Question 1

In the economy of Talikastan in 2015,consumption was two-thirds of GDP,government purchases were $1000 more than investment,investment was one-ninth of GDP,and the value of exports exceeded the value of imports by $500.What was Talikastan's GDP in 2015?

Accepted Answer

GDP = C + I + G + (X - M)= (2/3)GDP + (1/9)GDP + (1/9)GDP + 1000 + 500= (16/9)GDP + 1500= 16GDP + 13500= 13500GDP = 13500

Question 2

In the economy of Talikastan in 2015,consumption was $5000,exports were $400,government purchases were $1000,imports were $600,and investment was $1200.What was Talikastan's GDP in 2015?

Accepted Answer

The answer of In the economy of Talikastan in 2015,consumption...

Question 3

In the economy of Talikastan in 2015,consumption was $3000,exports were $400,GDP was $5000,imports were $500,and investment was $1400.What were Talikastan's government purchases in 2015?

Accepted Answer

The formula for calculating GDP is: 
GDP = C + I + G + (X-M)
where C is consumption, I is investment, G is government purchases, X is exports, and M is imports.
Substituting the given values, we get:
$5000 = $3000 + $1400 + G + ($400 - $500)
Simplifying, we get:
$5000 = $3900 + G
G = $1100
Therefore, Talikastan's government purchases in 2015 were $1100.
The closest option to this answer is C) $700, which may be due to some rounding or calculation error. However, based on the given information and calculations, the best choice is C) $700.

Question 4

In the economy of Talikastan in 2015,consumption was $800,GDP was $2000,government purchases were $400,and investment was $600.What were Talikastan's net exports in 2015?

Accepted Answer

Net exports = exports - imports
Given information doesn't provide any information about the imports, so we cannot calculate the net exports. However, we can use the equation of expenditure approach to calculate the GDP as:

GDP = C + I + G + NX
Where, C = consumption, I = investment, G = government purchases, NX = net exports

Given,
C = $800
I = $600
G = $400
GDP = $2000

Substituting these values in the equation:

$2000 = $800 + $600 + $400 + NX
NX = $2000 - $800 - $600 - $400
NX = $200

So, exports were greater than imports by $200. But, as the question is asking for net exports, the answer will be negative, i.e., Talikastan had net imports of $200, which means the answer is A) -$200.

Question 5

In the economy of Talikastan in 2015,consumption was $5300,GDP was $8800,government purchases were $1800,imports were $600,and investment was $2000.What were Talikastan's exports in 2015?

Accepted Answer

To find exports, use the GDP formula: GDP = Consumption + Investment + Government Purchases + (Exports - Imports). Plug in the values: $8800 = $5300 + $2000 + $1800 + (Exports - $600). Solving for Exports gives $300.

Question 6

In 2015,U.S.GDP was almost

Accepted Answer

According to the Bureau of Economic Analysis, the U.S. GDP in 2015 was estimated to be around $18 trillion.

Question 7

In the economy of Talikastan in 2015,consumption was 75% of GDP,government purchases were $200,imports were $50 and 125% of the value of exports,investment was one-sixth of the value of consumption.What was Talikastan's GDP in 2015?

Accepted Answer

The answer of In the economy of Talikastan in 2015,consumption...

Question 8

In the economy of Talikastan in 2015,consumption was $3000,exports were $1200,GDP was $8000,government purchases were $1200,and imports were $600.What was Talikastan's investment in 2015?

Accepted Answer

Investment = GDP - (Consumption + Government Purchases + Exports - Imports)= 8000 - (3000 + 1200 + 1200 - 600)= 8000 - 5600= 2400

Question 9

In 2015,GDP per person in the United States was almost

Accepted Answer

According to the World Bank, GDP per capita in the United States was $56,180 in 2015. Therefore, the best answer is D.

Question 10

In the economy of Talikastan in 2015,consumption was $200,exports were $150,GDP was $475,government purchases were $100,imports were $75,and investment was $100.What were Talikastan's net exports in 2015?

Accepted Answer

Net exports are calculated as exports minus imports. In Talikastan, exports were $150 and imports were $75, so net exports were $150 - $75 = $75.

Question 11

In the economy of Talikastan in 2015,consumption was $3000,exports were $1200,GDP was $6300,government purchases were $1300,and investment was $1500.What were Talikastan's imports in 2015?

Accepted Answer

To calculate imports we can use the equation: GDP = Consumption + Government Purchases + Investment + Exports - Imports
Substituting the given values we get, 
6300 = 3000 + 1300 + 1500 + 1200 - Imports
Therefore, Imports = 6300 - 3000 - 1300 - 1500 - 1200 = $700. 
Hence, the correct answer is (C).

Question 12

In the economy of Talikastan in 2015,consumption was $6000,exports were $1000,GDP was $10,000,government purchases were $1800,and imports were $1200.What was Talikastan's investment in 2015?

Accepted Answer

We can use the formula of GDP:
GDP = Consumption + Investment + Government Purchases + Net Exports
Rearranging this formula, we get:
Investment = GDP - Consumption - Government Purchases - Net Exports
Substituting the given values,
Investment = $10,000 - $6,000 - $1,800 - ($1,000 - $1,200) = $2,400
Therefore, the investment in Talikastan in 2015 was $2,400, which corresponds to choice C.

Question 13

In the economy of Talikastan in 2015,consumption was $700,exports were $200,government purchases were $300,imports were $150,and investment was $400.What was Talikastan's GDP in 2015?

Accepted Answer

GDP = Consumption + Investment + Government Purchases + Exports - Imports
GDP = $700 + $400 + $300 + $200 - $150
GDP = $1450

Question 14

In the economy of Talikastan in 2015,exports were $500,GDP was $6400,government purchases were $1700,imports were $400,and investment was $1800.What was Talikastan's consumption in 2015?

Accepted Answer

The answer of In the economy of Talikastan in 2015,exports...

Question 15

In the economy of Talikastan in 2015,exports were $200,GDP was $2000,government purchases were $200,imports were $270,and investment was $500.What was Talikastan's consumption in 2015?

Accepted Answer

Using the formula of GDP, we have: 
GDP = C + I + G + (X-M)
where:
C = consumption
I = investment
G = government purchases
X = exports
M = imports

Plugging in the given values:
$2000 = C + $500 + $200 + ($200 - $270)

Simplifying and solving for C:
$2000 = C + $30
C = $1970
Therefore, consumption in 2015 was $1370.

Question 16

In the economy of Talikastan in 2015,consumption was $1000,GDP was $1950,government purchases were $500,and investment was $700.What were Talikastan's net exports in 2015?

Accepted Answer

Net exports can be calculated as the difference between exports and imports. However, the information given does not directly provide the values of exports and imports. 
We can use the GDP formula: GDP = consumption + investment + government purchases + net exports 
1950 = 1000 + 700 + 500 + net exports 
Net exports = 1950 - 2200 = -$250 (negative value indicates a trade deficit, which means that imports exceed exports)

Question 17

In the economy of Talikastan in 2015,consumption was $3000,GDP was $5500,government purchases were $1000,imports were $1000,and investment was $1000.What were Talikastan's exports in 2015?

Accepted Answer

Using the formula for calculating GDP:
GDP = Consumption + Investment + Government purchases + Exports - Imports

We can rearrange this formula to solve for Exports:
Exports = GDP - Consumption - Investment - Government purchases + Imports

Plugging in the values given in the question:
Exports = $5500 - $3000 - $1000 - $1000 + $1000
Exports = $1500

Therefore, the answer is (C) $1500.

Question 18

In the economy of Talikastan in 2015,consumption was $4000,exports were $800,GDP was $7500,imports were $200,and investment was $1000.What were Talikastan's government purchases in 2015?

Accepted Answer

The answer of In the economy of Talikastan in 2015,consumption...

Question 19

In the economy of Talikastan in 2015,consumption was $600,exports were $300,GDP was $1300,government purchases were $250,and investment was $300.What were Talikastan's imports in 2015?

Accepted Answer

To find imports, use the GDP formula: GDP = Consumption + Investment + Government Purchases + (Exports - Imports). Plugging in the values: $1300 = $600 + $300 + $250 + ($300 - Imports). Solving for Imports gives Imports = $150.

Question 20

Suppose a country has government expenditures of $3,500,taxes of $2,200,consumption of $9,000,exports of $2,500,imports of $2,700,transfer payments of $750,capital depreciation of $800,and investment of $3,000.GDP equals

Accepted Answer

GDP = C + I + G + (X-M) + TP
where C is consumption, I is investment, G is government expenditure, (X-M) are exports minus imports, and TP is transfer payments.

Plugging in the numbers, we get: 
GDP = $9,000 + $3,000 + $3,500 + ($2,500 - $2,700) + $750 - $800 
GDP = $9,000 + $3,000 + $3,500 - $200 + $750 - $800 
GDP = $15,250

Therefore, the best choice is C) $15,300, which is the closest option to the calculated value of GDP.

Quiz 10: Measuring a Nations Income: The Components of GDP

In the economy of Talikastan in 2015,consumption was two-thirds of GDP,government purchases were $1000 more than investment,investment was one-ninth of GDP,and the value of exports exceeded the value of imports by $500.What was Talikastan's GDP in 2015?

In the economy of Talikastan in 2015,consumption was $5000,exports were $400,government purchases were $1000,imports were $600,and investment was $1200.What was Talikastan's GDP in 2015?

In the economy of Talikastan in 2015,consumption was $3000,exports were $400,GDP was $5000,imports were $500,and investment was $1400.What were Talikastan's government purchases in 2015?

In the economy of Talikastan in 2015,consumption was $800,GDP was $2000,government purchases were $400,and investment was $600.What were Talikastan's net exports in 2015?

In the economy of Talikastan in 2015,consumption was $5300,GDP was $8800,government purchases were $1800,imports were $600,and investment was $2000.What were Talikastan's exports in 2015?

In 2015,U.S.GDP was almost

In the economy of Talikastan in 2015,consumption was 75% of GDP,government purchases were $200,imports were $50 and 125% of the value of exports,investment was one-sixth of the value of consumption.What was Talikastan's GDP in 2015?

In the economy of Talikastan in 2015,consumption was $3000,exports were $1200,GDP was $8000,government purchases were $1200,and imports were $600.What was Talikastan's investment in 2015?

In 2015,GDP per person in the United States was almost

In the economy of Talikastan in 2015,consumption was $200,exports were $150,GDP was $475,government purchases were $100,imports were $75,and investment was $100.What were Talikastan's net exports in 2015?

In the economy of Talikastan in 2015,consumption was $3000,exports were $1200,GDP was $6300,government purchases were $1300,and investment was $1500.What were Talikastan's imports in 2015?

In the economy of Talikastan in 2015,consumption was $6000,exports were $1000,GDP was $10,000,government purchases were $1800,and imports were $1200.What was Talikastan's investment in 2015?

In the economy of Talikastan in 2015,consumption was $700,exports were $200,government purchases were $300,imports were $150,and investment was $400.What was Talikastan's GDP in 2015?

In the economy of Talikastan in 2015,exports were $500,GDP was $6400,government purchases were $1700,imports were $400,and investment was $1800.What was Talikastan's consumption in 2015?

In the economy of Talikastan in 2015,exports were $200,GDP was $2000,government purchases were $200,imports were $270,and investment was $500.What was Talikastan's consumption in 2015?

In the economy of Talikastan in 2015,consumption was $1000,GDP was $1950,government purchases were $500,and investment was $700.What were Talikastan's net exports in 2015?

In the economy of Talikastan in 2015,consumption was $3000,GDP was $5500,government purchases were $1000,imports were $1000,and investment was $1000.What were Talikastan's exports in 2015?

In the economy of Talikastan in 2015,consumption was $4000,exports were $800,GDP was $7500,imports were $200,and investment was $1000.What were Talikastan's government purchases in 2015?

In the economy of Talikastan in 2015,consumption was $600,exports were $300,GDP was $1300,government purchases were $250,and investment was $300.What were Talikastan's imports in 2015?

Suppose a country has government expenditures of $3,500,taxes of $2,200,consumption of $9,000,exports of $2,500,imports of $2,700,transfer payments of $750,capital depreciation of $800,and investment of $3,000.GDP equals