CHP 6 HW - CHP 6 HW Question 1 Which of the following is...

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CHP 6 HW Question 1 Which of the following is true of gross domestic product? Correct Answer: It can give us guidance on the living standards of a nation. Question 2 If you wanted to compare economic well-being over time and across countries, the data you would use is: Correct Answer: real per capita GDP Question 3 The major components of a country's economy are consumption (C), investment (I), government spending (G), exports, and imports. Which of the following is the correct equation for determining GDP? Correct Answer: C + I + G + exports – imports Question 4 The table below shows nominal GDP and the price level in the two years 2005 and 2011. Year Nominal GDP (billions of dollars) Price Level (GDP deflator) 2005 12,623 100 2011 15,076 113 GDP in 2011, measured in 2005 dollars was Correct Answer: $13,34 2. Question 5
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Which of the following best describes the relationship between imports and exports? Import spending is _____________ GDP and export spending is _______________ GDP.
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