In an island economy, farmers grow 120 potato, pay 40 in tax, eat 30, plant 50 in the yard. a. Y=___ potato b. C=___ potato c. I=___ potato d. T=___ potato
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In an island economy, farmers grow 120 potato, pay 40 in tax, eat 30, plant 50 in the yard.
a. Y=___ potato
b. C=___ potato
c. I=___ potato
d. T=___ potato
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- In an island economy, farmers grow 150 potato, pay 25 in tax, eat 65, plant 60 in the yard. a. Y=___ potatob. C=___ potatoc. I=___ potatod. G=___ potatoThe government reduces the tax burden (or tax rate), how the real GDP change a. if it is a closed economy b. if it is a small open economy c. if it is a large economy(1d) To measure a real increase in wages, the changes would have to be averaged. the wages would have to be adjusted for inflation overtime. (my guess) the increase would have to be compared to the growth in GDP. (1e) Jerusha lives in a country with a large amount of protection under the law for conducting business or bringing her ideas to the market with patten production. Because of the economic conditions what will Jerusha most likely do with her rainwater collecting invention? Keep her ideas in a notebook and sell them to the highest bidder. Find a country where she can develop her idea away from strong patent laws. Develop her invention and bring it to market with ease and minimal cost. (my guess) (1f) Over the past 50 years, which component of consumer spending has steadily gained as a percentage of the total? durable goods nondurable goods services (my guess) (1g) The distinction between real GDP and nominal GDP is important to determine which of the following? The…
- Some of the poor and middle-income students end up paying high tuition fees inprivately-owned universities and colleges while some of the rich students get to enjoy free or very low tuition fees of state universities and colleges in the country. a.) Why is this happening in the country?a. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts a year. The average T‑shirt begins life when a farmer plants seeds she put away last year, waters them, and harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T‑shirt factory for $1.50, which sells its T‑shirts to a wholesaler for $5, who sells it to Nordstrom for $10, which finally sells it to you for $17. Determine the impact of T‑shirts on annual GDP by calculating the value added of the entire production process. b. Now, calculate the amount spent on T‑shirts in a year if 100 million T‑shirts are sold, each for $17. How does this compare to the amount calculated through the value‑added method?How much are they spending for the products of the country. a. consumption b. investment c. gross national product d. all of the above
- A. By what percentage did GDP decline in 2008? B. At that rate, how much output would have been lost in the $14 trillion economy of 2008?$ Billion C. How much income did this represent for each of the 300 million U.S citizens?An ________ is someone who starts a new business or introduces new products into the economya. You buy a pair of new cowboy hat on a trip to Texas . b.You buy a pair of vintage cowboy boots from your cousin in El Paso c. A cat burglar sells $10,000 of stolen jewelry to a fence d.apple issues $1 billion worth of new shares e.GM purchases $100 million worth of tires from Firestone f. A private company builds a new road in Memphis g.Stay-at-home parents provide an estimated $500 million of child care services . h.The government pays out unemployment benefits
- The single biggest item state and local spending is spent on is its only one option a. education. b. health care. c. parks. d. hospitals.Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?
