·         How economists are both scientists and policymakers and what process society uses to allocate its scarce resources. ·         Using the circular flow model, explain the flow of money and goods in an economy. ·         How does the economy coordinate society's independent economic actors. ·         A country's gross domestic product (GDP) and how it is defined and calculated. ·         How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living.

Q: The following table shows real GDP for both the United States and China, in billions of 2009…

A: (a)According to the Real GDP data in United State and China during 2014, United State has higher…

Q: Suppose that nominal GDP was $10 trillion in 2040 in Atlantis. In 2050, nominal GDP was $15 trillion…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: 2. As an economic and accounting analyst, which of the two should a government pay more attention…

A: Export means a situation where a country send goods to the other country and import is such a…

Q: 1. Nominal and Real GDP: Consider the data in the following table, which represents the total…

A: Year   2018 2019 2020 1 Quantity of Y 100 105 103 2 Quantity of X 5 3…

Q: You are given the following information about an economy:…

A: Solution(1) Disposable Income = Personal Income - Direct Taxes + Transfer Payments Personal Income:…

Q: How will an increase in the amount of scholarships and pensions given by the government affect the…

A: Scholarship and pension payment by government are transfer payments which are unilateral cash flows,…

Q: 3. Refer to the table below for an imaginary economy of Flowerland. Year Real GDP Population 2015 60…

A: Hi Student, as per the guideline, we are providing answer for the first question (3rd question).…

Q: Suppose the following data describe a nation's population:     Year 1 Year 2 Population 300…

A: Solving questions 3 a b c all part

Q: What is the annual growth rate of real GDP?   b. Do you think the welfare of all people in the U.S.…

A: The value of all final goods and services generated by labor and property in a well-defined…

Q: ·         How economists are both scientists and…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: U.S. real GDP is significantly higher than it was 60 years ago . What does this imply ( if anything…

A: GDP refers to the value of all final goods and services produced in an economy over a given period…

Q: Suppose that in 1994 the total output in a single-good economy was 7,000 buckets of chicken. Also…

A: GDP refers to the total value of finished goods and services that produced within the economic…

Q: Tom says the economy should focus more on producing fun things people can buy if it is going to…

A: Answer: In my point of view, Tom is right because when economic growth is in question, then…

Q: 2. If the economy grew at a 3% rate this year and average prices grew ______, people would be better…

A: GDP is the market value of all the final goods and services produced within the national boundary.…

Q: Milk Quantity of Milk  (Quarts) Price of  Honey Quantity of Honey  (Quarts) 2007 $1 100 $2 50 2008…

A: Nominal gross domestic product(GDP) is GDP given in current costs, without change for inflation.…

Q: Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The…

A: Gross domestic product (GDP) at current market prices is referred to as nominal GDP. Nominal GDP…

Q: Economics From 2009 to 2010, nominal gross domestic product (GDP) in the United States grew by 4…

A: Real GDP = (Nominal GDP / Price level)*100 => % change in Real GDP = % change in nominal GDP - %…

Q: he per capita GDP in Western Europe was 1.200 dollars in 1820 and 3.460 dollars in 1913 while in…

A: Per Capita GDP is the GDP of a nation at a given level of Population. It is given by the formula,…

Q: Consider an economy which produces and sells, among a host of other things, 100 million T-shirts a…

A: The total monetary or market worth of all finished goods and services produced inside a country's…

Q: The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods…

A: Nominal GDP: a)   NGDPyear 1=Priceyear 1×Quantityyear 1=($4×3)+($3×1)+($2×3)=$12+$3+$6=$21 Economy's…

Q: Per capita GDP and average annual incomes are much higher in Alberta than New Brunswick. New…

A: The Gross Domestic Product (GDP) is the total value added in a given economy (GDP). The difference…

Q: What is the value added at each stage stage 1 stage 2 stage3 stage 4     how much does this…

A: Gross domestic product refers to the market value of all final goods and services produced in an…

Q: List the four participants who influence the flows of production, income and expenditure in an…

A: The following are four participants who have an impact on the flow of production, income, and…

Q: An economy produces three goods: organ, apple and organ juice. It is assumed that half of the organ…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Donuts Sushi Fiction Novels 2020 price 2020 quantity $12 $6 $50 100 10 200 2021 price $12 $7 $60…

A: In an economy, real GDP is the value of current output at the price of base year that helps to…

Q: How impact the below factors for Secondary Education, General Pupils in Austria and United Kingdom ?…

A: Government expenditure on secondary education means that the country is focusing on monetary…

Q: U.S. real GDP is substantiality higher today than it was 60 years ago. What does this tell us, and…

A: Real gross domestic product is an inflation-changed measure that mirrors the worth of generally…

Q: Consider two economies that spend different shares of their gross domestic product to R&D…

A: The funding of R&D is only part of what the government can do to foster innovation. Government…

Q: c) The production and prices of Sandals and Shoes in Sole Land in 2020 and 2021 are as follows:…

A: Ans. c) Nominal GDP is the value of the product of the current price and quantity of the goods…

Q: Use real-life examples to explain issues related to old and new economies

A: The area of trade, distribution, consumption and production of goods and services in an economy is…

Q: Suppose that, in an imaginary country, the last decade witnessed a flow of employment from coal…

A: Given that in an imaginary country, in the last decade there was a flow of employment from coal…

Q: Consider the following simple economy that only produces three goods. 2009(Base year) 2017…

A: GDP is the final value of all the goods and services produced which are produced within the domestic…

Q: The table attached gives data on the production and prices in a small economy. Use 2012 as the base…

A: There are two types of GDP: real GDP and Nominal GDP. The Nominal GDP is the money value of goods…

Q: Consider the following simple economy that produces only three​ goods:                        2009​…

A: GDP is a macroeconomic measure of the aggregate total production of output in an economy. It can be…

Q: Core chapter 1.2 will help with this question. Do not include the dollar sign in your answer.…

A: Net exports are the difference between exports and imports. The exports are greater than imports…

Q: Revise Core chapter 1.2 for the next four questions. Do not include the dollar sign in your answers.…

A:

Q: Multiplying the volume of each good produced by the price of each that obtains in the year of…

A: In an economy, the calculation of total output and price is used to compute various economic…

Q: Assume that apples cost $0.50 in 2012 and $1 in 2019, whereas oranges cost $1 in 2012 and $1.50 in…

A: The gross domestic product (GDP) is the total market value of all the finished goods and services…

Q: The central problem that is evident in the above extract is that of… a) Economic welfare b) Data…

A: The central problem that is evident in the above extract is that of… the right answer is in second…

Q: Real GDP in 2015 was SAR 12,247 billion. It was SAR13,206 billion in 2018. The population of Saudi…

A: That total monetary or market worth of all the finished goods and services produced within a…

Q: Q18. Consider the following data for Tyrovia, a country that produces only two products: guns and…

A: "GDP represents the market value of all the final commodities and services produced in a nation at a…

Q: 2015 2016 2017   P Q P Q P Q Onion 1,2 400 1,5 600 2,5 400 Tomato 1 320 2,5 200…

A: Nominal GDP (NGDP) = sum of (current year price x current year quantity) Real GDP (RGDP) = sum of…

Q: Case: Suppose you are watching a news report with a friend. The news report points out that a…

A: Answer There are many kinds of productions that are not generally included in GDP calculation both…

Q: #9   Gross Private Domestic Investment $ 46 Exports of the U.S. 9 Disposable Income 190 Personal…

A: Personal Income: All revenue received by all individuals or families in a very country is remarked…

Q: discuss why do national income and personal income differ, what happened during economics growth

A: Personal income is the total of all actual earnings received by an individual or household during a…