Quiz_192 - Table19-2 Product Shoes DVDs Tomatoes Ketchup Quantity 40 100 2,000 300 Price $60.00 18.00 1.00 4.00 17 RefertoTable19-2.:shoes

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

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Table 19-2ProductQuantityPriceShoes40$60.00DVDs10018.00Tomatoes2,0001.00Ketchup3004.0017)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 ketchupand the other half of the tomatoes are purchased by households. Using the information in theabove table, nominal GDP for this simple economy equals A) $7,400.B) $6,400.C) $5,800.D) 2,440 units.17)Answer: BDiff: 2Page Ref: 618/212Topic: Measuring Total ProductionLearning Outcome: Macro 3: Identify and interpret key macroeconomic measuresAACSB: Analytic Skills 18) In the circular flow model, the value of total income for an economy ________ the value of totalproduction. 18)Diff: 1Page Ref: 619/213Topic: The Circular FlowLearning Outcome: Macro 2: Explain the relationship between expenditure and incomeAACSB: Reflective Thinking 19) In the circular flow model, the value of total production for an economy ________ the value of totalexpenditures on final goods and services. Diff: 1Page Ref: 619/213Topic: The Circular FlowLearning Outcome: Macro 2: Explain the relationship between expenditure and incomeAACSB: Reflective Thinking 20) The nominal GDP of the U.S. in 2010 was approximately $14.6 trillion. This means that 20)Diff: 2Page Ref: 619/213Topic: The Circular Flow Learning Outcome: Macro 1: Define macroeconomics and identify its basic concerns AACSB: Reflective Thinking 5

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