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If in some year real GDP was $5 trillion and the GDP deflator was 200, what was nominal GDP?   1.  $2.5 trillion.   2.  $10 trillion.   3. $40 trillion.   4.  $100 trillion.

Which of the following is included in Singapore’s GDP?   The value of production by an American company in Singapore The value of production by a Singaporean that crosses the border to work in Malaysia The value of production by a Singaporean working in the U.S. All of the above are correct

What word do economists use to refer to the purchase of goods that will be used in the future to produce more goods and services?   consumption investment costs capital

If the GDP deflator for this year is 80, we know for sure that prices have   1..       gone up by 80% compared to the previous year 2.     gone down by 20% compared to the base year 3.      gone down by 80% compared to the previous year 4.     gone up by 20% compared to the base year   

Prices and Quantities Year Price of Cereal Quantity of Cereal Price of Milk Quantity ofMilk 2017 $5.00 150 $2.50 200 2018 $6.00 180 $3.50 240 This country’s inflation rate from 2017 to 2018 was 20.0%. 21.8%. 28.9%. 28.0%.

The marshmallow effect shows the benefit of immediate returns eating healthy                   delayed gratification         investing in education

Goods that are included in the production of final goods but not included in GDP are known as intermediate  complementary  incomplete                 manufacture

What are economists general view on foreign aid? 1. It works for most countries but only up to a certain extent 2. It benefits the country who gives money more than the one that receives 3. It is essential for very poor countries  4. It generally does not help the poor countries in the long term

If the GDP deflator is less than ______, we know prices have fallen.

The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013.   Year Price of Waffles Quantity of Waffles Price of Pancakes Quantity of Pancakes 2010 $2.00 80 $1.00 100 2011 $2.00 100 $2.00 120 2012 $2.00 120 $3.00 150 2013 $4.00 150 $3.00 200   In 2010, this country’s nominal GDP was $260. $440. $620. $760.