Q: Roberto is a senior citizen who consumes food and health care. When he retired in 2002, he consumed…
A: Meaning of Cost of Living Index: The cost of living index refers to the modification in costs of…
Q: The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use…
A: Base year-2019 For Nominal GDP 2020: GDP measured at current prices. First, we multiply the…
Q: onstruct the cost-of-living index number for 2020 on the basis of 2018 from the given data. Advice a…
A: Given: Commodity P0 P1 Weight A 200 400 50 B 200 350 40 C 100…
Q: Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator 2. Examine the…
A: GDP deflator provides information about the Inflation rate in a specific year using nominal and real…
Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…
A: Nominal GDP can be calculated as follows:
Q: You have been employed as the chief economist for the economy SKL Land. The head statistician has…
A: Income approach: GDP = Operating Surplus + Proprietor's Income + Compensation of Employees +…
Q: 1. You work for a beer company. Your boss wants to increase yearly sales by 5000 liters. To reach…
A: 1) It is given that the price and the demographic composition of market is constant. Hence these two…
Q: The income of three firms in an economy in 2005, 2006 and 2007 are shown below in million nai YEARS…
A: Since you have posted a question with multiple sub parts we will solve first three sub parts for…
Q: The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019-2020.…
A: Gross domestic product (GDP) is the total monetary all the finished goods and services produced…
Q: Why is a supply curve for a perishable product different from a non-perishable one? Use two…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: MindTap - Cengage Learning M Fwd: USE THIS ONE- ocunnin2@ x +…
A: Table -1 shows the given components are the expenditure approach or resource- cost approach as…
Q: In 2009 the Organization for Economic Cooperation andDevelopment (OECD) conducted a study of 34…
A: The answer is part B.
Q: Home - » Students MyLab Economics Homework - × P Do Homework - 2-1 MyEconLab: x + Ô…
A:
Q: Mr Adam was purchasing 1 kg daal and 6 kg rice. This week Mr Adam is purchasing 2 kg daal and 5 kg…
A: The above question describes the concept of marginal rate of substitution. MRS is the amount of a…
Q: [35] Suppose we believe that increases in advertising increase a firm's profit, yet increases in…
A: The regression we are given is: PROFIT=β0+β1ADV+β2RD Recall that if the coefficients β0,β1,β2 are…
Q: SAQ5 Distinguish between socialism and capitalism economic systems (i.e. centralized vs.…
A: Pure Capitalism Economy refers to the free, private economic system that allows the private people…
Q: In the simple circular-flow diagram, the decision-makers consist of Select one: O a. households and…
A: The simple circular flow model is a two-sector model with only households and firms. The complex…
Q: 3
A: Introduction Equation of study hours will be given as = 1.2 + 3* ( practice exam) - 1.1* ( other…
Q: Offshoring of Goods and Services – End of Chapter Question Consider the model of a firm that…
A: Step 1: Total costs (TC) in components and R&D consists of payments to capital and labour (High…
Q: graph and label as either direct or indirect the relationships you would expect to find between a)…
A: (a.)The number of inches of rainfall per month and the sale of umbrellas:If inches of rainfall…
Q: Given the following data X (consumers of teff) or popn 3 6 8 1 13 13 14 Y ( teff…
A:
Q: ast year, a toy manufacturer introduced a new toy truck that was a huge success. The company…
A: A break-even price is the amount of money, or change in value, for which an asset must be sold to…
Q: Home - » Students MyLab Economics Homework - P Do Homework - 2-1 MyEconLab: x + Ô…
A:
Q: The branch of economics that analyses the market behaviour of individual consumers and firms in an…
A: Definitions of all the options are: a) Gross Domestic Product: It is the sum of market value of all…
Q: Assuming a chocolate bar costs $4 each and a bottle of wine $25. a) Graphically depict (and provide…
A: The Budget line shows all the possible combinations of two commodities that the consumer can afford…
Q: Year 2000 2010 Price of an automobile $40, 000 $50, 000 Price of a loaf bread $20 $30 Number of…
A: Given Information: To find out how much the prices have risen between the years 2000 and 2010,…
Q: Related to the Economics in Practice on p. 107: The value of the used goods sold on eBay from a U.S.…
A: Gross national product (GNP) is the estimation of the total value of finished goods and services…
Q: II. Examine the data set below. Organize the data in graphical/tabular form. Compute for necessary…
A: Tabulation of the given data Category 1st Dose Vaccination 2nd Dose Vaccination A1(Medical…
Q: Question 1 (Activity 7.1) You have been employed as the chief economist for the economy UWI Land.…
A: We are going to calculate GDP at market price using Income approach and Expenditure approach.
Q: For all calculations, carry out each step to 6 decimal places, never put into % form. Final answers…
A: Location quotient of transportation=200015400Location quotient of transportation is 0.129870
Q: Four professors are teaching large classes in introductory statistics At the end of the semester,…
A: We use Analysis of Variance (ANOVA) test because it finds whether there is statistical difference…
Q: sekect one answer. 1. Which of the following statements about the Affluent Society era is false? a.…
A: Since you have posted multiple questions , I have solved the first one for you.
Q: Graph and label as either direct or indirect the relationships you would expect to find between (a)…
A: The graph shows the relationship between the two data sets. An inverse relationship…
Q: Each term (3 months) the current group of economics students completed a questionnaire as to how…
A: The marginal propensity to consume illustrates how much a consumer is willing to spend out of all…
Q: Cooperton and Denalla each produce two products; pots and pens. The table shows the productlon…
A: In Cooperton : Opportunity Cost of Pot = 2000/100 = 20 pens Opportunity Cost of pens = 100/2000 =…
Q: Suppose the researcher considers the following model: Wage = Bo +B1Female + u, and runs OLS, using…
A: In statistics, omitted-variable bias (OVB) occurs when a statistical model leaves out one or more…
Q: In economics, the terms efficient, effective and productive are often known. Question: a.…
A: Answer - Part A Answer - Need to find- the difference between each of these terms Efficient =…
Q: The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use…
A: 1. Nominal gross domestic product is gross domestic product (GDP) evaluated at current market…
Q: The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use…
A: GDP= Gross Domestic Product is the total value of final goods and services that are produced…
Q: A10 Write three econometric models capturing 1) overall; 2) within; and 3) between variation
A: Econometric models Econometric models were built from economic data and are utilized with…
Q: Question 8/27 With Logit model, an estimated econometric model has information as follows: Dependent…
A: The regression model establishes the relationship between the dependent and the independent…
Q: , while Services sells 70% of its output to Goods and retains . Find equilibrium prices for the…
A: A goods is a tangible thing that buyers want or own. A service is definitely not a substantial or…
Q: 9-1 a and b
A: The given production possibility curve shows that the economy allocates resources in the production…
Q: The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use…
A: Answer 1) Nominal GDP can be calculated as Nominal GDPcurrent year = (Quantitycurrent year x…
Q: The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019-2020.…
A: *Answer:
Question 2
You have been employed as the chief economist for the economy UWI Land. The
head statistician has provided you with the following information:
Compensation of Employees
900
Corporate profits 400
Factor income paid to the world 325
Factor Income received from the world
170
Indirect taxes 775
Subsidies 125
Consumption of goods 850
Net interest 75
Rent Income 125
Consumption of services 475
Residential investments 350
Non-residential investments
525
Government Expenditure 925
Imports 700
Exports 300
Proprietor’s income 300
Calculate UWI Land’s
Step by step
Solved in 3 steps
- Question 1 (AV7.1) You have been employed as the chief economist for the economy SKL Land. The head statistician has provided you with the following information: Compensation of Employees 900 Consumption of goods 850 Corporate profits 400 Rent Income 125 Factor income paid to the world 325 Consumption of services 475 Factor Income received from the world 170 Residential investments 350 Indirect taxes 775 Non-residential investments 525 Subsidies 125 Government Expenditure 925 Depreciation 120 Imports 700 Net interest 75 Exports 300 Proprietors income 300 Calculate SKL Land’s GDP using (1) the Income and (2) the Expenditure ApproachFootball weights The Sears Cup was established in 1993to honor institutions that maintain a broad-based athleticprogram, achieving success in many sports, both men’sand women’s. Since its Division III inception in 1995, thecup has been won by Williams College in every yearexcept one. Their football team has a 85.3% winningrecord under their current coach. Why does the footballteam win so much? Is it because they’re heavier thantheir opponents? The table shows the average teamweights for selected years from 1973 to 1993.a) Fit a straight line to the relationship between Weightand Year.b) Does a straight line seem reasonable?c) Predict the average weight of the team for the year2003. Does this seem reasonable?d) What about the prediction for the year 2103? Explain.e) What about the prediction for the year 3003? Explain. Year Weight (lb) Year Weight (lb)1973 185.5 1983 192.01975 182.4 1987 196.91977 182.1 1989 202.91979 191.1 1991 206.01981 189.4 1993 198.7The President of Ghana launched the COVID-19 business alleviation program incollaboration with the National Board for Small Scale Industries (NBSSI), TradeAssociations, and some selected banks. Under the program, the government is givingfunds without interest to selected financial institutions for onward lending to businessesat a 3% interest. The program is aimed at helping beneficiaries to sustain their businesses during the Covid-19 pandemic. Use this information to answer the followingquestions.a. Explain in your own words, the monetary policy tool being used by thegovernment under this program. b. If the government had pegged the interest rate under the program at the monetary policy rate, will this have been a better way of setting the rate?Explain the advantages and disadvantages of each scenario. c. Explain the expected impact of the low-interest rate program on grossdomestic product (GDP), articulating the possible pathways.
- Explain the difference(s) between an economic and an econometric model . Write down examples for each model by using the variables that is decided for your project .Construct the cost-of-living index number for 2020 on the basis of 2018 from the given data. Advice a donor agency on what course action to take if the information is meant to help them make a decision on some food stipend being for a social protection program in Kenya. Commodities PRICE Weights 2018 2020 A 200 400 50 B 200 350 40 C 100 150 65 D 80 120 45 E 60 180 20 F 90 157.5 60 G 300 585 100 b. The average prices and quantities of six items grown in Nakuru County are shown in the following table: 2020 2021 Items Price (Kshs/Kg) Quantity (Kg,000) Price (Kshs/Kg) Quantity (Kg,000) Pineapples(A) 10 6 14 8 Oranges(B) 10 8 15 14 Bananas(C) 15 8 20 16 Beans(D) 30 12 25 20 Wheat(E) 40 15 60 21 Millet(F) 50 10 80 16 Using 2020 as base year, compute Kelly’s and Fishers Price index numbers…] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.
- The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. Item Base year 2019 2020 Production Price Production Price Used cloth (units) 4,000 50.00 5000 60.00 Components used tractor factory production 8,000 500.00 11000 1,200.00 Cloth 8,000 25.00 12,000 30.00 Beef gifts during cultural festival 1,500 2.00 1,700 3.00 Milk litres 5,000 1.30 7,000 2.50 Computers 2000 500.00 2,500 600.00 Printers 500 300.00 400 355.00 Raw materials for car assembling plant 4500 250.00 4450 300 Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflatorThe table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. Item Base year 2019 2020 Production Price Production Price Used cloth (units) 4,000 50.00 5000 60.00 Components used tractor factory production 8,000 500.00 11000 1,200.00 Cloth 8,000 25.00 12,000 30.00 Beef gifts during cultural festival 1,500 2.00 1,700 3.00 Milk litres 5,000 1.30 7,000 2.50 Computers 2000 500.00 2,500 600.00 Printers 500 300.00 400 355.00 Raw materials for car assembling plant 4500 250.00 4450 i. Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator ii. Examine the importance of a GDP deflator for Khada RepublicThe table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. Item Base year 2019 2020 Production Price Production Price Used cloth (units) 4,000 50.00 5000 60.00 Components used tractor factory production 8,000 500.00 11000 1,200.00 Cloth 8,000 25.00 12,000 30.00 Beef gifts during cultural festival 1,500 2.00 1,700 3.00 Milk litres 5,000 1.30 7,000 2.50 Computers 2000 500.00 2,500 600.00 Printers 500 300.00 400 355.00 Raw materials for car assembling plant 4500 250.00 4450 300 Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator 2) Examine the…
- By using the concept of the Heckscher-Ohlin model, and information assumptionsbelow this i. Two factors of production, namely Labor and Landii. Two production goods, namely Cloth and Foodiii. Cloth production is labor intensiveiv. Food production is land intensivev. The rest are other HO assumptionsvi. aLC, aTC, aLF, aTF, and a*LC, a*TC, a*LF, a*TF areLabor and Land input units used for the production of eacheach Cloth and Foodvii. w is the factor price of Labor and r is the factor priceLand production a) Show that Cloth is a commodity that is labor intensive and Foodis a land intensive commodity?k) According to the Stolper-Samuelson Theorem, an increase in the relative price of outputPC/PF, how does it affecta) The relative income of the factors of production Labor and Land or w/r?b) Land/Labor Ratio? l) According to the H-O Model, a country has a comparative advantagein producing a commodity when? Give an example. m) According to Rybczynski theorem with an increase in the factor of…Consider the following mini-economy composed of two firms (Firm 1 and Firm 2).Firm 1 is a farm and grows $4,000 of Wheat. Firm 1 keeps $1,000 of wheat in a silo to sell nextyear. Firm 1 then sells its remaining $3,000 of wheat directly to Firm 2. Firm 1 uses the $3,000 itreceives from Firm 2 to pay $2,000 to its workers, $200 on interest payments in outstandingdebts, and $800 in taxes.Firm 2 is a bakery and uses the $3,000 of wheat that it purchases to bake bread and sell it. Firm2 produces $7,000 of bread, selling $2,000 to the Government and selling $5,000 to privateconsumers. Firm 2 pays its workers $1,000, pays $1,000 in taxes, and the owner keeps the restof the money remaining as profits.13. Calculate GDP for this mini-economy using the value-added approach. What is thecontribution of each firm to this total GDP? 14. Calculate GDP for this mini-economy using the expenditure approach. What is thecontribution of each firm to this total GDP and what is the contribution of each of…Variables expressed in terms of ...... are called ...... variables a) physical units / endogenous b) exogenous units / real c) money / nominal d) phsical units / real e) endogenous units / nominal