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1ExerciseandanswerNote:ThesearebasedonPrincipleofMacroeconomics,helpingtounderstandbasicconcepts.SomecontentssuchasthoseofChap7,8,10,maynotbecoveredhere.Foryourfinalreview,pleaseaidalsowithquestionsandproblemsoftheMacroeconomicstextbook.MultipleChoiceIdentifythechoicethatbestcompletesthestatementoranswersthequestion.____1.Supposethatanapartmentcomplexconvertstoacondominiumwheretherentersarenowownersoftheirformerapartments.Supposethatanestimateofthevalueofthecondominiumowners'housingservicesisnowthesameastheirformerrent.a.GDPnecessarilyincreases.b.GDPnecessarilydecreases.c.GDPisunaffectedbecauseneithertherentnortheestimateofthevalueofhousingservicesisincludedinGDP.d.GDPisunaffectedbecausepreviouslyrentwasincludedinGDP,andnowitisreplacedbytheestimateofthevalueofhousingservices.____2.GDPa.includesthevalueofintermediategoodssowecangetameasureofsales.b.excludesthevalueofintermediategoodsbecausetheyaretoodifficulttomeasure.c.excludesthevalueofintermediategoodsbecausetheirvalueisalreadycountedinthevalueoffinalgoods.d.Noneoftheabovearecorrect.____3.WhichofthefollowingisincludedinU.S.GDP?a.goodsproducedbyforeigncitizensworkingintheUnitedStatesb.thedifferenceinthepriceofthesaleofanexistinghomeanditsoriginalpurchasepricec.knownillegalactivitiesd.Noneoftheabovearecorrect.____4.Afirmproducesconsumergoodsandaddssometoinventoryinthethirdquarter.Inthefourthquarterthefirmsellsthegoodsataretailoutletwhichleavestheirinventorydiminished.Asaresultoftheseactions,whatcomponent(s)ofrealGDPchangeinthefourthquarter?a.onlyinvestmentanditdecreases.b.onlyconsumptionanditincreases.c.Investmentdecreasesandconsumptionincreases.d.Noneoftheaboveiscorrect.____5.WhichofthefollowingisincludedintheinvestmentcomponentofGDP?a.purchasesofnewlyconstructedhomesb.purchasesofforeigncapitalgoodssuchasindustrialequipmentc.changesininventoryd.Alloftheabovearecorrect.____6.WhichofthesethingswouldNOTbeincludedinthecomponentslistedafterthem?2a.RuthbuysamotorcyclemadeinJapantorideonherweekendsoff-U.S.consumptionandU.S.import.b.Shirleyownsherownhomewhichhasanestimatedrentalvalue-U.S.consumption.c.BeverlybuysanewlyissuedstockinaU.S.corporation-U.S.investment.d.Samanthaproducessomeartworkbutdoesn'tsellthemallinthecurrentquarterandsoaddsthemtoherinventory-investment.____7.Ifinagivenyearaneconomyhasconsumptionof$3000,investmentof$2000,governmentpurchasesof$1500,exportsof$500,importsof$600,taxesof$1200,transferpaymentsof$400,anddepreciationof$300,thenGDPwillequala.$6400.b.$7000.c.$7600.d.$8900.e.$9500.____8.WhichstatementrepresentsmostcorrectlytherelationshipbetweennominalGDPandrealGDP?a.NominalGDPmeasuresbase-yearproductionusingbase-yearprices,whilerealGDPmeasurescurrentproductionusingcurrentprices.b.NominalGDPmeasurescurrentproductionusingbase-yearprices,whilerealGDPmeasurescurrentproductionusingcurrentprices.c.NominalGDPmeasurescurrentproductionusingcurrentprices,whilerealGDPmeasurescurrentproductionusingbase-yearprices.d.NominalGDPmeasurescurrentproductionusingcurrentprices,whilerealGDPmeasuresbase-yearproductionusingbase-yearprices.____9.TheGDPdeflatorcanbeusedtoidentifythea.increaseinnominalGDPthatisduetoanincreaseinpricesratherthananincreaseinproduction.b.increaseinrealGDPthatisduetoanincreaseinpricesratherthananincreaseinproduction.c.increaseinthecostoflivingfortypicalU.S.consumers.d.reductioningovernmentspendingrequiredtobalancethefederalbudget.____10.TheinformationbelowwasreportedbytheWorldBank.Onthebasisofthisinformation,whichlistbelowcontainsthecorrectorderingofGDPperpersonfromhighesttolowest?CountryNominalGDP2000Population200Japan$4,800,000million127millionSwitzerland$240,000million7.2millionUnitedStates$9,800,000million280milliona.Japan,Switzerland,UnitedStatesb.Japan,UnitedStates,Switzerlandc.UnitedStates,Switzerland,Japand.UnitedStates,Japan,Switzerland____11.Supposethatoverthelasttwenty-fiveyearsacountry'snominalGDPgrewtothreetimesitsformersize.Inthemeantimepopulationgrew50percentandpricesrose100percent.WhathappenedtorealGDPperperson?a.Itmorethandoubled.b.Itrose,butlessthandoubled.c.Itwasunchanged.d.Itfell.3____12.Theinflationrateisdefinedasthea.pricelevel.b.changeinthepricelevel.c.priceleveldividedbythepricelevelinthepreviousperiod.d.percentagechangeinthepricelevelfromthepreviousperiod.____13.ThemarketbasketusedtocalculatetheCPIinAquiloniais4loavesofbread,6gallonsofmilk,2shirtsand2pants.In2001breadcost$1.00perloaf,milkcost$1.50pergallon,shirtscost$6.00eachandpantscost$10.00perpair.In2002breadcost$1.50perloaf,milkcost$2.00pergallon,shirtscost$7.00eachandpantscost$12.00perpair.Whatwastheinflationrate,asmeasuredbytheCPI,forAquiloniabetween2001and2002?a.30percentb.24.4percentc.21.6percentd.Itisimpossibletodeterminewithoutknowingthebaseyear.____14.Thepriceindexis180inoneyearand210inthenext.Whatwastheinflationrate?a.16.7percentb.14.3percentc.11.1percentd.Noneoftheabovearecorrect.____15.ByfarthelargestcategoryofgoodsandservicesintheCPIbasketisa.housing.b.recreation.c.transportation.d.foodandbeverages.____16.Whichofthefollowingisnotawidelyacknowledgedpro