Which of the following is a good or service counted in GDP?   Group of answer choices Tires Ford buys to put on a car. A new tire you buy for your personal car. All of the above A used tire you buy for your personal car.

Q: he student chapter of Philippine Society of Mechanical Engineers is planning a 6-day trip to the…

A: A Break-even point refers to the point at which what one earns matches what one spends or we can say…

Q: Do firms really calculate marginal cost and marginal revenue to find the profit-maximizing output?…

A: Total revenue is the total receips collected from the sale of goods and services in the market.…

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A: Elasticity measures the responsiveness of quantity demanded with respect to change in price. It is…

Q: Which of the following statements is/are true? a) A change in supply of a good is the result of a…

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Q: 5. Consider an economy that is characterized by the following equations: Y=C+I+G+ NX Y = 6,000, G =…

A: Trade balance shows the balance of exports and imports of any country if the export is more than…

Q: Question Z Draw a production possibility frontier. The vertical axis shows the production of public…

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Q: a) How would economic contraction brought about by Covid-19 slowdown be represented using production…

A: Production possibility curve represents the two possible combinations of goods which can be…

Q: Explain the difference between financial institutions and financial markets, please give examples.

A: Economic system significantly depends on financial assets and transactions, therefore financial…

Q: Scenario 14-2 Assume a certain firm is producing Q = 1,000 units of output. At Q = 1,000, the firms…

A: Profit is the difference between Total Revenue and Total cost. I.e. Profit = TR - TC Total cost =…

Q: Bob views apples (a) and oranges (o) as perfect substitutes in his consumption. When we put apples…

A: Perfect Substitute goods are those goods which are use in place of each other. In the perfect…

Q: Find the accumulated amount of P3,500 invested 6.25% compound monthly at for a period of 5 years.

A: As the given information  Present value = P3500, Interest rate = 6.25% compounded monthly  and year…

Q: 3. Demand is the quantity of certain commodity that is bought at a certain price at a given place…

A: Demand is just a consumer's desire to purchase goods and services right away and to fork over the…

Q: How do you currently describe the business climate globally? What are the implications for the…

A: The business climate globally is currently unstable. "This is due to the current trade war between…

Q: 0 Question 13 England France Hours Needed to Hours Needed to Make 1 Unit of Make 1 Unit of Cheese 1…

A: Comparative advantage refers to the ability that a firm or a nation has to manufacture more of a…

Q: 2.103 Lifetime Savings Accounts, known as LSAS, allow people to invest after-tax money without being…

A: Net Present Value = Initial Investment + present value of all cash flows Here, NPV = -10,000 +…

Q: Question 5 Suppose there are two countries Peru and Japan that produce Food and Fuel. Peru can…

A: Since you have posted multiple subparts, as per the guidelines we can solve only first 3 subparts.

Q: A) Can the government tax its own agencies or instrumentalities? Explain.

A: No. Most state agencies and local government entities in most cases are exempt from paying taxes.…

Q: uppose a low-income family that earns K750 per month consumes 8 Kgs of Hamburgers and 2 Kgs of Beef…

A: Income elasticity of demand measures the change in quantity of good due to change in the  income of…

Q: Country similarity theory was proposed by-

A: The possibility that nations with similar characteristics are probably going to trade with one…

Q: Find the interest rate that an amount of P5000 accumulated to 11,040.20 after 10 years compounded…

A: Interest rate means how high the cost of borrowing is, or high the rewards are for saving. Thus, in…

Q: What is the purpose of an economic system? Select all that apply. Multiple answers: Multiple answers…

A: An economic system aims at proper organization and distribution of the available resources. It aims…

Q: No Plagiarism Please! How do improvements in technology and human capital influence productivity,…

A: Human capital comprises of the knowledge, skills, and health that individuals invest in and gather…

Q: QUESTION 7 Makenna has $60 each month to spend on apples and oranges. Apples sell for a price of $4…

A: Ans. 7.  The budget constraint shows the combination of two goods that the consumer can afford given…

Q: 13. College Survey In a national survey conducted by the Centers for Disease Control to determine…

A: A sample is described by descriptive statistics. That is rather simple to understand. You just…

Q: Study recent high inflation. You need to explore the inflation both in the long-run and short-run…

A: Inflation is the rise in average price level of goods and services over period of time. It decreases…

Q: Taxes on producers cause the equilibrium price of a good to

A: "In a market, equilibrium exists at a point where demand and supply curve intersects each other.…

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Q: A large wood products company is negotiating a contract to sell plywood overseas. The fixed cost…

A: Given, p=$600-0.05DFixed cost = $885,093Variable cost = $135 per thousand feet

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Q: Comparing your answers for change in capital stock from year 1 to 2 and from year 7 to 8 (Please See…

A: Steady state level is reached where per capita variables such as output per worker, capital per…

Q: 13) What would traditional Economic theory predict about the relationship between WTP and WTA?

A: Traditional economic theory makes predictions about how WTP and WTA are related.   According to…

Q: Market Commodity Basket Milk Eggs Bread Quantity 10 gallons 10 dozen 10 loaves 2010 2011 Price price…

A: Inflation is the rate at which prices for products and services increase. Inflation is sometimes…

Q: Sven, Andrew and Becky each have an income of $5. Initially the price of commodity x and the price…

A: We know that the budget of a consumer is given by: M= xPx + yPy , where, M= Money income of the…

Q: According to economic theory, a government with a contractionary fiscal policy would decrease…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first question for you. If…

Q: Given that is a standard normal random variable, compute the following probabilities. Round your…

A: Introduction Normal distribution is most widely used in continuous probability distribution. The…

Q: Which of the following statements is not correct? Select one: O a. A gasoline tax is an imperfect…

A: The externalities could be positive or negative. Negative externalities are caused the external cost…

Q: Explanation it correctly and details  At a price of $26.75, producers will provide 7 items, while…

A: As we know that demand and supply are the forces that determines the price and quantity level in the…

Q: PROBLEM 2: Vision technologies, Inc., is a small company that uses ultra-wideband technology to…

A: In economics and finance, present value, also known as present discounted value, is the value of an…

Q: Question 2: Represent the preferences of the following people graphically: Case 1: Mary likes milk…

A: Preferences reference the consumer's willingness to consume 2 or more goods. It can be represented…

Q: Consider a market with just one business and high obstacles to entry, where P = 100 - 2Q and MR =…

A: The demand curve is a graphical representation of the relationship between the price of an item or…

Q: UPVOTE WILL BE GIVEN. PLEASE WRITE THE SOLUTIONS LEGIBLY. NO LONG EXPLANATION NEEDED. A…

A: In everyday language, cost is the monetary worth of the products and services that producers and…

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A: We know that The globalization refers to the process of global integration, which includes the…

Q: 5. Valtro Electronic Systems, Inc. set aside a lump sum of money 4 years ago in order to finance a…

A: Given That, Wroth = $850,00 Interest = 10% Time Period = 4 Years

Q: Distinguish between Fisher’s quantity theory and Keynesian’s theory of money

A: The fundamental tenet of Fisher's quantity theory of money is that inflation is primarily caused by…

Q: To what extent can the government improve economic situation by changing the interest rate?

A: To improve the economic situation government, take appropriate action includes the Fiscal policy and…

Q: 45. To achieve an output level that is socially acceptable, the government of Plealand has placed a…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Company A successfully launches a hostile takeover of company B, in which company A purchases all…

A: Gross domestic product is the monetary value of every completed great and services made inside a…

Q: An investment of 42,500 Pesos was made today at 5% compounded quarterly for 5 years. After the said…

A: Here we need to find the first 5years future worth of the investment and then the final amount is…

Q: Suppose that consumers experience a 5 percent increase in income and purchase walking shoes increase…

A: Income Elasticity measures the responsiveness of  demand of the good to changes in income level.

Q: Christopher buys a new house in 2004 for $80,000. He puts up a "For Sale" sign in 2005 and re-sells…

A: When talking about GDP, it can be said that it includes any final good or service that is generated…