If government purchases = 30, personal consumption expenditures = 95, gross private domestic investment = 20, consumption of fixed assets = 5, imports = 8, and exports = 12, what is net domestic product? 

Suppose that a person’s nominal income rises from $11,000 to $13,000 and the Consumer Price Index rises from 100 to 105. The person’s real income will increase by about what percent? Indicate as a whole number, rounding up or down to the nearest whole percentage (e.g., 10).

Assuming the total population is 100 million, the civilian labor force is 70 million, and 63 million workers are employed, what is the unemployment rate in percent? Indicate to the nearest tenth of a percent (e.g., 8.5).

Your firm produces a product in 2024, but the product is not sold until 2025. How is this product counted in terms of spending?

If members of the underground economy are currently counted as part of the unemployed when in fact they are employed, the official unemployment rate is overstated by about what percent? Indicate to the nearest tenth of a percent (e.g., 10.2). Exam 3 underground employment.PNG 

If actual GDP is 510 and there is a negative GDP gap of 10, what is potential GDP?

Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per-unit prices of these three goods are A = $4, B = $3, and C = $1. Nominal GDP in the current year is

Which of the following would be considering economic investment?

Our local factory typically produces 500 deer hunting stands each year. It is supposed to be a good year for deer hunting so they anticipate there will be greater demand this year for their product. Prices are very sticky in this industry. What will likely happen this year?

We include rents as part of the calculation of GDP when using the income approach to national accounting. Which of the following does rents include (check all that apply)?