Wk 1 HW AC721

The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services I: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output b. Gross private investment % % c. Total government purchases % d. Exports e. Imports % $14,561 Instructions: Enter your responses as a percentage rounded to one decimal place. Calculate the following as a percentage of GDP for 2019: a. Personal consumption expenditures % 3,744 3,754 2,504 (3,136) $21,427 Wages and salaries Corporate profits Proprietors' income Income Rents Interest Taxes on output and imports Depreciation Statistical discrepancy Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427

Core chapter 1.2 will help with this question. Do not include the dollar sign in your answer. Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges 100 Quantity in year 1 Price in year 1 Quantity in year 2 Price in year 2 50 $1.00 $0.80 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer:

Refer to the table below for a very simple economy producing three goods: movies, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and CGI service is used for movie production.   What is the nominal GDP for the economy in 2021? What was the nominal GDP in 2016? What is the real GDP in 2021 using 2016 prices as base year prices? What is the real GDP growth rate between 2016 and 2021?

M10

The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Price Year 1 $6 $4 $3 Good Quarts of ice cream Bottles of shampoo Jars of peanut butter Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? $ b. What was its nominal GDP in year 2? 3 1 3 Price Year 2 $6 $4 $3 Quantity of Goods Year 2 5 2 2

Give typing answer with explanation and conclusion In a certain country called Happyland, in the year 1988, consumption was 4,990,000 happies, investment was 1,350,900, government purchases were 2,000,500 happies, exports were 1,500,000 happies and imports were 850,000 happies. (Happies is the currency used in Happyland :)) What was the value of GDP measured in happies in Happyland in 1988? (Give answer to the nearest happy.)

no handwritten notes!

Consider the following hypothetical data for the U.S. economy in 2018 (all amounts are in trillions of dollars; see pages 179–182).Consumption 11.0 Indirect business taxes .8 Depreciation 1.3 Government spending 3.8 Imports 2.7 Gross private domestic investment 4.0 Exports 2.5e. Based on the data, what is GDP? NDP? NI?f. Suppose that in 2019, exports fall to $2.3 trillion, imports rise to $2.85 trillion, and gross private domestic investment falls to $3.25 trillion. What will GDP be in 2019, assuming that other values do not change between 2018 and 2019?

In the above case study, identify TWO factors that are responsible for the rise in Japan's Gross Domestic Product (GDP) 1. 2. Critically evaluate the impending rise of sales tax planned by the Japanese government and its effect on the demand and eventually public spending

Revise Core chapter 1.2 for the next four questions. Do not include the dollar sign in your answers. Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges Quantity in year 1 Price in year I 50 100 $1.00 $0.80 Quantity in year 2 Price in year 2 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer:

GDP and the Measurement of Progress - Discovering Data The accompanying graph depicts quarterly Real GDP in the United States. Real GDP is measured in billions of dollars. ALFRED. II 17,200 16,800 16,400 16,000 15,600 $ Billions of Chained 2009 Dollars Q3 2005: 14,291.757 14,800 14,400 14,000 13,600 2006 1950 2008 billion 2010 1075 2012 What was the highest level of real GDP prior to the 2008 recession? Enter your answer in billions of dollars and round your answer to one place after the decimal. Source: U.S. Bureau of Economic Analysis 2014 2000 2016 JA 0

for the following question , please indicate whether current GDP of the United States will be affected and, if so, by how much .In each case, indicate also which component(s) of GDP will be affected and by how much  Case 1: Maria moved from Chicago to Colorado  in November 2020. She paid $1,200 to the professional moving company she hired and, after the moving was completed, she tipped the workers $250.

The following table shows the data for a hypothetical economy in a specific year. All figures are in billions of dollars. Billions of Dollars Category Personal consumption expenditures Purchases of stocks and bonds $80 30 Net exports Government purchases -10 20 Sales of secondhand items Gross investment 25 Instructions: Enter your answer as a whole number. What is the country's GDP for the year? billion %24

Part of a bridge built by the government of Ritzland collapsed in the same year it was constructed. If the total cost of building the bridge was $4 million, and then it costs $3 million to repair it, which of the following will happen in this scenario, everything else remaining unchanged? Ritzland's GDP will decrease by $4 million. Ritzland's GDP will increase by $3 million. Ritzland's GDP will increase by $7 million. Ritzland's GDP will increase by $1 million

Macmillan Education WORK IT OUT LaunchPad For interactive, step-by-step help in solving the following problem, vIsitLaunchPad by using the URL on the back cover of this book. The accompanying table shows gross domestic product (GDP), disposable income (YD), con- sumer spending (C), and planned investment spending (IPlanned) in an economy. Assume there is no government or foreign sector in this economy. Complete the table by calculating planned aggre- gate spending (AEplanned) and unplanned inven- tory investment (IUnplanned). 13. а, GDP YD C IPlanned AEPlanned lunplanned (billions of dollars) $0 $0 $100 $300 400 400 400 300 800 800 700 300 1,200 1,200 1,000 300 1,600 1,600 1,300 300 2,000 2,000 1,600 300 2,400 2,400 1,900 300 ? 300 2,800 2,800 2,200 3,200 3,200 2,500 300 b. What is the aggregate consumption function? c. What is Y*, income-expenditure equilibrium GDP?