Question 1

Table 15-2
The table below contains data for the country of Crete for the year 2010.
 
-Refer to Table 15-2.What were Crete's government purchases in 2010?

Accepted Answer

Government purchases are found in the row labeled "G" and the column labeled "Final goods and services". The value in that cell is $1837.

Question 2

In the economy of Ukzten in 2010,consumption was $2000,exports were $800,GDP was $4800,government purchases were $840,and investment was $1400.What were Ukzten's imports in 2010?

Accepted Answer

The answer of In the economy of Ukzten in 2010,consumption...

Question 3

Table 15-1
The table below contains data for country A for the year 2010.
 
-Refer to Table 15-1.What were country A's net exports in 2010?

Accepted Answer

Net exports are calculated as exports minus imports. If the table indicates that country A's exports were $88 and imports were $120 in 2010, then net exports would be $88 - $120 = -$32.

Question 4

In the economy of Ukzten in 2010,consumption was $3000,GDP was $5500,government purchases were $1000,imports were $2000,and investment was $1000.What were Ukzten's exports in 2010?

Accepted Answer

The answer of In the economy of Ukzten in 2010,consumption...

Question 5

Table 15-1
The table below contains data for country A for the year 2010.
 
-Refer to Table 15-1.What were country A's exports in 2010?

Accepted Answer

The correct answer is $88, as it represents the value of country A's exports in 2010 according to Table 15-1.

Question 6

Table 15-2
The table below contains data for the country of Crete for the year 2010.
 
-Refer to Table 15-2.What were Crete's net exports in 2010?

Accepted Answer

The answer of Table 15-2
The table below contains data for...

Question 7

Table 15-1
The table below contains data for country A for the year 2010.
 
-Refer to Table 15-1.What was country A's investment in 2010?

Accepted Answer

The answer of Table 15-1
The table below contains data for...

Question 8

In the economy of Ukzten in 2010,consumption was $5300,GDP was $8800,government purchases were $1800,imports were $500,and investment was $2000.What were Ukzten's exports in 2010?

Accepted Answer

To find the value of exports, we can use the equation: GDP = consumption + investment + government purchases + net exports. Rearranging, we get net exports = GDP - consumption - investment - government purchases. Plugging in the given values, we get net exports = $8800 - $5300 - $2000 - $1800 - $500 = $-800. This means that Ukzten had negative net exports, indicating that they imported more than they exported. However, the question is asking specifically for the value of exports, not net exports. To find exports, we can rearrange the net exports equation to get exports = GDP - consumption - investment - government purchases - imports. Plugging in the given values, we get exports = $8800 - $5300 - $2000 - $1800 - $500 = $200. Therefore, the answer is C) $200.

Question 9

Table 15-2
The table below contains data for the country of Crete for the year 2010.
 
-Refer to Table 15-2.What was Crete's investment in 2010?

Accepted Answer

The investment in 2010 for Crete is the sum of the Gross Fixed Capital Formation and Changes in Inventories, which is $831 + $660 = $1491. Therefore, choice C is correct. Choices A, B, and D are incorrect as they do not match the correct investment amount for Crete in 2010.

Question 10

Table 15-2
The table below contains data for the country of Crete for the year 2010.
 
-Refer to Table 15-2.What was Crete's consumption in 2010?

Accepted Answer

Crete's consumption in 2010 is the sum of the values in the "Consumption" column, which is 609 + 820 + 886 = $2315.

Question 11

Table 15-1
The table below contains data for country A for the year 2010.
 
-Refer to Table 15-1.What were country A's government purchases in 2010?

Accepted Answer

Country A's government purchases in 2010 were $1975.

Question 12

In 2009,U.S.GDP was almost

Accepted Answer

According to the Bureau of Economic Analysis, the U.S. GDP in 2009 was about $14 trillion.

Question 13

Table 15-2
The table below contains data for the country of Crete for the year 2010.
 
-Refer to Table 15-2.What was Crete's GDP in 2010?

Accepted Answer

The answer of Table 15-2
The table below contains data for...

Question 14

In the economy of Ukzten in 2010,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 Ukzten's GDP in 2010?

Accepted Answer

First, we need to find the value of exports. Since imports were 67% of the value of exports, then exports were $67/(67%) = $100.

Next, we need to find the value of investment. Investment was one-half of the value of consumption, so investment was 0.5*GDP*0.6 = 0.3*GDP.

Now we can use the expenditure approach to GDP to solve for GDP:

GDP = consumption + investment + government purchases + exports - imports

GDP = 0.6GDP + 0.3GDP + $212 + $100 - $67

Simplifying this equation, we get:

0.1GDP = $245

GDP = $2450

Therefore, the answer is C, $2450.

Question 15

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

Accepted Answer

The answer of In the economy of Ukzten in 2010,consumption...

Question 16

Table 15-1
The table below contains data for country A for the year 2010.
 
-Refer to Table 15-1.What was country A's consumption in 2010?

Accepted Answer

The consumption for 2010 in country A is given by the sum of personal consumption expenditures (PCE) and government consumption expenditures and gross investment (GCEGI). Adding these values for 2010 gives: $2311 + $100 + $600 + $1000 = $3311. Therefore, the correct answer is C.

Question 17

Table 15-1
The table below contains data for country A for the year 2010.
 
-Refer to Table 15-1.What were country A's imports in 2010?

Accepted Answer

The answer of Table 15-1
The table below contains data for...

Question 18

In 2009,GDP per person in the United States was almost

Accepted Answer

The answer of In 2009,GDP per person in the United...

Question 19

In the economy of Ukzten in 2010,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 Ukzten's GDP in 2010?

Accepted Answer

Let's use the formula for GDP:
GDP = Consumption + Investment + Government Purchases + Net Exports
We know that consumption is one-half of GDP, so we can write:
Consumption = 0.5GDP
We also know that investment is one-sixth of GDP, so we can write:
Investment = 0.1667GDP
And we know that government purchases were $2000 more than investment, so we can write:
Government Purchases = Investment + $2000
Government Purchases = 0.1667GDP + $2000
Finally, we know that the value of imports exceeded the value of exports by $500, which means that Net Exports were -$500 (since exports - imports = net exports). Therefore:
Net Exports = -$500
Now we can substitute all of these values into the formula for GDP:
GDP = Consumption + Investment + Government Purchases + Net Exports
GDP = 0.5GDP + 0.1667GDP + (0.1667GDP + $2000) - $500
Simplifying this equation, we get:
GDP = $9000

Question 20

Table 15-1
The table below contains data for country A for the year 2010.
 
-Refer to Table 15-1.What was country A's GDP in 2010?

Accepted Answer

The GDP for country A in 2010 was $7253, which can be found in the "GDP (in billions of dollars)" row and the "2010" column of the table.

Quiz 15: Measuring a Nations Income

Table 15-2 The table below contains data for the country of Crete for the year 2010. -Refer to Table 15-2.What were Crete's government purchases in 2010?

In the economy of Ukzten in 2010,consumption was $2000,exports were $800,GDP was $4800,government purchases were $840,and investment was $1400.What were Ukzten's imports in 2010?

Table 15-1 The table below contains data for country A for the year 2010. -Refer to Table 15-1.What were country A's net exports in 2010?

In the economy of Ukzten in 2010,consumption was $3000,GDP was $5500,government purchases were $1000,imports were $2000,and investment was $1000.What were Ukzten's exports in 2010?

Table 15-1 The table below contains data for country A for the year 2010. -Refer to Table 15-1.What were country A's exports in 2010?

Table 15-2 The table below contains data for the country of Crete for the year 2010. -Refer to Table 15-2.What were Crete's net exports in 2010?

Table 15-1 The table below contains data for country A for the year 2010. -Refer to Table 15-1.What was country A's investment in 2010?

In the economy of Ukzten in 2010,consumption was $5300,GDP was $8800,government purchases were $1800,imports were $500,and investment was $2000.What were Ukzten's exports in 2010?

Table 15-2 The table below contains data for the country of Crete for the year 2010. -Refer to Table 15-2.What was Crete's investment in 2010?

Table 15-2 The table below contains data for the country of Crete for the year 2010. -Refer to Table 15-2.What was Crete's consumption in 2010?

Table 15-1 The table below contains data for country A for the year 2010. -Refer to Table 15-1.What were country A's government purchases in 2010?

In 2009,U.S.GDP was almost

Table 15-2 The table below contains data for the country of Crete for the year 2010. -Refer to Table 15-2.What was Crete's GDP in 2010?

In the economy of Ukzten in 2010,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 Ukzten's GDP in 2010?

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

Table 15-1 The table below contains data for country A for the year 2010. -Refer to Table 15-1.What was country A's consumption in 2010?

Table 15-1 The table below contains data for country A for the year 2010. -Refer to Table 15-1.What were country A's imports in 2010?

In 2009,GDP per person in the United States was almost

In the economy of Ukzten in 2010,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 Ukzten's GDP in 2010?

Table 15-1 The table below contains data for country A for the year 2010. -Refer to Table 15-1.What was country A's GDP in 2010?