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- 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?Suppose U.S. drivers purchased $50 billion of ExxonMobil-produced gasoline during a recent year, with one-half purchased directly from ExxonMobil-owned gas stations and one-half from independent (or third-party) gas stations. Suppose further that ExxonMobil purchased the oil (which it refined into gasoline) from foreign producers for $20billion and that it receives 60 percent of the sales revenue that independent stations generate from selling ExxonMobil gasoline. In this case, the value added by ExxonMobil to U.S. GDP is $__billion.(1) Recent measurements have shown a significant deterioration in the quality of the Scottish seaside. Which of the following statements are compatible with this observation? A. The real value of GDP has increasedB. The real value of GDP remains the same C. North Sea oil wells have dried upD. The price of swimming costumes has gone down (2) The impact of Covid-19 on happiness is negative because A. it decreased economic activityB. it coincided with BrexitC. it forced social isolationD. it obliged people to develop new Information Technology skills(i) A is correct(ii) A and B are correct(iii) A and C are correct(iv) All of the above are correct
- 8) Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges wereproduced in 2002 and 4 in 2009, then real GDP (measured in 2002 prices) in 2009 was:a. $5.b. $6.50.The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?7) Assume that a tire company sells 4 tires to an automobile company for $400, anothercompany sells a compact disc player for $500, and the automobile company puts all of theseitems in or on a car that it sells for $20,000. In this case, how much GDP has been generated?a. $20,000.b. $20,000 less the automobile company’s profit on the car.c. $20,900.d. $20,900 less the profits of all three companies on the items that they sold.
- 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?Explain the Cicular Flow of Economic Activityk 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 Ques
- G, 7 EconomicsWhich statement best describes the circular flow of an economy?the flow between businesses and resourcesthe exchange of money, goods, and services in an economya circular flow happens only in a resource marketa circular flow happens only in a goods and services market2. Explain the economic activities between consumers and producers using a circular flow image.
