In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. product; financial resource; product product; resource capital; product
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In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market.
product; financial
resource; product
product; resource
capital; product
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- Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?The simple circular flow model shows that: households are on the buying side of both product and resource markets. businesses are on the selling side of both product and resource markets. households are on the selling side of the resource market and on the buying side of the product market. businesses are on the buying side of the product market and on the selling side of the resource market.With reference to the table given above, calculate: i. Gross Domestic Product at factor cost ii. Gross National Product at factor cost iii. National Income iv. Personal Income v. Disposable Income
- Use the information given and show in a table format how value added method is used toCalculate GDP. 1. A forester chops down 200 trees and sells them @ N$50 each to the coal factory on a farm. The coal factory processes these trees into coals and sells the coal @ N$20 000 to the coal wholesaler’s. The coal wholesaler’s goes to the market and sell 500 bags of coal’s @N$100 each to pick n Pay. Pick n Pay sells the 500 bags of coal’s @ N$150 each to its customers. According to this example, how much value added do the coals contribute to the GDP?The circular flow of income diagram shows: a) how households sell goods to firms b) how firms sell goods to banks c) how households produce services for their own use d) output equals income equals expenditurehow to find gross investment in the economy? is it correct if i add Net investment to Capital Consumption? Gross Investment = Net investment + Capital Consumption
- Suppose a simple economy produces five goods: chicken, potatoes, oranges, orange juice, and tractors. The tractors are sold to firms as a final investment expenditure and not sold to the households. Additionally, half of the oranges are used as an intermediate good to make the orange juice, while the other half are sold as a final good to the household. The rest of the domestic goods (chicken, potatoes, and orange juice) are sold to the household as a final consumption good. Quantity (2018) Price (2018) Quantity (2019) Price (2019) Chicken 100$7.00150$8.50Potatoes300$3.00500$4.00Oranges2000$5.003000$5.50Orange Juice500$8.00625$10.50Tractors10$1,000.0012$1,225.00 Using 2018 as the base year, what is the fixed-weight real GDP in 2018? A $25,600.00 B $15,600.00 C $10,600.00 D $20,600.00 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.Measuring Economic Performance (chapter 11) 3. Using the expenditure approach, calculate GDP using the following data. Item Amount in dollars (billions) Total Consumption 9,600 Consumption of Durable Goods 1,600 Consumption of Non Durable Goods 2,800 Consumption of Services 3,200 Total Investment 3,750 Fixed Investment 1,000 Government purchases of Goods & Services 2,675 Government Transfer Payments 450 Exports 800 Imports 900 GDP Equals (a) What is the importance of measuring per capita GDP ? (b) How do pollution and crime affect GDP? Explain answerAssume an economy where there are 2 producers: A Wheat Producer and a Bread Producer. In a given year, the wheat producer grows 30 million bushels of wheat of which 25 million bushels are sold to the bread producer at $3 a bushel, and 5 million bushels are stored by the wheat producer to use as seed for next year's crop. The bread producer produces and sells 100 million loaves of bread to consumers for $3.50 per loaf. Determine the GDP of this economy using the product approach and the expenditure approach.
- Which of the following is not included in personal consumption expenditures? Group of answer choices 1. Purchases of existing shares by consumers in the stock market 2. Food purchased at supermarkets 3. Payments for cable and Internet services to homes 4. New furniture and appliances bought by homeownersWhich statement best describes the difference between Nominal and Real GDP? Group of answer choices Nominal GDP is Real GDP that has been adjusted to remove the distorting effects of inflation. Real GDP is calculated using current market prices, while Nominal GDP is calculated using the average prices of the last 5 years. Nominal GDP is calculated using current market prices, while Real GDP is calculated using the prices of the previous year. Real GDP is Nominal GDP which has been adjusted to remove the distorting effects of inflation.Suppose the following information was published by the Australian Bureau of Statistics in 2017: Item Amount (AUD billion) Household consumption 5,029.81 Government consumption 20,340.92 Exports 1,386.39 Value of cocaine seized at Sydney Airport 20,500 Value of intermediate goods in tractor manufacturing 502,003 Gross private domestic investment 352.69 Imports 386.95 Components used in the manufacture of cars 40,000 Gifts 15,236 Government investment 88.19 Value of second-hand goods 500.00 Value of banned endangered species elephant tasks seized at Melbourne Airport 600.00 Use the information provided to calculate Australia’s GDP in 2017