Take Quiz D Question 1 1 pts If we calculate the market value of goods and services produced by US factors of production regardless of their location it is called: O Gross National Product Net Domestic Product Gross Domestic Product O Net Exports D Question 2 1 pts Which of the following are an example of a final good? O Flour bought by a bakery O Sugar bought by a coffeeshop O Paper bought by a publishing company O Oven bought by a bakery @ # N 5 6 Q W E R T Y U A S D F G H1 pts D Question 3 Which of the following is included in GDP? Payments received from selling stocks in one's portfolio Fees received by stockbrokers Welfare payments received by some households Cash gifts from relatives during the holidays D Question 4 1 pts Arthur sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300. Camille uses the cloth to make prom dresses that she sells to Donita for $700. Donita sells the dresses for $1200 to kids attending the prom. The total contribution to GDP of this series of transactions is: $2300 $1200 $1100 $500 @ # A & K 2 W A 8 Q W E R T Y U O A S D FTake Quiz D Question 5 1 pts In 2008, a US company produces $5000 worth of thread to be used as an input in the production of shirts. However, at the end of the year the thread has still not been used and the shirts will be produced only in 2009. The $5000 worth of thread: should be added to 2008 US GDP under Investment should not be included in 2008 US GDP should be added to 2008 US GDP under Consumption O should be added to 2008 US GDP under Exports D Question 6 1 pts GDP = O C + 1 + G + Exports - Imports O C + 1+ G- Exports + Imports O C + 1+ G- Exports - Imports O C + 1 + G + Exports + Imports @ o N V 6 7 W E R T Y U O A S D F G H KTake Quiz D Question 7 1 pts C = $70, 1 = $20, G = $15, Exports = $8, Imports = $12. What is GDP? O $109 $105 O $101 O $125 D Question 8 1 pts Net exports are: exports divided by imports exports minus imports. exports plus imports. O imports minus exports. Question 9 a % K 2 5 6 O Q W E R T Y U O A S D F G HTake Quiz D Question 9 1 pts In 2017, $5000 worth of cotton was produced in a country called X. This cotton was then turned into $7000 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 $10000. This company in country X turned the cloth into shirts with a market value of $15000. $14000 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? O $15000 O $12000 O $7000 O $5000 D Question 10 1 pts In comparing GDP data over a period of years, a difference between nominal and real GDP may arise because: O of changes in trade deficits and surpluses. O depreciation may be greater or smaller than gross investment. prices may also change over time. the length of the workweek has declined historically @ 2 3 4 5 6 Q W E R T Y U O A S D F G HTake Quiz 1 pts Question 11 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. Units of Price Per Year Output Unit $3 UI A W N - Nominal GDP for Year 1 is: O $1 O $3 0 $9 O $15 D Question 12 1 pts Assume an economy that makes only one product and that year 3 is the base year. Production (output) nd price data for a five-vear period are as follows @ 2 3 A 5 6 7 8 W E R T Y U OTake Quiz 1 pts Question 12 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. Units of Price Per Year Output Unit $3 W N NUA Real GDP for Year 1 is: O $3 O $15 O $18 0 $9 D Question 13 1 pts The following table shows data on production and prices for an economy in 2003 and 2004. @ # % & 2 3 4 5 6 8 9 W E R T Y UTake Quiz 1 pts D Question 13 The following table shows data on production and prices for an economy in 2003 and 2004. Quantity Quantity Produced in Produced in Prices in Prices in Good 2003 2004 2003 2004 Apples 2 $1 $2 Bananas IN 6 $2 $3 Cheese 6 $3 $2 What is the Nominal GDP for 2004? O $7 O $30 O $23 O $84 D Question 14 1 pts The following table shows data on production and prices for an economy in 2003 and 2004. a # A 2 3 K 4 5 6 8 9 Q W E RTake Quiz 1 pts D Question 14 The following table shows data on production and prices for an economy in 2003 and 2004. Quantity Quantity Produced in Produced in Prices in Prices in Good 2003 2004 2003 2004 Apples $1 $2 Bananas 2 6 $2 $3 Cheese 6 $3 $2 What is the Real GDP for 2003 if we use 2004 as the base year? O $30 O $23 O $20 O $26 D Question 15 1 pts The following table shows data on production and prices for an economy in 2003 and 2004. @ N 4 5 6 8 O Q W E R T Y U O A S D F GTake Quiz 1 pts D Question 15 The following table shows data on production and prices for an economy in 2003 and 2004. Quantity Quantity Produced in Produced in Prices in Prices in Good 2003 2004 2003 2004 Apples 2 $1 $2 Bananas 2 6 $2 $3 Cheese 6 $3 $2 What was the growth rate of Real GDP between 2003 and 2004 using the Chain-Weighted Method? Round-up your answers to two decimal places. 63.04% 30.43% 13.04% 31.52% O 16.67% No Submit Quiz NO Qo A 6 8 O Q ab W m R Y U O A S D F