Econ 26-50

Which of the following domestically produced items is not included in GDP

D. All of the above are included in GDP

To calculate the cpi the borough of labor statistics use

D. The prices of some consumer goods

Most goods and services produced at home

D. and most goods and services produced illegally are excluded from GDP

Grapes are considered intermediate goods

b. if the purchaser uses them to make wine to sell others but not if the purchaser eats them.

If a country allows trade in for a certain good the domestic price without trade is lower than the world price

A. The country will be in next order of the good

Which of the following statements is correct

A. The cpi can be used to compare dollar figures from different points in time

Gross domestic product measures

A. income and expenditures

Referred to figure 9-9. Consumer surplus in this market after trade is

C. A+B+D

CPI is calculated

B. monthly

Tyler and Camille both live in Oklahoma. A new car dealer in Oklahoma bought a new car from the manufacture for $1800 and sold it to Tyler for $2200. Later that year Tyler sold the card to Camille for $1700. By how much did these transactions contribute to US GDP for the year

B. $22,000

A farmer sells 5 pounds of pecans to a Smith's fresh pecan for $10. Space fresh pecan resells 3 pounds for $4.50 per pound. Remaining pecans are shallots and canned and sold for a total of eight dollars. Taking these transactions into account how much is added to GDP

B. $29.50

Referred to figure 9-9. Consumer surplus in this market before trade is

B. A+B

Which entity within the US government is responsible for computing and reporting the cpi

B. Department of Labor

The cpi is a measure of the overall cost of

B. the goods and services purchased by a typical consumer

AA appliances sells refrigerators. Intothousand15 it added 100,000 to its inventory 10,000 of this addition was from a used refrigerators and the remaining 90,000 was from their purchases of newly manufactures refrigerators. How much of AA is inventory is included in 2015 jeep

C. $90,000

Referred to figure 9-9. Producer surplus in this market after trade is

C. B+C+D

Assume for Vietnam that the domestic price of textiles without international trade is higher than the world price of textiles. This is just that in the production of textiles

C. Other countries have a comparative advantage over Vietnam in Vietnam will import textiles

The cpi is a measure of the overall cost of the goods and services bought by

C. a typical consumer

Referred to figure 9-9. The change in total surplus in this market because of trade is

D. B+D in this area represents a gain in total surplus because of trade

Referred to figure 9-9. Producer surplus in this market before trade is

D. C

The market for soybeans in Canada consist solely of domestic buyers of soybeans in the Messick sellers of soybeans if

D. Canada for bids international trade in soy beans

What is the fundamental basis for the trade among nations

D. Comparative advantage

In the calculation of the cpi T is given greater weight than beer if

D. Consumers buy more tea then beer

Transactions involving items produced in the past such as the sale of a five-year-old automobile by a used car dealership for the purchase of an antique rocking chair by a person at a yard sale are

D. Not included in current GDP because GDP only measures the value of goods and services produced in the current year