Question 7

Refer to the economy below.

Corporate profits before taxes	832
Personal taxes	45
Net investment	198
Government expenditures	81
Gross investment	209
Personal income	209
Net exports	42
Taxes on production and imports	17

Statistics agency of this economy announced that personal consumption expenditures are 82% of the disposable income.

GDP of this economy is ________________.

Question 8

Refer to a five-stage production process below.

Stage of production	Sales value of materials or product
	0
Firm A, tree farmer	43
Firm B, wood processor	97
Firm C, desk manufacturer	151
Firm D, desk wholesaler	268
Firm E, desk retailer	582

What is the total value added in this process?

Question 9

Year	Nominal GDP	Price Index
1970	924	82
1971	1,104	95
1972	1,485	109
1973	1,654	111

Refer to the above data. From year 1971 to 1973, prices changed by __________ percent.

(e.g. If your answer is -5.70%, write -5.70)

Question 10

In a hypothetical economy of Mango Island, nominal GDP was initially measured to be 569 dollars. Now, the government wants to collect taxes of 50 dollars from mountain region residents in Mango Island and transfer the 50 dollars to the beach region residents in Mango Island. After this transfer, Mango Island GDP is ___________ dollars.

Question 11

The real GDP of Papaya country is 722 dollars, personal consumption expenditures are 446 dollars, gross investment is 95 dollars, government purchases are 245 dollars, and exports are 105. Then, imports of Papaya country is ___________ dollars.

Question 12

If in 2019, Pineapple country's real GDP was 2,978 dollars and price index was 88, then the nominal GDP was __________ dollars.