XXXXX XXXXXves in an apartment where he pays $7,000 a year in rent. Alexis lives in a house that could be rented for $14,000 a year. How much do these housing services contribute to GDP?
John buys a used car for $5,400 and spends $600 on new parts, made in the U.S., to fix the car. The end result of these two transactions is
a. U.S. consumption purchases increase by $6,000 and U.S. GDP increases by $6,000.
b. U.S. consumption purchases increase by $600 and U.S. GDP increases by $600.
c. U.S. consumption purchases increase by $5,400 and U.S. GDP increases by $5,400.
d. U.S. consumption purchases increase by $600 and U.S. GDP increases by $6,000.
A country's real GDP rose from 500 to 550 while its nominal GDP rose from 600 to 770. What was this country's inflation rate?
One bag of oranges is sold for $6.00 to a company that turns them into juice which is sold to consumers for $12.00. Another bag of oranges is purchased by a grocery store for $6.00 who then sells it to a consumer for $7. Taking these four transactions into account, how much is added to GDP?
d. None of the above is correct.
Which of the following pairs of values of the consumer price index (CPI) is consistent with an inflation rate of 14 percent for 2011?
a. CPI in 2010 = 150; CPI in 2011 = 164
b. CPI in 2011 = 150; CPI in 2012 = 171
c. CPI in 2010 = 150; CPI in 2011 = 171
d. CPI in 2011 = 150; CPI in 2012 = 164
Allied Business Consultants employs five researchers that each work 8 hour days. In one day the researchers prepare 60 reports for its 10 largest clients. What was Allied Business Consultants' productivity?
a. 6 reports per client
b. 7.5 reports per hour
c. 1.5 reports per hour
d. 60 reports