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23-1. a. Consumption increases because a refrigerator is a good purchased by a household. Investment increases because a house is an investment good. Consumption increases because a car is a good purchased by a household, but investment decreases because the car in Ford’s inventory had been counted as an investment good until it was sold. Consumption increases because pizza is a good purchased by a household. Government purchases increase because the government spent money to provide a good to the public. Consumption increases because the bottle is a good purchased by a household, but net exports decrease because the bottle was imported. Investment increases because new structures and equipment were built. 23-5. Year Nominal GDP (billions) GDP Deflator (base year: 1996) 2000 $9,873 118 1999 $9,269 113 a. The growth rate of nominal GDP is ($9,873 - $9,269)/$9,269 ( 100% = 6.5%. b. The growth rate of the deflator is (118 - 113)/113 ( 100% = 4.4%. c. Real GDP in 1999 (in 1996 dollars) is $9,269/(113/100) = $8,203. d. Real GDP in 2000 (in 1996 dollars) is $9,873/(118/100) = $8,367. e. The growth rate of real GDP is ($8,367 - $8,203)/$8,203 ( 100% = 2.0%. f. The growth rate of nominal GDP is higher than the growth rate of real GDP because of inflation. 26-1. a. The bond of an eastern European government would pay a higher interest rate than the bond of the U.S. government because there would be a greater risk of default. b. A bond that repays the principal in 2025 would pay a higher interest rate than a bond that repays the principal in 2005 because it has a longer term to maturity, so there is more risk to the principal. c. A bond from a software company you run in your garage would pay a higher interest rate than a bond from Coca-Cola because your software company has more credit risk. d. A bond issued by the federal government would pay a higher interest rate than a bond issued by New York state because an investor does not have to pay federal income tax on the