Which of the following will not cause an increase in equilibrium G a) An increase in government expenditure on health care. b) An increase in income tax rates. c) An increase in exports to the EU.
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- Which of the following will not cause an increase in equilibrium GDP? a) an increase in government expenditure on health care b) an increase in income tax rates c) an increase in exports to the EU d) an increase in domestic consumption expenditureIn the future report of U.S. Gross Domestic Product (GDP) for Quarter 1 of 2023, which of the following would not be an example of an expenditure that would contribute to an increase in the level of GDP in Q1 of 2023? [note: focus on the direct impact of each of the choices below] Group of answer choices U.S. household spending on home appliances increases by 0.5% in 2023:Q1 Business investment spending on industrial equipment rises by 2% in 2023:Q1 U.S. Federal government interest payments rise by $120 billion in 2023:Q4 U.S. consumer spending on domestic air travel increases by 8% in 2023:Q1. None of the choices listed because all would contribute to an increase in real GDP in 2023:Q1.The consumption expenditure and output of the country is 500 billion and 100 billion respectively. Calculate the average propensity to consume.
- Classify each of the following items as a final good or service or an intermediate good or service and identify which is a component of consumption expenditure, investment, or government expenditure on goods and services: ■ Banking services bought by a student. ■ New cars bought by Hertz, the car rental firm. ■ Newsprint bought by USA Today .] ■ The purchase of a new limo for the president. ■ New house bought by Al GoreFrom the following data, determine the equilibrium level of real GDP.The equilibrium level of real GDP is ______________.Historically, the change in real GDP during recessions has been a. mostly a change in investment spending.b. mostly a change in consumption spending.c. about equally divided between consumption and investment spending.d. sometimes mostly a change in consumption and sometimes mostly a change in investment.
- Place each of the following transactions in one of the four components of expenditure: consumption, investment, government purchases, and exports/imports 1. Island Manufacturers ( Jamaica) sells furniture to the Hilton Hotel in Barbados 2. Island Manufacturers (Jamaica) sells furniture to St Michael Golf Resort in Barbados 3. Island Manufacturers (Jamaica) sells furniture to John Doe 4. Island Manufacturers (Jamaica) sells furniture to the Jamaican Government 5. Island Manufacturers (Jamaica) builds a new line of home furniture to be sold next year.(All figures in the table are in billions.) Refer to the attached data. If exports increased by $15 billion at each level of GDP, all other factors constant, then the equilibrium level of GDP would be: Select one:a. $550 billionb. $600 billion c. $650 billiond. $700 billionAt any given amount of income, an increase in consumption will result in a. A rise in total demand b. A boost in exports c. Decrease in tax revenue d. A reduction in the amount of money spent on imports
- Imports enter the calculation of GDP Multiple Choice with a positive sign. with a negative sign. as an addition to changes in private inventories. through the personal consumption category.When the Japanese car maker Toyota expands one of its car factories in the United States, What is the likely impact of this event on the gross domestic product and gross national product of the United States? a.GDP rises and GNP falls. b.GNP rises and GDP falls. c. GDP shows a larger increase than GNP d. GNP shows a larger increase than GDPIn the aggregate expenditure model, what is NOT necessarily a characteristic of an economy in equilibrium?(a) The aggregate expenditure line is equal to the 45-degree line.(b) Aggregate expenditures are equal to income.(c) Investment equals saving.(d) Nothing is pressuring the economy to move to a higher or lower level of output