econ quiz 5

a steel company sells some steel to a bicycle company for $150. the bicycle company uses the steel to produce a bicycle, which sells for $250. taken together, these two transactions contribute

$250 to gdp

in the economy of lexington in 2008, consumption was 6000, exports were 1000, gdp was 10000, government purchases were 2000 and imports were 600. what was lexingtons investments in 2008

1600

gdp values all of the following except

an equitable distribution of income

the biggest component of gdp is

consumption spending

if kim bought last years computer model for $1000 to use in her office, then

current gdp will not be affected

if nominal gdp in 2017 was 17.3 trillion and rose to 18.3 trillion in the following year, then the economy must be producing a larger output of goods and services

false

if the nominal gdp was 50 billion in one year and the gdp deflator was 125 in the same year, it follows that real gdp is

none of the above

your mortgage payments on a hose that you recently bought is part of gdp's

none of the above

if the us government pays 2.2 million in unemployment insurance benefits, us gdp will

remain unchanged

the gdp deflator is a better inflation mearure then the cpi

true