know if you have any questions. Luck! Question 11 1 pts An Indian citizen living in the US builds a new house in Spokane. In GDP calculations, this would be counted under: Government Spending O Investment Imports Exports Consumption Previous Next Quiz saved at 8:18pm Submit Quiz @ # % & N 3 V 6 8 9 Q W E R T Y U 0 A S DTake Quiz 1 pts Question 12 A US company produces $20000 worth of shirts in 2019. However, only $15000 worth of the shirts are sold to U.S. consumers in 2019 and the rest are still lying at the producer's warehouse. The entire $20000 worth of shirts should be added to Consumption when calculating 2019 GDP The entire $20000 worth of shirts should be added to Investment when calculating 2019 GDP The $5000 worth of unsold shirts should be added to Consumption and the $15000 worth of shirts sold should be added to Investment when calculating 2019 GDP The $5000 worth of unsold shirts should be added to Investment and the $15000 worth of shirts sold should be added to Consumption when calculating 2019 GDP Previous Next Not saved Submit Quiz @ # % A PK N 3 A 5 6 8 O Q W E R T Y U Oick! Question 13 C = $40, 1 = $20, G = $15, Exports = $8, Imports = $12. What is GDP? O $79 O $75 O $95 O $71 Previous Not . - # % 2 4 5 8 Q W E R Y UD Question 14 Net exports are negative when O exports are equal to imports O exports are less than imports O business inventories are rising O exports are more than imports Previous @ % A N wuck! Question 15 1 pts In 2017, $9000 worth of cotton was produced in a country called X. This cotton was then turned into $11000 worth of thread, also in country X. This thread was then sold to a company in country Y where it was turned into cloth. This cloth was sold back to a company located in country X for $15000. This company in country X turned the cloth into shirts with a market value of $22000. $17000 worth of the shirts were purchased by consumers in country X and the remaining shirts were unsold. What was GDP for country X in 2017? $18000 O $17000 O $22000 O $26000 4 Previous Next Not saved Submit Quiz 3 % A 2 3 V 5 6 9 Q W m R T Y U O A S D F G H C KD Question 16 Real GDP measures: O GDP without adjusting for inflation O GDP after adjusting for inflation O GDP but only for goods and not services O GDP but only for services and not goods PreviousQuestion 17 1 pts Assume an economy that makes only one product and that year 3 is the base year. Production (output) and price data for a five-year period are as follows. Nominal GDP for Year 2 is: Units of Price Year Output per Unit $3 2 5 6 3 7 8 9 11 5 11 12 O $30 O $42 O $40 0 $6 Previous Next Submit Quiz @ $ % & 2 3 A 5 6 8 9 Q W E R T Y U O A S D F G H C KTake Quiz Question 18 1 pts Assume an economy that makes only one product and that year 3 is the base year. Production (output) and price data for a five-year period are as follows. Real GDP for Year 2 is: Units of Price Year Output per Unit 1 $3 2 5 6 3 7 8 4 9 11 5 11 12 O $40 O $42 O $30 O $56 Previous Next Not saved Submit Quiz @ $ % & 2 4 5 6 V 8 Q W m Y U OD Question 19 1 pts The following table shows data on production and prices for an economy in 2003 and 2004. What was Nominal GDP for 2004? Quantity Quantity Produced in Produced in Prices in Prices in Good 2003 2004 2003 2004 Apples 1 2 $1 $3 Bananas 2 6 $2 $4 Cheese 5 4 $3 $2 O $108 O $20 0 $9 O $38 Previous Next Not saved Submit Quiz a # % & 2 3 A 5 6 8 CO Q W E R Y U 0 A STake Quiz Question ZU I pts The following table shows data on production and prices for an economy in 2003 and 2004. What was Real GDP for 2003 if 2004 was the base year? Quantity Quantity Produced in Produced in Prices in Prices in Good 2003 2004 2003 2004 Wine 3 2 $5 $6 Cheese 1 2 $6 $12 Art 4 $10 $8 Music 2 1 $12 $10 O $66 O $288 O $65 O $74 Previous Next Not saved Submit Quiz @ # $ % & N 4 5 6 8 9