Bundamba is a small country that produces only cheese and potatoes. Cheeses have a price of $12 each and potatoes have a price of $2 each. Suppose that Bundamba produces 10 cheeses and 25 potatoes in 2020. Based on , Bundamba has GDP equal to Select one: Q a. a price index; $190 0 b. market value; 35 units 0 c. market value; $190 0 d. market value; $170 0 e. a market basket; 35 units Goods and services such as environmental quality, leisure time and household production are not included in GDP because they are not Select one: O a. really durable goods. O b. for consumption. O c. made for profit. O d. bought and sold in markets. O e. productive activities. Clear my choiceGovernment expenditures on goods and services include Select one: O a. the local council Library's purchase of new books. O b. Queensland's road maintenance. O c. the State of Victoria's payment of wages to police officers. O d. The Health Department's provision of virus tests O e. All of the above Gross domestic product equals Select one: Oa. Y = C+1+ G - NX. O b. Y = C+I +G + NX. O c. Y = C- I+G+ NX. Od. Y = C -I - G - NX. O e. Y = C+I - G + NX.Gross Domestic Product is Select one: Q a. an imperfect measure of the standard of living. O b. a measure which includes the value of all newly produced goods and services. O c. a perfect measure of the standard of living. 0 d. the only factor that affects our standard of living. O e. a perfect measure of the value of production. Gross domestic product measures the Select one: Q a. market value of the final goods and services produced in a given year within a country. O b. quantity of the goods and services produced in a given year, listed item by item, within a country. O c. market value of domestic labour in a given year within a country. Q d. income of the business sector within a country. O e. market value of the final goods and services exported in a given year from a country. If government expenditure increases by $150 billion and imports increase by $200 billion, then GDP Select one: Q a. decreases by $100 billion. 0 b. decreases by $50 billion. 0 c. increases by $50 billion. 0 d. does not change. 0 9. increases by $250 billion. Investment is defined as the purchase of Select one: 0 a. financial assets and inventories only. 0 b. new capital goods but not additions to inventories. O c. any financial asset only. 0 d. additions to inventories only. 0 e. new capital goods and additions to inventories. Kenmore Cycle Shop orders 1,000 new mountain bikes at the beginning of the year but only sells 450 by the end of the year. How are the 550 unsold bikes accounted for in gross domestic product? Select one: Q a. They will be included in the government spending category of GDP. 0 b. They will be included in the durable consumption category of GDP. 0 c. They will be included in the inventory investment category of GDP. 0 d. They will be included in the nondurable consumption category of GDP. 0- e. They will be included in the residential investment category of GDP. Last year in Gavenia, consumption expenditure was $14 billion, interest and profit were $2.5 billion, government expenditure on goods and services was $7 billion, net exports of goods and services was $9 billion, and investment was $6.5 billion. Hence total expenditure was Select one: 0 a. $42 billion. 0 b. $36.5 billion. 0- 0. $39 billion. 0 d. $24 billion. 0 e. Unable to be determine without information about imports. Real GDP is the value of final goods and services produced in a year Select one: 0 a. expressed in the prices of a base year. 0 b. minus depreciation. O c. during a recession. 0 d. minus the value of all the intermediate goods produced. 0 e. expressed in the prices of that same year. Which of the following is classified as an intermediate good? Select one: O a. Your purchase of a Big Mac. O b. McDonald's purchase of cooking oil. O c. A McDonald's restaurant owner's buying a new machine. O d. You cook a meal at home O e. The ingredients you buy at the supermarket to cook a meal Which of the following is included in Germany's GDP? Select one: O a. BMWs produced in a German-owned factory in the USA O b. The value of the shares sold on the German stock exchange, the Frankfurt Stock Exchange O c. Cups produced by the English-owned Wedgewood Company at a factory in Berlin, Germany O d. A and C O e. None of the above answers is correct.Which of the following is NOT directly included in Australia's level of consumption? Select one: O a. Sales of sun block made in China at Bondi Beach, Sydney. O b. Ticket sales to the Melbourne Aquarium. O c. Qantas buying planes from Airbus. O d. Movie tickets purchased by consumers in Perth. O e. Sales of meat pies at an AFL game in Adelaide.GDP data for 2020 Item Quantity Price Burgers 90 $7 Apples 50 $8 GDP data for 2021 Item Quantity Price Burgers 70 $9 Apples 80 $10 The table above refers to an economy's production in 2020 and 2021. What was nominal GDP in 2020? (Give your answer with a $ sign, do not include cents, e.g. $680 not $680.00) GDP data for 2020 Item Quantity Price Burgers 90 $7 Apples 50 $8 GDP data for 2021 Item Quantity Price Burgers 70 $9 Apples 80 $10 The table above refers to an economy's production in 2020 and 2021. What was nominal GDP in 2021? (Give your answer with a $ sign, do not include cents, e.g. $680 not $680.00) Answer: GDP data for 2020 Item Quantity Price Burgers 90 $7 Apples 50 $8 GDP data for 2021 Item Quantity Price Burgers 70 $9 Apples 80 $10 The table above refers to an economy's production in 2020 and 2021. Assuming 2020 is the base year, what was real GDP in 2020? (Give your answer with a $ sign, do not include cents, e.g. $680 not $680.00) GDP data for 2020 Item Quantity Price Burgers 90 $7 Apples 50 $8 GDP data for 2021 Item Quantity Price Burgers 70 $9 Apples 80 $10 The table shows an economy's production in 2020 and 2021. Assuming that 2020 is the base year, what was real GDP in 2021? (Give your answer with a $ Sign, do not include cents, e.g. $680 not $680.00) GDP data for 2020 Item Quantity Price Burgers 90 $7 Apples 50 $8 GDP data for 2021 Item Quantity Price Burgers 70 $9 Apples 80 $10 The table above shows an economy's production in 2020 and 2021. The base year is 2020. What is economic growth in 2021? (Give your answer rounded to 2 decimal places with a percentage sign)