The GDP for a small economy in 2010 was $9,950. This was composed by $4,600 of consumption, $2,650 of investments, $2,100 of government purchases, and $4,550 of exports. In this case what is the amount of imports for this economy in 2010? Select one: O a. $4,120 O b. $3,550 O c. $3,950 O d. None of the answers are correct O e. $4,780
Q: Production Prices Year1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 60 80 100 $1.00 $1.00 $1.40 Good Y…
A: The GDP deflator or GDP Price Deflator or the Implicit Price Deflator is a measure of the price…
Q: Nominal Year Price level GDP 1982 100 €1,600 1992 150 €3,000 2002 300 €6,000 In the above table,…
A: The nominal GDP increased between 1992-02 from 3000 to 6000 $ Real GDP in 1992 = Nominal GDP / Price…
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A: Ans. is option (e) reduced wealth from falling stock prices.
Q: The gross domestic product (GDP) deflator is a measure of the price level that includes prices of a)…
A: The formula for GDP deflator is GDP Deflator = (Nominal GDP / Real GDP) * 100
Q: Below is a list of domestic output and national income figures for a certain year. All figures are…
A: Hey champ,Welcome to this platform. Here you will get the answer with better quality in minimum…
Q: Earnings of individuals and companies inside a country is part of the GDP. O a. even if they are…
A: GDP is the value of final goods and services produced in the country by citizens and non citizens.…
Q: In 2009, Corny Company grows and sells $2 million worth of corn to Tasty Cereal Company, which makes…
A:
Q: The components of aggregate expenditure are consumption expenditure O a. investment, government…
A: The aggregate expenditure refers to the total expenditure in an economy. When the economy is in…
Q: QUESTION 17 A dairy buys $100,000 worth of milk and spend $10,000 on cartons and utilities. It sells…
A: 1)Final sale of $130,000 has been done. Therefore contribution to GDP would be $130,000. Therefore…
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A: The economies tend to work upon the basis of the expenditures done by various entities, and the…
Q: f your grandparents buy a newly built retirement home, this transaction would affect Select one: O…
A: Any transaction that affects either consumption, government purchases, investment, or net exports…
Q: Net Foreign Factor Income $8 Corporate Profits 47 Gross Private Domestic 73 Investment Proprietors…
A: Net earnings is described as disposable earnings. It is the quantity final after taxes. After-tax…
Q: Which of the following is excluded when calculating GDP? O A. The value of bonds. O B. The value of…
A: 1)The value of bonds, the value of used goods, and the value of stocks are not included in the…
Q: Which of these statements is not true when we discuss GDP calculation? O a. GDP includes earnings of…
A: GDP refers to the sum of the value of goods and services produced in a country in a particular…
Q: Question 43 Over the last 50 yearn, interent rates have risen before each recession and have fallen…
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…
Q: Which one of the following should we expect in the months to come: O a. Low unemployment and high…
A: The labor force is the summation of employed workers and unemployed workers. The employed workers…
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A: In an economy, national income include all the domestic income as well as factor income from abroad.…
Q: Which of the following adds to US GDP? O A I chop down a tree on my property and build a table. A…
A: GDP includes market value of all good and services produced within the boundaries of the…
Q: GDP Data (in $ billion) Table 7-1 Durable goods = $11,080.00 Services = $12,500.56 Business…
A: Gross domestic product is a monetary measure of the market value of all the final goods and services…
Q: According to the BEA, in the second quarter of 2012 state and local government spending on goods and…
A: The expenditure approach to deal with a GDP considers the amount of every final service and good…
Q: Consumption expenditure Investment Government expenditure on goods and services Exports of goods and…
A: Gross Domestic Product (GDP) is defined as the monetary value of all final goods and services…
Q: Below is a list of domestic output and national income figures for a certain year. All figures are…
A: Answer:
Q: Use the table below to answer the following question: Component Value Consumption $16 Trillion…
A: At equilibrium, GDP = Consumption + investment + government purchases + exports - imports…
Q: GDP includes the goods and services produced O A. within a country's borders by citizens and by non…
A: To analyze the actual output generated by the people of the country and total amount of income…
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A: We know, GDP = Value of Output - Intermediate Consumption GDP = Sales + Change in Stock -…
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A: The estimated monetary or retail value of all finished goods and services for a certain amount of…
Q: If a car salesperson in 2012 sells a used 2000 Chevrolet for $3000 and collects a commission of…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Suppose that the country of Fruitland produces only peaches and pecans. The table below shows the…
A: Gross Domestic Product (GDP) refers to the total or final value of all the goods and services that…
Q: This question considers GDP in a country in a single year. Which of the following stasements are…
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Q: billion. This economy's gross domestic product (GDP) equals O a) $1,515 O b) $850 Oc) $1,400 O d)…
A: Gross domestic product is the total value of goods and services at market prices in a country over a…
Q: Which of the following statements are correct? Select one or more: O a. Government spending on goods…
A: GDP The Gross Domestic Product (GDP) basically refers to the sum of all the value added in a given…
Q: Which TWO of the following statements are correct? O a. The value of unsold goods that have been…
A: GDP - it is the value of all finished goods and service produced within a country within specific…
Q: If imports are €100 million less than exports, government purchases are €500 million, consumer…
A: Here given information is: Consumer spending (C)= €1 billion Investment spending (I)= €500 million…
Q: GDP Data (in $ billion) Table 7-1 Durable goods $10,600.49 Services = $12,500.56 Business purchases…
A: please find the answer below.
Q: a. What is the total contribution of this shirt to GDP , using the standard expenditure method ? b .…
A: Gross domestic product (GDP) is the monetary value of all final goods and services produced in a…
Q: Suppose the economy's production function is Y = AKO.3NO.7. If K=2000, N = 100, and A = 1, then…
A: Production Function, Y = AK0.3 N0.7K = 2000N = 100A = 1Y = 246
Q: Production Prices Year 2 $1.20 S0.60 Year 2 Year 1 X 50 Y 100 Year 3 60 Year 1 $1.00 $(,60 Year 3…
A: Nominal GDP measures value of goods and services using current level of prices whereas real GDP uses…
Q: Ceteris paribus, which of the scenarios below will unambiguously lead to an increase in real GDP? O…
A: GDP: It is the total of all values added to the economy.
Q: The table below includes data for a one-year period required to calculate GDP from the expenditure…
A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…
Q: If GNP is $600 billion, receipts of factor income from the rest of the world are $50 billion, and…
A: Answer Explanation GNP =600, Net factor income from the ROW =( Factor income from the ROW Factor…
Q: Economics Use the table to answer the question 2015 Quantity Price Hotdogs 152 2 T-shirts 92 26 Toy…
A: Price of 2016*quantity of 2015=3756
Q: In 2009, Corny Company grows and sells $2 million worth of corn to Tasty Cereal Company, which makes…
A: Given; Value of corn sold by Corny company to tasty Cereal Company= $2 millionValue of corn flakes…
Q: Question 18 Restaurant Supply, Inc. sells cheese to Windy City Pizza for $1,000. Windy City Pizza…
A: Given: Restaurant supply selling cheese to Wincy City Pizza=$1000 Windy city pizza sells to…
Q: 1 1. The equation, GDP = C + GI+ GP + NX, best describes the O a. the Income approach to measuring…
A: Gross Domestic Product, or GDP is the sum of final value of all goods and services produced in an…
Q: The Data of Macroeconomics-End of Chapter Problem Place each of the following transactions in the…
A: Gross Domestic Product refers to the value of all final goods and services produced in an economy…
Q: Many economists argue that real GDP is Select one: O a. not a good measure of economic well-being…
A: Many economists do not consider real GDP as a good measure of standard of living or wellbeing as GDP…
Q: Between 2017 and 2018, the exports of the X economy decreased by $5S billion and its imports…
A: GDP = C + I + G + (X - M)
Q: Between 2017 and 2018, the exports of the X economy decreased by $5 billion and its imports…
A: The macroeconomic policy involves several components like the gross domestic product, consumption,…
Q: Using the table above, nominal GDP for Doc's Coffee in 2013 was O $47,000 O $60,000
A: The Nominal GDP is simply calculated by multiplying the production or output with prices of a given…
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- What are the main components of measuring GDP with what is demanded?What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?Why 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
- using the table below giving the quantity and price of goods producedin an economy in two periods in suitable units, assuming that there are only three goodsproduced in the economy. Consider the economy described above a) What is nominal GDP in 2003 and in 2004? By what percentage does nominalGDP change from 2003 to 2004?b) Using the prices for 2003 as the set of common prices, what is real GDP in 2003and in 2004? By what percentage does real GDP change from 2003 to 2004?c) Using the prices for 2004 as the set of common prices, what is real GDP in 2003and in 2004? By what percentage does real GDP change from 2003 to 2004?d) Why are the two output growth rates constructed in (b) and (c) different? Whichone is correct? Explain your answer.Suppose that there are two individuals in an economy, Person 1 and Person 2. Person 1 buys asecond-hand car from Person 2 for $12,000.10. What is the change in GDP according to the Income Approach here? What is the changeof each person’s contribution to GDP according to the Income Approach? Suppose now instead that an individual was buying $400 of wine from a domestic producer ofwine. Now suppose that this individual decides to import $400 of wine instead.11. What is the change of Consumption (C), Investment (I), Government Spending (G), NetExports (NX), and GDP as calculated by the Expenditure Approach in this example?Finally, now consider the following table:Government Purchases of Goods andServices$58.5Indirect Taxes Less Subsidies $29Personal Income Taxes $41.5Wages and Compensation $165.5Interest on Public Debt $15.5Consumption Expenditure $168.4Exports $90.9Depreciation $33.5Imports $93.3Gross Investment $67.2Net Interest Income $19.0Business Profits Before Taxes $45.512. What is…What counts as GDP (II)? By how much does GDP rise in each of the fol-lowing scenarios? Explain. (a) A computer company buys parts from a local distributor for $1 million,assembles the parts, and sells the resulting computers for $2 million.(b) A real estate agent sells a house for $200,000 that the previous ownershad bought 10 years earlier for $100,000. Te agent earns a commissionof $6,000.(c) During a recession, the government raises unemployment benefts by$100 million.(d) A new U.S. airline purchases and imports $50 million worth of airplanesfrom the European company Airbus.
- 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.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.
- 1. Consider the following data on Prices and Quantities of T-Shirts and Pajamas on the attached image. (i) Calculate the total value of goods and services at current prices in this economy eachyear?(i) Calculate the total value of goods and services at constant prices in this economy eachyear? (Note: GDP deflator for 2015 is 100) (ii). Whatisthe growth rate of RealGDP between 2016and 2017? (iv). What wasthe growth rate ofNominalGDP between 2016and 2017?(v) Was the growth rate of real GDP higher or lower that the growth rate of nominalGDP?Explain. (vi) Using 2015 asthe base year, calculate the CPI for each year. (vii). Calculate the inflation rate for 2015, 2016 and 2017.Consider an economy that produces only three types of fruit: Apples, oranges and bananas. In thebase year (a few years ago), the production and price data were as follows:Fruit Quantity PriceApples 3000 bags $2 per bagBananas 6000 bunches $3 per bunchOranges 8000 bags $4 per bagIn the current year, the production and price data are as follows:Fruit Quantity PriceApples 4000 bags $3 per bagBananas 14 000 bunches $2 per bunchOranges 32 000 bags $5 per bagFind nominal GDP in the current year and in the base year. What is the percentage increase sincethe base year?Which 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 GDP