Quiz_192 - Table19-2 Product Shoes DVDs Tomatoes Ketchup...

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Table 19 - 2 Product Quantity Price Shoes 40 $60.00 DVDs 100 18.00 Tomatoes 2,000 1.00 Ketchup 300 4.00 17) Refer to Table 19 - 2. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. Using the information in the above table, nominal GDP for this simple economy equals A) $7,400. B) $6,400. C) $5,800. D) 2,440 units. 17) Answer: B Diff: 2 Page Ref: 618/212 Topic: Measuring Total Production Learning Outcome: Macro 3: Identify and interpret key macroeconomic measures AACSB: Analytic Skills 18) In the circular flow model, the value of total income for an economy ________ the value of total production. 18) Diff: 1 Page Ref: 619/213 Topic: The Circular Flow Learning Outcome: Macro 2: Explain the relationship between expenditure and income AACSB: Reflective Thinking 19) In the circular flow model, the value of total production for an economy ________ the value of total expenditures on final goods and services. 19) Diff: 1 Page Ref: 619/213 Topic: The Circular Flow Learning Outcome: Macro 2: Explain the relationship between expenditure and income AACSB: Reflective Thinking 20) The nominal GDP of the U.S. in 2010 was approximately $14.6 trillion. This means that 20) Diff: 2 Page Ref: 619/213 Topic: The Circular Flow Learning Outcome: Macro 1: Define macroeconomics and identify its basic concerns AACSB: Reflective Thinking 5
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