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- The United States gross national product in trillions of dollars for the latter half of the 1980s is given in the table below. Year 1985 1986 1987 1988 1989 GNP ($trillion) 4.02 4.23 4.52 4.88 5.20 1. Using technology, calculate the average rate of change for each year. You may, for example, make a table in a spreadsheet with Year, GNP, and Average Rate of Change, as the three columns. What are the independent and dependent variables? 2. Using technology, create a plot of GNP vs year. Does the data appear to be linear? Explain. 3. Using technology, construct a linear trendline and determine the R2 value. What is the trendline equation? Interpret the slope, including units. What is the R2 value? Is there a strong or weak correlation? 4. Using the trendline equation, create a spreadsheet table and second plot of GNP vs year, extending the data through 1995. What GNP does your trendline predict for 1993? Explain in the context of the problem. 5. In what year does the trendline predict the…Write down an equation of motion which takes into consideration technological advancement and what condition must be true if the economy is in the steady state. Be sure to label what the components are.Assume that the average or mean monthly household consumption expenditure for Malaysia rose from RM3,578 in 2018 to RM4,033 in 2020, growing 6% per annum at nominal value, according to the statistics department. However, in terms of real value — which refers to the constant price using the Consumer Price Index with the base year 2014 as the deflator — annual growth rate is 3.9% for the same period, mentioned on its Household Expenditure Survey Report 2020. a) Suppose that consumer spending initially rises by RM5 billion for every 1 percent rise in household wealth and that investment spending initially rises by RM20 billion for every 1 percentage point fall in the real interest rate. Also, assume that the economy’s multiplier is 4. i. If household wealth falls by 5 percent because of declining house values, and the real interest rate falls by two percentage points, in what direction and by how much will the aggregate demand curve initially shift at each price level? ii. In what…
- Which statement below best supports the correlation (relationship) between energy consumption and a country’s Gross Domestic Product? Your answer: 1 Countries with a high gross domestic product are low consumers of energy. 2 There is no correlation between energy consumption and gross domestic product. 3 Countries with a high gross domestic product are high consumers of energy 4 Countries with a low gross domestic product are high consumers of energyIn the formula ke >= (D1/P0) + g, what does (D1/P0) represent?Q7 MCQ _________ is calculated by taking _________ and then subtracting the value of how much physical capital is worn out, or reduced in value because of aging, over the course of a year. GNP; NNP NNP; GNP GDP; NNP NNP; GDP
- When an economy goes into a recession (a decline in GDP) government savings usually Select one: a. does not change as there is no relationship between savings and GDP. b. changes but the change is random. c. rises. d. falls.Which of the following is included in Investment (I)? the amount spent on new factories and machinery the amount spent on stocks and bonds the amount spent on consumer goods that last more than a year the amount spent on purchases of artWhich of the following is an example of a macroeconomic indicator? A)The price of a specific product B)The income of an individual household C)The unemployment rate D) The sales of a particular company
- Which of the following is not included in personal consumption expenditures? Group of answer choices 1. Purchases of existing shares by consumers in the stock market 2. Food purchased at supermarkets 3. Payments for cable and Internet services to homes 4. New furniture and appliances bought by homeownersInduced Consumption is: A. that part of consumption that varies with the level of GDP B. that part of consumption that varies with nondurable goods C. that part of consumption that varies with durable goods D. that part of consumption that varies with the level of disposable incomeSuppose we have the following data given to us in this table. Year Real GDP Nominal GDP Population 2010 11,563 12,697 52 2020 12,406 13,395 49 Given this data, we would expect the quality of life to have increased by what percentage over the last 10 years? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.