Figure 23-1 W N X 11 M Refer to Figure 23-1. Which of the following pairs correctly identify W and Y? a Markets for factors of production and markets for goods and services.
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- The most basic concept in economics is O wealth. O scarcity. O income. O spending.QUESTION TWOSuppose that the economy of Mwaliteta Republic has the following data for some economic variables. Assume that Mwaliteta Republic has a population of 500,000 people.Variable Amount in million ZMWExpenditure on Non-durable goods 98Non-residential fixed investment 79Central government expenditure 60Local government expenditure 82Expenditure on durable goods 82Expenditure on services 99Export expenditure 60Inventory Investment 5Depreciation 4Property income from abroad 12Indirect taxes 12Residential fixed investment 42Personal income tax…In the context of the circular flow model of the economy, which of the following best describes the relationshipbetween households, businesses, and the government?A. Households earn income by buying goods and services in the product market, spend that incomeon businesses, and pay taxes to the government, which then uses the revenue to provideresources.B. Households earn income by providing resources, spend that income on goods and services in theproduct market, and pay taxes to the government, which then uses the revenue for public services.C. Households earn income by paying taxes to the government, which then uses that revenue to buygoods and services from businesses, and businesses use the income to pay wages to households.D. Households earn income by providing resources to the government, which then redistributes thatincome among businesses to stimulate production and spending.
- k Your college bookstore receives a shipment of new economics texts for $60,000. This transaction is O A. included in GDP calculation under consumption. B. not included in GDP calculation, since books bought by the bookstore are intermediate goods. C. not included in GDP since books are exempt from GDP calculation. D. included in GDP under investment since the bookstore earns a profit by selling these books to students. JUL 14 atv MacBook Pro G Search or type URL W X Clear all + N Check answer A Que Que Que Que: Ques Ques QuesConsider an economy where private businesses/household did not have access to funds. Consider an economy where private businesses/household did not have avenue to invest their surplus funds What will happen to the economic activity and the economy?(b) Lori is a student who teaches golf on the weekend and in a year earns $20,000 after paying her taxes. At the beginning of 2010, Lori owned $1,000 worth of books, CDs, and golf clubs and she had $5,000 in a savings account at the bank. During 2010, the interest on her savings account was $300 and she spent a total of $15,300 on consumption goods and services. There was no change in the market values of her books, CDs, and golf clubs. (i) How much did Lori save in 2010? (ii) What was her wealth at the end of 2010?
- Karrie is a golf pro, and after she paid taxes, her income from golf and her interest from financial assets totalled $2,500,000 in 2019. At the beginning of 2019, she owned $1,100,000 worth of finanialassets. At the end of 2019, Karrie's financial assets were worth $1,300,000. How much did Karrie spend on consumption goods and services during 2019 ? Karrie spent $ enter your response here on consumption goods and services.An automobile manufacturer uses labor, capital, and a variety of intermediate goods in the production of cars. The car requires $4,000 of steel, $6,000 seats, $10,000 of electronics, $2,000 tires, $10,000 of labor, $5,000 of capital and has a 20% sales markup to consumers. a. What is the total value of intermediate goods? b. What are the total payments to factors of production? c. What is the total value of sales? d. What is the value of GDP from the sale of this car?If all quantities produced rise by 5 percent and allprices fall by 5 percent, which of the following bestdescribes what occurs?a. Real GDP rises by 5 percent, while nominalGDP falls by 5 percent.b. Real GDP rises by 5 percent, while nominalGDP is unchanged.c. Real GDP is unchanged, while nominal GDP risesby 5 percent.d. Real GDP is unchanged, while nominal GDP fallsby 5 percent.
- You are given the following information about an economy: $millionsGDP at Market Prices 1,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance…You are given the following information about an economy: $millionsGDP at Market Prices 1,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance…What are the single - use goods and the durable goods in economics with examples
