Econ 2301 Ch 23 Graded Assignment

A Minnesota farmer buys a new tractor made in Iowa by a German company. As a result,

A country reported nominal GDP of $100 billion in 2010 and $75 billion in 2009. It also reported a GDP deflator of 125 in 2010 and 120 in 2009. Between 2009 and 2010,

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

According to the circular-flow diagram GDP

After the terrorist attacks on September 11, 2001, governments within the United States raised expenditures to increase security at airports. These purchases of goods and services are

An American company operates a fast food restaurant in Paris, France. Which of the following statements is accurate?

Consumption consists of spending by households on goods and services, with the exception of

Consumer goods that are produced, go into inventory, and are not sold during the current period are

GDP is not a perfect measure of well-being; for example,

Grapes are considered intermediate goods

If net exports is a negative number for a particular year, then

In 2009, Corny Company grows and sells $2 million worth of corn to Tasty Cereal Company, which makes corn flakes. Tasty Cereal Company produces $6 million worth of corn flakes in 2009, with sales to households during the year of $4.5 million. The unsold $1.5 million worth of corn flakes remains in Tasty Cereal Company's inventory at the end of 2009. The transactions just described contribute how much to GDP for 2009?

In the economy of Xland in 2010, consumption was $500, exports were $200, GDP was $1200, government purchases were $250, and investment was $300. What were Xland's imports in 2010?

John buys a used car for $5,400 and spends $600 on new parts, made in the U.S., to fix the car. The end result of these two transactions is

Over time, people have come to rely more on market-produced goods and services and less on goods and services they produce for themselves. For example, busy people with high incomes, rather than cleaning their own houses, hire people to clean their houses. By itself, this change has

Social Security payments are

Suppose an economy produces only eggs and ham. In 2009, 100 dozen eggs are sold at $3 per dozen and 50 pounds of ham sold at $4 per pound. In 2010, the base year, eggs sold at $1.50 per dozen and ham sold at $5 per pound. For 2009,