Question
No.
1
Industry B
Final demand
Total
Industry A
50
70
30
150
Industry B
60
20
100
180
Value added
45
100
Total
155
190
145
130
475
Commodity
engines
motor cycles
cars
engines
motor cycles
cars
Price
Quantity
15
10
50
9
90
8
100
50
99
55
180
90
What is the (approximate) value of the Laspeyres volume index for GDP in
2013 compared with 2012?
89
97
103
116
181
5
The nominal rate of interest is 10% while the rate of inflation is 9%.
What is the real rate of interest?
-1%
1%
10%
11%
19%
If prices in the current year are higher on average than in the base year, real
GDP in the current year _________ nominal GDP in the current year.
is greater than
is less than
is equal to
could be greater or less than
is one-third of
Bob's Barber Shop cut 3000 heads of hair in the year 2000 and 3100 in the
year 2001. The price of a haircut was $7 in 2000 and $8 in 2001. If the year
2000 is the base year, what was Bob's contribution to real GDP in the year
2000?
$21 000
$21 700
$24 000
$24 800
$25 000
Peg's Manicure Manor did 4000 sets of nails in the year 2000 and 4500 sets
of nails in the year 2001. The price of a set of nails was $20 in 2000 and
$22 in 2001. If the year 2000 is the base year, Peg's contribution to real
GDP in 2000 was _____ and in 2001 was _____.
$80 000; $88 000
$80 000; $90 000
$80 000 $99 000
$88 000 $90 000
$90 000 $99 000
10
Suppose that the total expenditures for a typical household in 2000 equalled
$2500 per month, while the cost of purchasing exactly the same items in
2003 was $3000. If 2000 is the base year, the CPI for the year 2003 equals
83
100
120
125
130