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Try to answer each of the questions on a piece of paper. When you are finished, watch the videos next to each question to get the solution. These will only be as helpful as you make them. Answer first, watch second.
Try to answer each of the questions on a piece of paper. When you are finished, watch the videos next to each question to get the solution. These will only be as helpful as you make them. Answer first, watch second.
1
1
Last year, the GDP for a small island country was $4 billion. Their personal consumption expenditures were $2.5 billion, private domestic investment was $700 million, government spending was at $750 million, and exports were $300 million.
What was the market value of imports for this country?
2
2
Amanda typically works 50 hours a week for $20 an hour. However, after getting a raise to $30 an hour, Amanda has decided to reduce her work hours to 40 per week. How will this change GDP and what value is GDP failing to properly measure?
3
3
Which of the following would be included in the calculation of GDP?
Martin buys an uncooked turkey from the grocery store.
Stockard prepares a store-bought turkey at home for her guests.
Dulé buys an old recipe book for Stuffing printed in the 19th century.
John dines out and the chef prepares his specialty for him: Turkey.
Janel - having run out of room in her trash can - decides to throw the leftovers out into a clearing behind her house.
Allison purchases stock in the Butterball company.
4
4
Here are some economic facts about the United States:
In 1980 GDP was $2,857 billion.
In 1981 GDP was $3,207 billion.
In 1980, the US population was 227.6 million.
In 1981, the US population was 229.9 million.
Compute GDP per Capita for each year and the growth rate in GDP per Capita.
Module 5 Quick Quiz
Module 5 Quick Quiz
Now that you have watched all the videos and tried all of the example problems, see how you do on this short quiz. If you score under 75%, consider reaching out to your course instructor for some advice.
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