5. If nominal GDP was $11,500 billion in 2003 and the price level in 2003 was 111.6, then real GDP would have been approximately a. $9,795 billion. b. $10,305 billion. $10,485 billion. d. $9,750 billion. C.

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a. If Ca Ca is $120, Ig is $60, X, is-$10, and Gis $40, what is the economy's equilibrium GDP?

4. According to the following figure, what is the GDP? Please show how you computed it. Assume this is a closed economy. Does the "magic* equation hold? Show your work. Figure 2-2 Income (Y = ?) Transfer Payments = $300,000 Households Taxes = $300,000 Capital Market Private Savings = $900,000 Government Government Deficit = $300,000 Business Firms Private Investment = $600,000 Gov't Purchase of G&S = $300,000 Consumption Expenditures = $2,400,000

7.A Investment spending  A. responds more dramatically to changes in interest rates than to changes in business confidence, expectations, or technology.   B. typically increases when the interest rate falls.   C. does not respond to short-term interest rates.   D. responds negatively to technical change and product innovation.   7.B Net exports in the United States   A. will fall if prices in the United States rise relative to other nations' prices.   B. will fall if China reduces trade barriers against the United States.   C. will increase if prices in the United States rise relative to other nations' prices.   D. will increase if the price level in China declines.   7.C In an Aggregate Demand (AD)/Aggregate Supply (AS) diagram, __________________________ could explain a rise in cyclical unemployment?   A. a shift in AS to the left   B. a shift in AS to the right   C. a shift to the left in either AS or AD…

The table below contains data for a country, which produces only X and Y. The base year is 2010. Year Price of X Q of X Price of Y Q of Y N GDP R GDP Def 2010 $3.00 90 $1.00 150 2011 $4.00 100 $2.00 180 2012 $5.00 120 $3.00 200 1. Refer to Table. In 2011, a. nominal GDP was $420, real GDP was $420 b. nominal GDP was $240, real GDP was $480. c. nominal GDP was $760, real GDP was $420. d. nominal GDP was $760, real GDP was $480. 2. Refer to Table. In 2012, a. GDP deflator was 100.00 b. GDP deflator was 158.33. c. GDP deflator was 214.28. d. GDP deflator was 285.71. 3. Refer to Table. Output growth from 2011 to 2012 a. 80.95%. c. 57.89%. b. 14.28%. d. 16.66%. 4. Refer to Table. Inflation rate from 2011 to 2012 a. 14.28% c. 35.33%. b. 16.66%. d. 58.33%. 5. The labor-force participation rate a.…