Unformatted text preview: 055.00
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
a. the share of GDP accounted for by consumption spending tends to be higher in the US than other industrial
e. the fastest growing components of demand for US goods & services in the past fifty years has been consumption
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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