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1.Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public saving is $0.2 trillion. Assuming this economy is closed, calculate consumption, government purchases, national saving, and investment. (Hint: dalam closed economy tidak ada export dan tidak ada import).

2.If all quantities produced rise by 10 percent and all prices fall by 10 percent, which of the following occurs?

a.Real GDP rises by 10 percent, while nominal GDP falls by 10 percent.

b.Real GDP rises by 10 percent, while nominal GDP is unchanged.

c.Real GDP is unchanged, while nominal GDP rises by 10 percent.

d.Real GDP is unchanged, while nominal GDP falls by 10 percent.

3.Angus the sheep farmer sells wool to Barnaby the knitter for $20. Barnaby makes two sweaters, each of which has a market price of $40. Collette buys one of them, while the other remains on the shelf of Barnaby's store to be sold later. What is GDP here?

a.$40

b.$60

c.$80

d.$100

4.Which of the following does NOT add to U.S. GDP?

a.Air France buys a plane from Boeing, the U.S. aircraft manufacturer.

b.General Motors builds a new auto factory in North Carolina.

c.The city of New York pays a salary to a policeman.

d.The federal government sends a Social Security check to your grandmother.

5.An American buys a pair of shoes made in Italy. How do the U.S. national income accounts treat the transaction?

a.Net exports and GDP both rise.

b.Net exports and GDP both fall.

c.Net exports fall, while GDP is unchanged.

d.Net exports are unchanged, while GDP rises.