Question 13 1 pts Calculate the price level of 2022. (Round your answer to the nearest first decimal place. The answers should be greater than 100.) Quiz saved at 12:40pm Submit Quiz ECON202 Quiz 1 (2024 Q1) (D This is a preview of the draft version of the quiz Started: Jan 9 at 12:39pm Quiz Instructions Instructions: - You have FIVE attempts for this quiz. - You may want to download the following file to save a copy of the quiz. - I will only keep the score of your latest attempt (not the best score among all attempts), please make sure that you answer all the questions for your latest attempt. - Do the quiz individually. - You can see whether you get the questions right/wrong and the points you get for each question only after the quiz is closed and your grade is finalized. - The purpose of multiple attempts is not to let you get a perfect score by \"trials and errors\". In case you think that you make mistakes in your previous attempt, you can take the quiz/exam again to correct the mistakes before the quiz/exam is closed. Question 1 1 pts Consider the following data, where gross domestic product (GDP) values are measured in millions of dollars. Year Nominal GDP Real GDP GDP Deflator 2009 $480 100 2010 $550 110 2011 $600 $520 2012 $600 120 What is the value of real gross domestic product (GDP) in 20107 $500 million %605 million $650 million