The maximum quantity that an economy can produce, given its existing levels of labor, physical capital, technology, and institutions, is called: (A) real GDP (B) potential GDP (C) aggregate supply (D) aggregate demand

(11) The slope of the consumption function is the __________________________ __________________________ __________________________.

2 96 nts Turning Point (A) (B) (C) (D) (E) 1 The data in the accompanying table give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Date Jan 1980 July 1980 July 1981 November 1982 July 1990 The economy experienced an expansion that lasted from Multiple Choice Seved Help Real GDP (2012 $ billions) 6,837.6 6,688.8 6,978.1 6,794.9 9,398.5 Save & Exit Submit

CS 16  Economics  suppose that the GDP of california increases by 8.0% each year. how long will it take for the GDP of California to double? round your answer to one digit after the decimal.   _______years   suppose that the gdp of oregon today is exactly twice what it was 32 years ago. what was the average annual growth for oregon over this time period? round your answer to one digit after the decimal.   _____________% each year.

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5) The value of government spending in billions of dollars is A) 200. B) 600. C) 800. D) 1,000

6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply. The costs of overfishing and other overly intensive uses of resources O Federal government paychecks to soldiers The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The leisure time enjoyed by households When a U.S. company purchases and imports wood from Brazil to use to build new houses within the United States, this purchase increases the component of GDP while also net exports by the same amount. Therefore, the purchase of wood in US GDP. from Brazil causes

(a) Suppose the price level in an economy rises while the money wage rate remains constant. What happens to the quantity of real GDP supplied. How will this affect the aggregate supply or aggregate demand curve? What if the potential GDP increases? Which aggregate curve is affected and how? (b) Real GDP Consumption Planned Investment Government Purchases Net Exports $1,000 $1,000 $100 $150 -$50   2,000   1,900   100   150   -50   3,000   2,800   100   150   -50   4,000   3,700   100   150   -50   From the table data provided, answer the following questions. The numbers in the table are in billions of dollars. Show all calculations. a. What is the equilibrium level of real GDP? b.    What is the Marginal Propensity to Consume? c. What is the multiplier value in this economy? d.    If potential GDP is $4,000 billion, is the economy at full employment? If not, what is the condition of the economy? e.    If the economy is not at full employment, by how much should government spending…

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