Macroeconomics analyzes the growth in production, employment and income of a country in relation to the rhythm of the aggregate expenditure of the society and how it is affected by the particular problems of each year
Q: Two key macroeconomic indicators that provide insight into the standard of living in an country are:…
A: Answer: Standard of living is generally measured by the amount of goods and services available to…
Q: The table lists some macroeconomic data for the United States in 2009 in billions of dollars: Wages…
A: GDP = C+I+G+Xn
Q: The central problem that is evident in the above extract is that of… a) Economic welfare b) Data…
A: The central problem that is evident in the above extract is that of… b) Data revision
Q: In the circular flow model when the level of savings is higher than the level of investment, the:…
A: The economy is the combination of household and firms which manage the resources and create income…
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa's economy grew by 1.1% in…
A: 1 - Option B Data Revision Due to changing the way GDP was being calculated by using the annualising…
Q: Read the following extract and answer questions? South Africa’s economy grew by 1.1% in the first…
A: OPtion A - Level of economic growth Autonomous consumption is that level of consumption which must…
Q: Using the above table, assume that this economy only produces two goods: X and Y. If Year 1 is the…
A: Real GDP Formula: Real GDP = Price of goods in base year * Quantity of current year
Q: Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use…
A: GDP measures the value of all final goods and services produced in the economy within a given period…
Q: 1. Identify the variables that might be responsible for the growth of the US GDP 2. Sketch a causal…
A: Real GDP is the total output produced by an economy in a fiscal year. The value of real GDP is…
Q: ·         How economists are both scientists and…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Thoroughly explain the components of GDP and relate those components to the Circular Flow model with…
A: The components of GDP are:1. Consumption expenditure2. Investment expenditure3. Government…
Q: Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use…
A: economic growth has increased living expectations all throughout the planet. In any case,…
Q: Gross domestic product (GDP) data are used as a means to measure welfare. to observe long-run growth…
A: GDP is significant since it gives information about an economy's size and health. The rate of…
Q: Which definition best describes real GDP? the production of goods and services valued at current…
A: The real GDP of a country is a measure of its gross domestic product adjusted for inflation. In…
Q: What is the difference between a series of economic data over time measured in nominal terms versus…
A: The economic data show all the quantitative and qualitative data of a country that describes the…
Q: The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods…
A: GDP is the value of final goods and services produced in the economy within a given period of time.
Q: Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said Malaysia is expected to continue recording a…
A: 1. Consumption schedule or curve shows the relationship between consumption spending and disposable…
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa's economy grew by 1.1% in…
A: 1 . Option B - Data Revision Calculating GDP by annualising method is not the right approach during…
Q: Suppose the following are data for a given year from the annual Economic Report of the President.…
A: Gross domestic product is a monetary measure of the market value of all the services and final goods…
Q: Fluctuation of savings and investment rates impact on GDP of any macroeconomics. Comment with the…
A: GDP or the gross domestic product is the value of all the final goods and services which are newly…
Q: How do each of the following transactions affect Canada’s GDP? Unless otherwise indicated, assume…
A: Gross Domestic Product is the sum total of market value of final goods and services produced in a…
Q: The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods…
A: Nominal GDP: a) NGDPyear 1=Priceyear 1×Quantityyear 1=($4×3)+($3×1)+($2×3)=$12+$3+$6=$21 Economy's…
Q: Distinguish between the following concepts as they apply to Elements of Macroeconomics. Give…
A: There are two statistics which are used to measure the change in level of prices…
Q: Refer to the figure below and assume that the values for points a, b, and c (the combined value of…
A: a. The economy was able to produce at point ‘a’ and the value at point ‘a’ was $20 billion. In 10…
Q: Explain how overall national savings is related to overall investment and why savings is always…
A: We will use a Keynesian and Classical approach to establish the similarity between savings and…
Q: How Real GDP is measured? Explain Real GDP of the United States at present time.
A: Real GDP is the final value of goods produced in an economy in a given fiscal year. It only…
Q: The economy of Tuland produces only two products apples and dvds. The following information is…
A: Real GDP for 2009: GDP=(price of apples×quantity of apples)+(price of DVD×quantity of DVD)Real…
Q: Which of the following is true about the real GDP? a. It is equal to nominal GDP multiplied by the…
A: The economics as a study is based upon the basic idea that the resources which are present with the…
Q: Based on the data provided, calculate GDP according to the Expenditure Model. Savings…
A: The measure that depicts the market value of goods and services that are being produced within the…
Q: Assume that an economy has 500 workers, each working 1,500 hours per year. If the average real…
A: Formula: Labor productivity = Total output ÷ Total input
Q: In a business cycle, what are the features of stages of expansion? a) Rise in national output, Rise…
A: A business cycle represents the movement of GDP around its long-term growth trend. It shows the…
Q: When analyzing key macroeconomics to assess GDP growth/decline, how would you measure the…
A: Answer - Key macroeconomics variables to asses GDP growth - 1. GDP growth rate - This is major…
Q: Suppose that the following transactions take place in 2019 in Turkey. State whether these…
A: a) It would not tend to affect the GDP of turkey as the plan of Arcelik tends to produce in china…
Q: Billions of Current Dollars Category 1998 2008 2018 2028 1. Gross domestic product 2. Personal…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The following table shows macroeconomic data for a hypothetical country. All figures are in billions…
A: Gross Domestic Product is the total amount of goods and services produced within the economy during…
Q: What is the importance in macroeconomics of measuring per capita GDP? Provide examples and explain…
A: The GDP of a country is the value of all final goods and services produced in the domestic…
Q: 1.3 Read the following extract and answer questions 1.3-1.5. South Africa’s economy grew by 1.1% in…
A: 1 - Option B By changing the way GDP was calculated, it could be misleading as annualising method…
Q: examine the relationship between total spending by government and consumers in a nation and the…
A: GDP refers to the aggregate value of total output of all goods and services produced within the…
Q: 1.Real GDP is a more perfect measure of an economy's production than nominal GDP. Explain 2.…
A: Economists are the people who make theories and models on economic behavior using presumptions, past…
Q: Explain some of the weaknesses involved in using GDP as a measure of national well-being, especially…
A: GDP refers to the final value of goods and services produced in an economy during a year. The main…
Q: For the following question , please indicate whether current GDP of the United States will be…
A: GDP is gross domestic product which is sum of value of all goods and services produced in a country…
Q: The annual output and prices of a 3-good economy are shown in the table below. Quantity of Goods…
A: GDP refers to the market value of all final goods and services annually produced within a country
Q: Using the circular flow model, explain what might happen to the level of income of an economy if it…
A: If it is experiences an increase in exports then it causes an increase to the level of income…
Q: Comment with the help of example and graphically as wel
A: An increase in the savings ratio can have a major impact on economic activity. Savings and…
Q: Match the scenarios given to the government expenditure. Then state the government program, whether…
A: Gross Domestic Product (GDP) is defined as the final value of all the goods and services produced in…
Q: _________ is calculated by taking _________ and then subtracting the value of how much physical…
A: option 2 is the correct answer NNP, GNP this is fit to difining the term and hence and 1,3…
Q: calculate GDP via the expenditure approach. Inventory investment $50 billion Fixed investment…
A: Under the expenditure method approach of measuring GDP, the economist tries to sum up the…
Q: Changes in real GDP reflect only changes in the quantities being produced Select one: True False
A: The gross domestic product (GDP) is the total market value of all goods and services produced within…
Step by step
Solved in 2 steps
- Why do economists and managers pay attention to the measurements of macroeconomic activity? several elements of these measurements such as durable goods, non-durable goods, etcRead the following extract and answer questions?South Africa’s economy grew by 1.1% in the first quarter of the year Stats SA has published the latest gross domestic product (GDP) data covering the first quarter of the year, showing that the economy grew by 1.1% in the first three months of 2021.The growth follows a revised 1.4% rise in real GDP in the fourth quarter of 2020. On an annualised basis, theeconomy grew 4.6% quarter-on-quarter. Following confusion caused by the annualisation of GDP data in 2020 – amid the Covid-19 pandemic andresulting lockdowns – Stats SA said it would no longer use the annualised data as the headline GDP statistic. During periods of steady economic growth, annualising is a useful way of expressing quarter-on-quarterperformance in annual terms, Stats SA said. However, during periods of economic instability, annualising can be misleading, because it exaggerates growth rates that are unlikely to be repeated. Given the information about the South African…· How economists are both scientists and policymakers and what process society uses to allocate its scarce resources. · Using the circular flow model, explain the flow of money and goods in an economy. · How does the economy coordinate society's independent economic actors. · A country's gross domestic product (GDP) and how it is defined and calculated. · How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living.
- For the following question , please indicate whether current GDP of the United States will be affected and, if so, by how much .In each case, indicate also which component(s) of GDP will be affected and by how much This month, a manufacturer in colorado sells $60,000 worth of t-shirts to a distributor in New York City, who sells them to the public. Then the New York distributor buys corporate bonds for a value of $10,,000, which promise to return $9400 one year from now.In a business cycle , what are the features of stages of expansion ? a ) Rise in national output , Rise in consumer expenditure , Bank advances grow rapidly . b ) Rise in national output , Rise in capital expenditure , Bank advances grow rapidly . c ) Rise in national output , Rise in consumer and capital expenditure , Bank advances grow slowly . d ) Rise in national output , Rise in consumer and capital expenditure , Bank advances grow rapidly .You are going to compare and contrast the GDP of the United States to that of another country of your choice for the last 3 years. Your report in narrative format should address the following questions: Describe the current GDP growth rate of the two countries. Which component of the GDP of the two countries changed the most for the last 3 years? Identify the possible causes of the changes. Describe the biggest component of the GDP of the two countries. What recommendations would you make in order to boost the GDP of the two countries?
- Explain why the growth rate in GDP in current prices does not provide information about how quickly the economy is really growing.A broader definition of macroeconomics and its relationship with the level of production, unemployment and inflation of a country.Distinguish between the following concepts as they apply to Elements of Macroeconomics. Give examples to support your answers a. GDP Deflator and Consumer Price Indexb. GDP at Market Price and GDP at Factor Co
- Which of the following is true about the real GDP?a. It is equal to nominal GDP multiplied by the GDP deflator. b. It measures aggregate output using current prices. c. It measures aggregate output using constant prices.d. It is equal to the GDP deflator divided by nominal GDP.e. It is greater than nominal GDP when the GDP deflator is greater than 100.How Real GDP is measured? Explain Real GDP of the United States at present time.Macroeconomics is concerned with: only long-run trends in economic activity. only short-run fluctuations in the business cycle. both long-run trends and short-term fluctuations in economic activity. only with changes in the overall price level.
