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1. An American buys an entertainment system that was manufactured in China. How does the U.S. national income accounts treat this transaction?
2. Which of the following would be included in U.S. GDP calculations?
3. Suppose a country produces only crude oil. Which of the following statements is true based on the production and price data below?
year Production (millions of barrels) Price (per barrel)
2014 300 $25.00
2015 250 $30.00
4. A financial planner on a popular TV show convinces more Americans to save for retirement. What is the result on the supply and demand for loanable funds?
5. Suppose the reserve ratio is 0.1. If a bank gets $200 in deposits, what is the maximum amount it can lend?