Worksheet 2 Spring 2008

Worksheet 2 Spring 2008 - Econ 2020-400 Principles of...

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Econ 2020-400 Principles of Macroeconomics Spring 2008 Recitation Worksheet 2 1. Which of the following statements is true? a.) In the circular-flow diagram of the economy, the flow of money into each market or sector is not necessarily equal to the flow of money coming out of each market or sector. b.) GDP in the United States includes income earned by American citizens living in foreign countries during a given time period. c.) GNP in the United States measures the value of final goods and services produced within U.S. borders during a given time period. d.) None of the above is true. 2. Suppose Country A sells $100 million worth of goods and services to Country B. Country B sells $50 million worth of goods and services to Country A. These are the only two countries n Macro World. Then, a.) net exports in Country B equal -$50 million. b.) net exports in Country A equal $150 million. c.) net exports in Country A equal -$50 million. d.)
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Worksheet 2 Spring 2008 - Econ 2020-400 Principles of...

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