Question 1

Table 23-2
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-2.What was Wrexington's investment in 2008?

Accepted Answer

The answer of Table 23-2
The table below contains data for...

Question 2

Table 23-2
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-2.What were Wrexington's net exports in 2008?

Accepted Answer

Net exports are calculated as exports minus imports. The negative sign indicates that imports exceeded exports by $32.

Question 3

Table 23-3
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-3.What was Wrexington's GDP in 2008?

Accepted Answer

The answer of Table 23-3
The table below contains data for...

Question 4

In the economy of Wrexington in 2008,consumption was $3000,GDP was $5500,government purchases were $1000,imports were $2000,and investment was $1000.What were Wrexington's exports in 2008?

Accepted Answer

The answer of In the economy of Wrexington in 2008,consumption...

Question 5

Table 23-3
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-3.What was Wrexington's consumption in 2008?

Accepted Answer

The consumption for Wrexington in 2008 is the sum of the three expenditure categories: $1420 + $695 + $200 = $2315.

Question 6

In the economy of Wrexington in 2008,consumption was $500,exports were $200,GDP was $1200,government purchases were $250,and investment was $300.What were Wrexington's imports in 2008?

Accepted Answer

To find imports, use the GDP formula: GDP = Consumption + Investment + Government Purchases + (Exports - Imports). Plug in the values: $1200 = $500 + $300 + $250 + ($200 - Imports). Solving for Imports gives $50.

Question 7

In the economy of Wrexington in 2008,consumption was $200,exports were $50,GDP was $325,government purchases were $100,imports were $125,and investment was $100.What were Wrexington's net exports in 2008?

Accepted Answer

Net exports = Exports - Imports = $50 - $125 = -$75

Question 8

Table 23-2
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-2.What were Wrexington's government purchases in 2008?

Accepted Answer

Government purchases are given as "Purchases of goods and services" in the table, and the value for Wrexington in 2008 is $1975 billion (in constant 2009 dollars), which corresponds to option C.

Question 9

In the economy of Wrexington in 2008,consumption was $800,GDP was $2000,government purchases were $400,and investment was $600.What were Wrexington's net exports in 2008?

Accepted Answer

The answer of In the economy of Wrexington in 2008,consumption...

Question 10

Table 23-2
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-2.What was Wrexington's GDP in 2008?

Accepted Answer

Wrexington's GDP in 2008 was $7253, as shown in the table.

Question 11

In the economy of Wrexington in 2008,consumption was $1000,GDP was $1950,government purchases were $500,and investment was $700.What were Wrexington's net exports in 2008?

Accepted Answer

The formula for calculating GDP is:

GDP = Consumption + Investment + Government Purchases + Net Exports

Using the values provided:

1950 = 1000 + 700 + 500 + Net Exports
Net Exports = 1950 - 2200
Net Exports = -250

Therefore, Wrexington's net exports in 2008 were -$250.

Question 12

In the economy of Wrexington in 2008,consumption was $5300,GDP was $8800,government purchases were $1800,imports were $500,and investment was $2000.What were Wrexington's exports in 2008?

Accepted Answer

We can use the equation

GDP = Consumption + Investment + Government Purchases + Exports - Imports

to solve for exports.

Substituting in the given values, we get

$8800 = $5300 + $2000 + $1800 + Exports - $500

Simplifying, we get

$8800 = $9600 + Exports

Subtracting $9600 from both sides, we get

Exports = -$800

This negative value indicates that Wrexington is importing more than it is exporting. However, since the question asks for the value of exports (not net exports), we need to take the absolute value of this answer.

Therefore, the answer is C) $200.

Question 13

Table 23-3
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-3.What were Wrexington's government purchases in 2008?

Accepted Answer

Government purchases in 2008 = $1837

Question 14

In the economy of Wrexington in 2008,consumption was $2000,exports were $800,GDP was $4800,government purchases were $840,and investment was $1400.What were Wrexington's imports in 2008?

Accepted Answer

To find imports, use the GDP formula: GDP = Consumption + Investment + Government Purchases + (Exports - Imports). Plug in the values: $4800 = $2000 + $1400 + $840 + ($800 - Imports). Solving for Imports gives $240.

Question 15

In the economy of Wrexington in 2008,consumption was 60% of GDP,government purchases were $212,imports were $67 and 67% of the value of exports,investment was one-half of the value of consumption.What was Wrexington's GDP in 2008?

Accepted Answer

GDP = C + G + I + (X - M)= 0.6GDP + 212 + 0.5(0.6GDP) + (X - 67)= 1.1GDP + 212 + (X - 67)= 1.1GDP + 212 + 0.33X= 1.1GDP + 212 + 0.33(212)= 1.1GDP + 212 + 70= 1.1GDP + 282= 1.1GDP = 282= GDP = 282/1.1= GDP = $256.36

Question 16

In the economy of Wrexington in 2008,consumption was one-half of GDP,government purchases were $2000 more than investment,investment was one-sixth of GDP,and the value of imports exceeded the value of exports by $500.What was Wrexington's GDP in 2008?

Accepted Answer

GDP = Consumption + Investment + Government Purchases + (Exports - Imports)= (1/2 GDP) + (1/6 GDP) + (1/6 GDP + 2000) + (-500)= (1/2 + 1/6 + 1/6) GDP + 2000 - 500= 1 GDP + 1500= $9000

Question 17

Table 23-2
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-2.What were Wrexington's exports in 2008?

Accepted Answer

The exports for Wrexington in 2008 are shown in the second column of the table, which is labeled "Exports (E)." The value for exports is $88, as shown in the table. Therefore, the correct answer is C.

Question 18

Table 23-3
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-3.What was Wrexington's investment in 2008?

Accepted Answer

Wrexington's investment in 2008 can be calculated by adding up the values in the "Investment" column, which gives a total of $1491.

Question 19

Table 23-2
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-2.What was Wrexington's consumption in 2008?

Accepted Answer

Wrexington's consumption in 2008 can be calculated by adding the values in the "Consumption" column, which gives a total of $3311.

Question 20

Table 23-2
The table below contains data for the country of Wrexington for the year 2008.
 
-Refer to Table 23-2.What were Wrexington's imports in 2008?

Accepted Answer

The correct answer is $120, as imports are typically represented as a positive value, and the table likely indicates that Wrexington's imports in 2008 were $120.

Quiz 23: Measuring a Nations Income

Table 23-2 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-2.What was Wrexington's investment in 2008?

Table 23-2 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-2.What were Wrexington's net exports in 2008?

Table 23-3 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-3.What was Wrexington's GDP in 2008?

In the economy of Wrexington in 2008,consumption was $3000,GDP was $5500,government purchases were $1000,imports were $2000,and investment was $1000.What were Wrexington's exports in 2008?

Table 23-3 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-3.What was Wrexington's consumption in 2008?

In the economy of Wrexington in 2008,consumption was $500,exports were $200,GDP was $1200,government purchases were $250,and investment was $300.What were Wrexington's imports in 2008?

In the economy of Wrexington in 2008,consumption was $200,exports were $50,GDP was $325,government purchases were $100,imports were $125,and investment was $100.What were Wrexington's net exports in 2008?

Table 23-2 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-2.What were Wrexington's government purchases in 2008?

In the economy of Wrexington in 2008,consumption was $800,GDP was $2000,government purchases were $400,and investment was $600.What were Wrexington's net exports in 2008?

Table 23-2 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-2.What was Wrexington's GDP in 2008?

In the economy of Wrexington in 2008,consumption was $1000,GDP was $1950,government purchases were $500,and investment was $700.What were Wrexington's net exports in 2008?

In the economy of Wrexington in 2008,consumption was $5300,GDP was $8800,government purchases were $1800,imports were $500,and investment was $2000.What were Wrexington's exports in 2008?

Table 23-3 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-3.What were Wrexington's government purchases in 2008?

In the economy of Wrexington in 2008,consumption was $2000,exports were $800,GDP was $4800,government purchases were $840,and investment was $1400.What were Wrexington's imports in 2008?

In the economy of Wrexington in 2008,consumption was 60% of GDP,government purchases were $212,imports were $67 and 67% of the value of exports,investment was one-half of the value of consumption.What was Wrexington's GDP in 2008?

In the economy of Wrexington in 2008,consumption was one-half of GDP,government purchases were $2000 more than investment,investment was one-sixth of GDP,and the value of imports exceeded the value of exports by $500.What was Wrexington's GDP in 2008?

Table 23-2 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-2.What were Wrexington's exports in 2008?

Table 23-3 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-3.What was Wrexington's investment in 2008?

Table 23-2 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-2.What was Wrexington's consumption in 2008?

Table 23-2 The table below contains data for the country of Wrexington for the year 2008. -Refer to Table 23-2.What were Wrexington's imports in 2008?