Answered: In economic terminology, the inputs…

In economic terminology, the inputs used to make goods and services are referred to as A. intangibles . B. factors of production. C. real output . D. durables and nondurables.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 17RQ: What are typical GDP patterns for a high-income economy like the United States in the long run and...

See similar textbooks

Related questions

Q: An economy produces final goods and serviceswith a market value of $5,000 billion in a givenyear,…

A: In an economy, nation's GDP depends upon the products and services of a specific year as it does not…

Q: Q4: A farmergrows a bushelof wheat and sells it to a miller for $1.00. The miller turns the wheat…

A: The value addition defines the number of features or economic value added by an organization to a…

Q: Statement i Nominal GDP uses current prices to place a value on economy's production goods and…

A: Nominal GDP evaluates the total value of products produced in an economy in a financial year within…

Q: Assume in a small island economy (without connection to other economies) just four goods are…

A: (a) Nominal GDP = Current year price * Current year quantity => Nominal GDP = (Current year price…

Q: Show all the necessary steps that lead to your answer. 1. Consumption $6000 (in billion) Gross…

A: Gross Domestic Product is the value of all goods and services that are produced within the…

Q: using the table below giving the quantity and price of goods produced in an economy in two periods…

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

Q: b. Analyze how much Pakistan’s GDP and each of its components is affected by the following…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: The table below shows the values for several different components of GDP. Composition of Gross…

A: The total gross investment is defined as the expenses incurred or investment made on the purchase of…

Q: 2. Do measures of GDP (real GDP, real GDP per capita or nominal GDP) provide enough information to…

A: The economic resources available to sustain their material living situations, as well as their…

Q: 4. a mechanic builds an engine and then sells it to a customized body shop for $7,000. the body…

A: GDP refers to the total value of all the final goods and services produced within the economy during…

Q: Explain two (2) limitations of GDP as an indicator of performance and social welfare of an economy

A: Gross domestic product (GDP) is the total monetary or market value of all the finished goods and…

Q: Q5 b: Analyze how much Pakistan’s GDP and each of its components is affected by the following…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: In 2018, the total consumption in the X Country was $22,400 and the total investment activities…

A: GDP is the monetary value of final goods and services produced within a domestic territory of a…

Q: Q5 a: Analyze how much Pakistan’s GDP and each of its components is affected by the following…

A: Gross domestic production (GDP) refers to the total value of all the final goods and services that…

Q: Price Real Level GDP 128 $ 18 $ 2 $ 3 $ 1 $ 5 125 20 4. 122 22 3. 119 24 4 116 26 10 1 In the…

A: GDP is a macroeconomic measure that is used to determine the total aggregate production in a…

Q: Given the following table Items RM Million Imports 70 Depreciation 50 Exports 80…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: n 2020, Computers Inc. produced personal computers worth $25 million. If $20 million worth was sold…

A: GDP- It stands for gross domestic product. It refers to the market value of all final goods and…

Q: Refer to the information provided in Table 6.5 below to answer the questions that follow. Table 6.5…

A: GDP deflator is a measure of inflation rate of an economy. It is expressed as, GDP deflator =…

Q: Gross Domestic Product (GDP) is one important indicator of economic well-being of an economy. The…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for first…

Q: b. Analyze how much Pakistan’s GDP and each of its components is affected by the following…

A: The GDP calculation is an important aspect of knowing the financial health of the country, GPD…

Q: se the information in the table below to answer questions 3 and 4: Year Nominal GDP Real GDP 2012…

A: Nominal GDP measures the value of all final goods and services produced during a given year using…

Q: e GDP for C

A: Gross domestic product is a measure of the market value of all the services and final goods being…

Q: Product Price Quantity Shovels $10 50 Books $20 100 Tomatoes. $1 1000 Pizzas $15 200 Suppose a small…

A: Nominal GDP is the value of all final goods and services in an economy. So we multiply the quantity…

Q: In 2018, the total consumption in the X Country was $22,400 and the total investment activities…

A: Gross Domestic Product (GDP) is termed as the final value of all the services and goods which are…

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: 2. In the following situations, explain what is counted (or is not counted) in this year's GDP. A.…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Analyze how much Pakistan’s GDP and each of its components is affected by the following…

A: Gross domestic production (GDP) refers to the total value of all the final goods and services that…

Q: nstructions: Answer the following questions Question 1…

A: Answer to the question is as follows:

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: If nominal GDP is 42,000 and real GDP is 40,000 what is the GDP deflator? A.) 1.05 B.) 200…

A: Nominal GDP measures the value of goods and services measured in current year prices while real GDP…

Q: The following is an economy where there are only three goods produced. Wheat, dough, and Subway…

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

Q: Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All…

A: Gross domestic product (GDP) by expenditure approach adds up the desired spending by the below four…

Q: 5. What are the four categories of expenditures which comprise GDP. (1). (2) (3). (4). That is, GDP…

A: GDP is a macroeconomic measure that is used to determine the total aggregate production in a…

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

A: GNP at market price = (GDP at market price - Income Payments to Foreigners + Factor Payments from…

Q: ds and services they

A: An economy is a large set of inter-related activities of production and consumption which aid in…

Q: Compare and contrast the following activities before Pandemic COVID 19 & after COVID 19 by…

A: answer a. COVID 19 pandemic appears as a sudden jerk on most of the economic variables. Due to the…

Q: If all quantities produced rise by 5 percent and allprices fall by 5 percent, which of the following…

A: When the quantity produced increases by 5 percent, it will increase the real GDP of the economy by 5…

Q: LAS LASO SASI # SASO Real GDP SAS1 Real GDP Real GDP Figure C Figure D In the above figure, which…

A: The aggregate supply is the total amount of services and commodities that firms in an economic plan…

Q: Expenditure Approach ( consider the following data. ) Billion of Pesos Personal consumption…

A: Here, the information about the income and expenditure is a country is given that can be used to…

Q: a. Explain concisely whether the following statement is true or false: “The GDP of a country does…

A: Note- Since you have posted multiple independent questions in the same request, we will solve the…

Q: THE MIX PUT IN 1900 THE MIX Government 10% Manufacturing 22% Construction and Farming 2% mining 6%…

A: As given in question:-

Question

In economic terminology, the inputs used to

make goods and services

are referred to as

intangibles

factors of production.

real output

durables and nondurables.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Meaning :

VIEW

Answer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

How do firms and individuals determine if it's worth it to (a) invest in capital improvements, (b) hire additional workers, or (c) decide where to work? pleae explain with simple examples that easy to understood i really appreciated
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.
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?
Q1. Draw a circular flow diagrm. Identify the parts of model that corresponds to flow of goods and services and the flow of dollar for each of the following activites. Ahmed earns Rs 200 per houir working in a factory Ayesha spend Rs1500 for a pizza “Eat More” bakery pay Rs 2500 for the rent on its shop Maya purchases a new pair of earrings for Rs 250
b) Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut. iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.
Assume there are only two producing sector Y & Z in an economy. Calculate a) Gross value added at market price by each sector b) National income from the followings: Items Amount in Crores Net factor income from abroad- 20 Sales by Y- 1000 Sales by Z- 2000 Change in stock of Z- 200 Closing stock of Y- 50 Opening stock of Y- 100 Consumption of fixed capital by Y & Z- 180 Indirect taxes paid by Y & Z- 120 Purchase of raw material by Y- 500 Purchase of raw material by Z- 600 Exports by Z- 70
In a circular flow diagram which one of the follwing transactions happens in the market for goods and services and which one in the market for factors of production? A.) Selena pays a storekeeper $2 for a quart of milk- D.) Salma earns $1000 dividend from the stocks she has-
Answer these questions about GDP: a. Could next year’s real GDP exceed next year’s nominal GDP?b. Could real GDP grow at the same time that real GDP per capita falls?c. Could people’s real consumption possibilities expand at the same time that realGDP per capita falls?d. How does changing amount of leisure complicate comparisons of real well-beingover time?
An economy produces 10 cookies in year 1 at aprice of $2 per cookie and 12 cookies in year 2 ata price of $3 per cookie. From year 1 to year 2, realGDP increases bya. 20 percent.b. 50 percent.c. 70 percent.d. 80 percent.
Given the following data for Jamrock country work out the following: US$mn. Private Consumption expenditure 300 Gross Fixed Capital Formation 50 Net Changes in Physical Stocks - 20 Government expenditure 120 Exports of Goods and Services 80 Imports of Goods and Services 50 Indirect taxes/taxes on expenditure 40 Subsidies 30 Net Factor Income payments from abroad + 15 Depreciation 25 iii. Gross National Product at factor cost value iv. Net National Income
Solve this Economic d, e and f
Which one is correct? A/B/C/ Last year, North End Coffee Roasters Bangladesh opened a number of branches at different location of Dhaka city. This event- A. Increases current year’s GDP B. Increases current investment expenditure C. Current GDP remains unchanged.