Macro Econ 2101- CHPT 8 Quiz (35 questions and answers)

Macro Econ 2101- CHPT 8
Quiz (35 questions and
answers)
The factors of prodcution include - answer capital


A very simple economy produces three goods: cameras, legal services, and
books. The quantities produced and their corresponding prices for 2017 and
2020 are shown in the table.
What is real GDP in 2020, using 2020 as the base year?


2017
Camera: Q-100 P-$10
Legal Services: Q-50 P-$15
Books: Q-200 P-$40
2020
Camera: Q-120 P-$12
Legal Services: Q-45 P-$20
Books: Q-210 P-$45 - answer $11,790


Consider the following data on nominal GDP and real GDP (values are in
billions of dollars):
Year
2017: NGDP-7400 RGDP-7537
2018: NGDP-7813 RGDP-7813
2019: NGDP-8301 RGDP-8165
2020: NGDP-8760 RGDP-8516

, The base year used in calculating real GDP is - answer 2018


A very simple economy produces three goods: cameras, legal services, and
books. The quantities produced and their corresponding prices for 2017 and
2020 are shown in the table.
What is the GDP deflator in 2017 if 2020 is the base year?


2017
Camera: Q-100 P-$10
Legal Services: Q-50 P-$15
Books: Q-200 P-$40
2020
Camera: Q-120 P-$12
Legal Services: Q-45 P-$20
Books: Q-210 P-$45 - answer 87


A transfer payment is a payment by the government to an individual -
answer for which the government does not receive a good or service in
return


If the GDP deflator rises from 185 to 190, what is the rate of inflation
between the two years? - answer 2.7%


Real GDP will increase - answer only if the quantity of final goods and
services produced rises


Consider the following data on nominal GDP and real GDP (values are in
billions of dollars):
2019: NGDP-14078 RGDP-13254