The following are national income account data for a hypothetical economy in billions of dollars: gross private domestic investment ($320), imports ($35), exports ($22), personal consumption expenditures ($2460), and government purchases ($470). What is GDP in this economy? A. $3250 billion B. $3263 billion C. $3237 billion D.$3290 billion
2.Nominal GDP was $10,624 billion in year 1 and the GDP price index was 104. Nominal GDP was $11,246 in year 2 and the GDP deflator that year was 106. What was real GDP in years 1 and 2, respectively?
A.$9983 billion and $10,111 billion
B. $10,022 billion and $10,813 billion
C.$10,215 billion and $10,609 billion
D. $10,624 billion and $11,246 billion
3.Net exports is a negative number when
A.a nation's imports of goods and services fall.
B. a nation's imports of goods and services rise.
C. a nation's exports of goods and services are greater than its imports.
D. a nation's imports of goods and services are greater than its exports
4.Money spent on the purchase of a new house is included in the GDP as a part of:
A.the consumption of private fixed capital.
B. personal consumption expenditures.
C.personal saving.
D.investment