Practice Quiz 4 Answers

30 147580 172160 705500 161430 103280 139980 182560

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Unformatted text preview: 055.00 1,614.30 1,032.80 1,399.80 1,825.60 7,350.70 1,582.10 1,005.90 1,430.30 1,961.10 7,703.60 1,664.10 1,040.80 1,540.20 2,092.50 8,195.90 1,888.60 1,182.40 1,797.80 2,216.80 8,707.80 2,077.20 1,309.40 2,023.90 2,363.40 9,224.50 2,209.20 1,467.60 2,229.60 2,523.00 Above is a table of output market data. Based on the table, 14. in 2006 the balance of trade was____. The BOT = X - M = 1.467-2.229 = - .762 = $-760 billion 145. in 2006 GDP was____. GDP = C+I+G+X-M = 9.2+2.2+1.5+2.5-2.2 = 13.2 16. Which one of the following statements is not true when we look at the economic track record? (could be more than one answer) a. the share of GDP accounted for by consumption spending tends to be higher in the US than other industrial countries b. c. d. e. the fastest growing components of demand for US goods & services in the past fifty years has been consumption spending the rise in inequality in the US weakens the link between average welfare and GDP per person within the rich countries, Japan had the highest inflation rates in the 1990s some of the worst inflation in the world in the early 1990s was in the former Soviet Union The only incorrect statements are the fastest growing components of demand for US goods & services in the past fifty years has been consumption spendi...
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