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Question 1 of 7
1. Question
Imagine a two-good economy where the quantity of the goods produced is unchanged over time, but where prices have increased. Then, in the most recent year, real GDP will be
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Question 2 of 7
2. Question
Which of the following does NOT increase U.S. GDP?
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Question 3 of 7
3. Question
Which of the following is NOT an example of capital?
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Question 4 of 7
4. Question
A construction company produces a $200,000 house using $50,000 worth of wood and steel in addition to $50,000 of labor hours. The value added by the construction company is
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Question 5 of 7
5. Question
Historically, labor’s share of GDP has been relatively stable at approximately two-thirds of GDP
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Question 6 of 7
6. Question
When the trade balance is negative, domestic producers are exporting more goods than are being imported.
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Question 7 of 7
7. Question
If real GDP increases 2 percent and nominal GDP increases 5 percent, then inflation is approximately 3 percent.
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