In the following situation, determine if the item would be $\bold{included}$ or $\bold{not\ included}$ in the count of GDP. Purchase of a Van Gogh painting by an art dealer.

Match the following terms to the correct definitions. A. Gross domestic product (GDP) B. Final good or service C. Intermediate product D. Expenditure approach E. Consumption F. Investment G. Government purchases H. Exports I. Imports J. Income approach K. Underground economy L. Nominal GDP M. Real GDP ___________ Goods and services bought by any level of government.

Correct the word in parentheses. If the word is correct, write C in the blank. _____ Most of Hemingway's stories (hung) on the outdoors and heavily masculine themes.

Match the following terms to the correct definitions. A. Gross domestic product (GDP) B. Final good or service C. Intermediate product D. Expenditure approach E. Consumption F. Investment G. Government purchases H. Exports I. Imports J. Income approach K. Underground economy L. Nominal GDP M. Real GDP ___________ A product that is itself used to make a final good or service.

Match the following terms to the correct definitions. A. Standard of living B. Economic growth C. Rule of $70$ D. Real GDP per capita E. Productivity F. Capital stock G. Capital deepening H. Economic infrastructure I. Rule of law J. Research and development K. Depreciation L. Intellectual property ___________ The total amount of physical capital in the country.

Analyze the following situation and then determine if it would increase or decrease $\bold{aggregate\ supply}$ or $\bold{aggregate\ demand}$ . Manufacturing technology improves.

In the following situation, determine if the item would be $\bold{included}$ or $\bold{not\ included}$ in the count of GDP. The purchase of a new tractor by a farmer.

Which of the following most likely contributed to the growth of the housing bubble that burst in 2007? a. high interest rates b. speculation by investors that housing prices would rise c. regulations that prevented banks from making risky loans d. low demand for homes

Analyze the following case and then determine if it would be counted in the calculation of U.S. GDP as $\bold{consumption\ spending}$ (C), $\bold{investment\ spending}$ (I), $\bold{government\ spending}$ (G), $\bold{exports}$ (X), or $\bold{imports}$ (M). A new home is constructed in Texas.

Match the following terms to the correct definitions. A. Business cycle B. Expansion C. Contraction D. Recession E. Depression F. Peak G. Trough H. Change in price level I. Aggregate supply J. External shocks K. Aggregate demand L. Wealth M. Bubble N. Asset ___________ The total output a country’s firms are willing and able to produce, contingent on the price level.

Analyze the following situation, determine if it would $\bold{contribute\ to}$ the economy growth or $\bold{detract\ from}$ economic growth, and explain your answer. In an effort to reduce the unemployment rate, the government of a country passes a law making it illegal to use machinery in the production of certain goods.

Apply the $\bold{Rule\ of\ 70}$ to the following situation to determine how long it would take real GDP per capita to double. A growth rate of $1$ percent.

Which of the following is an implicit cost of attending college? A. Tuition B. books C. laptop computer D. lab fees E. forgone salary

Suppose 4x 2 + 9y 2 = 36, where x and y are functions of t. (a) If dy/ dt = 1/3, find dx / dt when x = 2 and y = 2/3 √5. (b) If dy/ dt = 3, find dx / dt when x = 2 and y = 2/3 √5.