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Econ 212 Exam 1 || WITH PASSED SOLUTIONS!!
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  • Econ 212
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  • Econ 212

National Income and National Expenditure must always be equal. True or False correct answers true As depicted in the circular flow diagram, which of the following are considered factors of production (i.e. inputs)? correct answers Capital Match the factors of production with their correspo...

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  • August 18, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • national income and national expenditure must alwa

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  • Econ 212
  • Econ 212

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Econ 212 Exam 1 || WITH PASSED SOLUTIONS!!
National Income and National Expenditure must always be equal.

True or False correct answers true

As depicted in the circular flow diagram, which of the following are considered factors of
production (i.e. inputs)? correct answers Capital

Match the factors of production with their corresponding factor payments.

Land

Labor

Capital correct answers rents

wages

profits

Gross Domestic Product (GDP) is the market value of all final goods and services produced
in a given nation in a given year. correct answers Answer 1 Market Value

Answer 2 Goods and Services

Suppose that an isolated island pays its workers $700 in total wages, and capital owners $160
in total profits. If the GDP of this island is $1,100, what is the value of rental payments paid
to land owners?

Round all answers to the nearest whole number and do not include a dollar sign or decimal in
your answer (for example, $375.00 should be entered as 375) correct answers 240

Match each of the following with the appropriate classification:

Hair Cut

Pizza Purchased For Dinner

Lumber Purchased by Construction Company

Used car Purchased by Student correct answers Service

Final Good

Intermediate Good

Not Included in GDP

Match each expenditure to its corresponding GDP component:

, Sale of Boeing 747 to Brazilian Airline

Construction of office tower in Manhattan

Purchase of dinner at local restaurant

electricity consumption at FBI headquarters

Purchase of korean tv correct answers Export

Investment

Consumption

Government

Both Import and consumption

If GDP equals $14,000 billion, government expenditures (G) equal $2,800 billion, investment
(I) equals $2,000 billion, imports (IM) equal $1,000, and exports (EX) equal $1,000, what is
the value of consumption (C)? correct answers 9200 BILLION

Suppose that Congress increases Social Security benefits by $50 billion this year. How much
will the government expenditures (G) component of GDP change? correct answers 0

If a nation's imports total $300 billion and that nation runs a trade deficit of $100 billion,
what is the size of that nation's exports? correct answers 200 billion

Which component of GDP is the largest? correct answers Consumption

Which component of GDP is the smallest? correct answers Net Exports

For the past 25 years, consumption represents approximately what proportion of GDP (i.e.
C/Y)? correct answers 70%

Nominal GDP calculates the value of a nation's output at current prices while Real GDP
calculates the value of a nation's output using constant prices. correct answers Answer 1
current

Answer 2 constant

If your goal is to calculate the growth of a nation's output over a ten year period, you should
calculate the percentage change in Real GDP over that period. correct answers Real

Using the drop-down menus, select the missing values below. For the Real GDP calculation,
set the base year equal to 2015.

Chips Salsa Nominal Real
Year Quantity Price Quantity Price GDP GDP

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