QUESTION 3 What was the approximate level of GDP production in the United States in 2015? Oa. $18 trillion O b. $1.8 trillion O c. $180 billion O d. $1,800 million Oe. $18 billion
Q: Costs, P P=120 60 3 MC P=MR ATC In the above graph, what is the total profit of the perfectly…
A: In the case of Perfect Competition, there are a large number of firms selling identical products. An…
Q: Which major event led to the rise of sociology as a discipline? The Crusades Industrial Revolution…
A: The objective of the question is to identify the major event that led to the emergence of sociology…
Q: The market for Christmas trees is perfectly competitive. Each tree costs $80. A firm in this market…
A: Perfect competition is a type of market structure in which there are large number of buyers and…
Q: (Figure: Monopsony Employment I) The deadweight loss associated with the monopsony equals: Wage 100…
A: Monopsony refers to the market where only a single buyer exists in the entire market. In this, the…
Q: Define FinTech and Financial Inclusion. Discuss how FinTech reduces or solves market failure and…
A: Technological progress significantly influences economic growth and development through innovation,…
Q: The relationship between a bond and its price is easier to determine than the relationship between a…
A: The Government municipality or corporation issues bonds as a promise by a borrower to its lender as…
Q: There are two states: Apple State and Banana State. There are four homogeneous goods, one factor…
A: The units of labor required to produce 4 homogeneous goods in 2 states is given below:Apple…
Q: Firm A is currently producing 102 units of output with total variable cost $4 and average fixed cost…
A: The current production of Firm A is 102 units. The total variable cost is given as $4The average…
Q: Sarah borrows some money to buy a new car. The car dealership allows her to defer payments for 12…
A: Present Value refers to the discounted value of a series of future payments or of a lump sum amount…
Q: In 2009, based on concepts similar to those used to estimate U.S. employment figures, the Swedish…
A: Employed are those non-institutionalised individuals who are engaged in formal employment and are…
Q: Discuss the role of education and skill development in determining an individual's earning potential…
A: The question invites an exploration into the economic theories that correlate educational attainment…
Q: Which key concept justifies the study of economics Select one: O a. money O b. GDP O c. Inflation O…
A: This question invites us to identify the fundamental concept that underpins the study of economics.…
Q: QD=11200-100P QS= = 1500P C(q)=761 + q² 200 2q 200 Market demand Market supply Firm total cost…
A: The perfectly competitive market refers to the market where all firms are price takers in the…
Q: 34) Cal Poly soccer is playing on the same night as a concert. The soccer tickets cost $10 while the…
A: Costs refer to the expenses incurred by the firms to produce goods and services and are given by:
Q: Suppose the economy's price level is 2 and real GDP is 30 , 000 for the year. Suppose the money…
A: the velocity of money, which measures the frequency with which one unit of currency (e.g., a dollar)…
Q: Use the following data to calculate the unemployment rate, and answer the questions below total…
A: Labor force refers to the total population which is composed of the employed and unemployed with the…
Q: Consider that Figure 16-5 represents a monopolistically competitive firm. What does the distance…
A: The monopolistic competitive market refers to market where many sellers exist in the market. Each…
Q: According to Census data, in 2020, what percent of households had annual before-tax incomes of more…
A: In 2020, 26.2% of households had annual before-tax incomes exceeding $100,000, according to data…
Q: Jamie made a cash deposit to her checking account. This resulted in an increase in the money supply…
A: The percentage of funds that commercial banks must retain in reserves as mandated by regulatory…
Q: Data for problems 5 to 8 Data for four mutually exclusive alternatives are given in the table below.…
A: MARR : MARR stands for the Minimum Acceptable Rate of Returns. It is the minimum rate of returns on…
Q: A monopoly is considering selling several units of a homogeneous product as a single package.…
A: Monopolyrefers to a market structure where there is single single selling the goods. The product in…
Q: The diagram below shows the market for butter. The government has imposed a price ceiling at $4.6…
A: At the point of equilibrium, both consumer and producer could maximize their surplus level. However,…
Q: What level of social-political complexity is redistribution (as the basic force of economic…
A: Economics is a vast and multifaceted social science that can be defined in several ways, depending…
Q: Ripple Wine Merchants has 10,700 shares of stock outstanding at a price per share of $63. The…
A: WACC stands for Weighted Average Cost of Capital. It is a financial metric that represents the…
Q: In a 2015 article, published in the Journal of Health Economics, the elasticity of demand for heroin…
A: The elasticity of demand is the change in the demand due to the changes in various factors like…
Q: Dreher's Designer Shirt Company, a monopolist, has the following cost and revenue information. What…
A: Marginal revenue is the change in TR. It is the change in TR divided by the change in quantity…
Q: Continue from Question 16: You make $20,000 per year, and there's a $100 insurance expense to…
A: In decision theory, expected utility is a metric that expresses the average level of satisfaction or…
Q: The vertices of the triangle to the right show three features that policy makers in open economies…
A: You've submitted a picture of a triangle with vertices labeled "Exchange rate stability," "Monetary…
Q: The sub-discipline of economics that deals with discrimination in professional sports is O health…
A: Economics is the study of individual choices. It includes the production, distribution, and…
Q: A mixed economy is NOT characterized by the abolition of private property fiscal and monetary policy…
A: Economics is the social science that studies the production, distribution, and consumption of goods…
Q: Using the data calculate the balance on current account for this economy. The value of the current…
A: In trade and finance, this can be defined as the part of the balance of payments that tracks the…
Q: In the foreign exchange market in which U.S. dollars are exchanged for Mexican pesos, which of the…
A: This problem focuses on understanding the relationship between demand for the U.S. dollar and its…
Q: Tropic Industrials Ltd. is a cement manufacturing company located in Old Harbour St. Catherine…
A: Based on the information provided, here are some key observations from the weekly demand pattern…
Q: Aisha and Sara are roommates who both benefit from having their room cleaned by a cleaning service.…
A: A measure of the overall economic advantage from a specific activity or transaction is called total…
Q: The above figure shows the U.S. market for flip-flops. With international trade, the equilibrium…
A: When the quantity demanded in the domestic country exceed the quantity supplied in the domestic…
Q: Which of the following offered the most successful response to the Great Depression and appealed to…
A: The Great Depression was sparked by the American stock market crash. Businesses closed, unemployment…
Q: Market supply is: QS = 400P - 500. Market demand is: QD = 500- 100P The equilibrium price, P, is 0 3…
A: The equilibrium point is achieved whenever the economy does not experience any form of resource…
Q: Problem: Cans of dog food (cans per week) 20 16 4 0 4 8 12 16 20 24 Cans of cat food (cans per week)…
A: The budget line showcases the different combinations of goods that an individual can purchase for a…
Q: Suppose that Karina is running a tattoo parlor with two types of customers. The first type is…
A: Price discrimination is pricing strategy based on the principle that the seller will charge the…
Q: A ship gets stuck in the Suez Canal that shuts down shipping lanes. If we start in equilibrium, what…
A: The question examines the implications of a logistical disruption on economic equilibrium. It seeks…
Q: Consider the per-worker production function graph. If there is an increase in capital per hour…
A: A production function is a mathematical representation of the relationship between inputs and…
Q: 7- Using graph show that in a perfect competition market in the short-run, how a firm facing a…
A: Even though real-world markets seldom meet all the criteria of perfect competition simultaneously,…
Q: What does the slope of Edison's budget line represent? The opportunity cost of an additional cup of…
A: Budget lines in economics represent the different combinations of two goods an individual can afford…
Q: An example of a predatory trade practice is: tariffs, duties and quotas subsidies trade and…
A: Predatory trade practices are strategies used by countries to distort the market in favor of their…
Q: Table: Statistics for a Small Economy Item Cash held by public Small-time deposits Money market…
A: M2 is a measure of the money supply that includes all elements of M1 as well as "near money."M1…
Q: In a monopoly situation, the more inelastic is the demand, Seleccione una: a. higher is…
A: The question probes into the dynamics of price-setting within a monopolistic market structure. It is…
Q: suppose OPEC has only two producers, Saudi Arabia and Nigeria. Saudi Arabia has far more oil…
A: This question focuses on determining the nature of the Nash equilibrium in this game theory…
Q: Assume there are two firms, firm A and B, engaged in Cournot competition. The industry demand curve…
A: The objective of the question is to find the output level of firm A in a Cournot competition, given…
Q: (Figure: Understanding Expectation Theories) Assume the economy is at point c. According to the…
A: Adaptive expections are only based on the past rates of the activity. For example, if people have to…
Q: The government announces programs designed to reduce the share of income going to the top quintile…
A: The inquiry centers around the anticipated consequences of a governmental policy aimed at income…
QUESTION 3 What was the approximate level of GDP production in the United States in 2015? Oa. $18 trillion O b. $1.8 trillion O c. $180 billion O d. $1,800 million Oe. $18 billion
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Table 7P - 1 shows the price of inputs and the price of outputs at each step in the production process of mak ing a shirt Assume that each of these steps takes place within the country . [LO 7.1 , 7.3 ] a. What is the total contribution of this shirt to GDP , using the standard expenditure method ? b . If we use a value -added method (i.e , summing the value added by producers at each step of the production process , equal to the value of output minus the price of inputs ) , what is the contribu tion of this shirt to GDP ? c If we mistakenly added the price of both inter mediate and final outputs without adjusting for value added , what would we find that this shirt contributes to GDP ? By how much does this overestimate the true contributionWhich of these statements is not true when we discuss GDP calculation? O a. GDP includes earnings of both the citizens and non-citizens but are residing inside the country. Ob. Incomes made by a citizen outside of his country will be included in the calculation of GDP O c. Expenditures of citizens and non-citizens made inside the country is included in GDP calculation O d. Incomes made by expatriates are included in the calculation of GDPWhy is per capita gross domestic product (per capita GDP) better than gross domestic product (GDP) as a measure of a country's wealth? O Location and land mass have a large effect on GDP and must be considered in assessing a country's economy. O Because per capita GDP takes population into account, it is more useful for comparing the standard of living in different countries. O Per capita GDP provides information on income, while GDP only provides information on investment. O Per capita GDP includes the value of land, minerals, and crops not counted by normal GDP. The advantages of the sole proprietorship include O ease of start-up © full control ob business decisions © exclusive rights to profits © all of the above
- An economic expansion rather than a recession occurs Select one: O a. when growth in real GDP is positive. O b. when the unemployment rate falls below 5 percent. O c when the federal budget is balanced. O d. when the unemployment rate is not changing.If Ford produced $80 million worth of cars in 2020 in the United States but sold only $55 million worth of cars. US GDP in 2020 will include million worth of cars. O $55 O $80 $45 O $135Given the following information about each economy , either calculate the missing variable or determine that it cannot be calculated . [LO 7.2,7.3] a. If C=\$20.1 billion, I=\$3.5 billion G=\$5.2 billion, and NX=-\$1 billion, what is total income ? b. If total income is $1 trillion G=\$0.3 tr trillion , and C=\$0.5 trillion , what is I? c. If total expenditure is $675 billion, C=\$433 billion , I = $105 billion , and G=\$75 billion , what is NX ? How much are exports ? How much are imports?
- An American retailer purchased 100 pairs of shoes from a company in Mexico in the second quarter of 2016 but does not sell them to a consumer until the third quarter of 2016. In which quarter(s) does(do) the value of the shoes add to U.S. GDP? O the third but not the second quarter O the second quarter but not the third quarter O the second and third quarters O neither the second nor the third quarter 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.China’s real GDP increased 6.9 percent in the first quarter of 2017 from a year earlier.Investment grew by 9.2 percent and retail sales by 10.9 percent. In current prices, GDPincreased by 11.8 percent from a year earlier.1. Explain how China’s real GDP can grow at a 6.9 percent rate when consumption andinvestment grew faster than 6.9 percent. 2. Explain why the growth rate of GDP in current prices does not provide informationabout how quickly the economy is really growing.14)Suppose that the annual rates of growth of real GDP of Econoland over a five-year period are as follows: Year Growth Rate (%) 1 3 2 1 3 – 2 4 4 5 5 Instructions: Round your answers to 2 decimal places. a. What was the average of these growth rates in Econoland over these 5 years? b. What term would economists use to describe what happened in year 3? (Click to select) Expansion Recession c. If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been the average growth rate?
- (a) Suppose the price level in an economy rises while the money wage rate remains constant. What happens to the quantity of real GDP supplied. How will this affect the aggregate supply or aggregate demand curve? What if the potential GDP increases? Which aggregate curve is affected and how? (b) Real GDP Consumption Planned Investment Government Purchases Net Exports $1,000 $1,000 $100 $150 -$50 2,000 1,900 100 150 -50 3,000 2,800 100 150 -50 4,000 3,700 100 150 -50 From the table data provided, answer the following questions. The numbers in the table are in billions of dollars. Show all calculations. a. What is the equilibrium level of real GDP? b. What is the Marginal Propensity to Consume? c. What is the multiplier value in this economy? d. If potential GDP is $4,000 billion, is the economy at full employment? If not, what is the condition of the economy? e. If the economy is…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.Suppose that an auto company owned entirely by US citizens opens a new factory in Canada. a) What sort of foreign investment would this represent? Explain. b) What would be the effect of this investment on Canadian GDP? would the effect of this investment on Canadian GNP and US GNP be larger or smaller? Hints: differences between GDP and GNP.
