The essay portion of the examination will consist of the following three questions and can be opened more than once; the multiple choice portion will consist of a thirty question collection of questions culled from the chapter quizzes, it can only be opened once. 1. You will be supplied with a circular ow model of the economy with households, businesses, and the government sectors, along with the product and resource markets illustrated. You will be asked to identify the inputs to and outputs from each sector and market. (For an example see Household Income and Public Sector chapter on Blackboard, or page 12 of the text.) 2. You will be asked to do the following: a. List the six economic functions of the United States government and explain each. b. Describe what constitutes a spillover cost and provide an example of one. o. Describe what constitutes a spillover benet and provide an example of one. 3. This question will deal with Gross Domestic Product (GDP). a. You will be given a set of figures from the national economy for two years and be asked to calculate the GDP for each year. b. In an essay, you will be asked to explain what changed in the GDP in Year 2 based on what occurred in Year 1. c. You will be asked to explain the difference between Nominal GDP and Real GDP