Answer the questions below

Question 1

Which of the following would be counted in GDP?

Group of answer choices

used furniture

vegetables grown in a backyard

vegetables sold in a farmers market

imported cheese

Question 2

If a country has a trade surplus, then the country

Group of answer choices

exports more than it imports

does not trade with other countries

imports more than it exports

imports as much as it exports

Question 3

The nominal GDP of Coruscant is $73 billion USD and the real GDP is $76 billion USD. What is the GDP deflator?

Group of answer choices

96

0.96

104

1.04

Question 4

Why do we not make comparisons of nominal GDP over several years?

Group of answer choices

Nominal GDP does not include imported goods

Nominal GDP does not include childcare

Nominal GDP does not take into account the effects of inflation

Nominal GDP does not include intermediate goods

Question 5

The nominal GDP of Jakku is $52 billion USD and the GDP deflator is 104. What is the real GDP?

Group of answer choices

0.5

50

54

2

Question 6

New housing is included under which category?

Group of answer choices

consumption

net exports

investment

durable goods

Flag question: Question 7

The real GDP of Tatooine in 2020 was $23 billion USD. In 2021, the real GDP of Tatooine changed to $21 billion USD. What is the real GDP growth rate?

Group of answer choices

0.095%

9.5%

- 0.087%

- 8.7%

Question 8

Why is GDP an imperfect measure for "standard of living"?

Group of answer choices

it does not include goods sold from home

it does not include imported goods

it measures the income of a country

it does not take into account actual levels of healthcare available

Question 9

The table below contains economic data for Dagobah. Nominal and Real GDP is measured in USD.

Year	Nominal GDP (in billion USD)	Real GDP (in billion USD)	GDP deflator
2020	$15	$16	93.75
2021	$17	$17	100
2022	$18.5	$17	108.8

What is the inflation rate from 2021 to 2022?

Group of answer choices

0%

0.08%

8.8%

6.7%

Question 10

The nominal interest rate on an interest-bearing account is 0.5%. If the inflation rate is 3%, what is the real interest rate?

Group of answer choices

3.5%

2.5%

-2.5%

0.5%