EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 7MCQ
To determine
To select:
The option which shows the item of real flow in the circular flow model.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Use the table to answer the questions. Round your answers to the nearest cent.
Country
Gross domestic product (GDP)
Population
Country A
$1.5$1.5 trillion
100100 million
Country B
$5$5 trillion
400400 million
What is the GDP per capita for Country A?
$
What is the GDP per capita for Country B?
$
Which country has the largest average GDP per capita?
Country B
Country A
lacmillan Learning
Use the table to answer the questions. Round your answers to the nearest cent.
Population
Country Gross domestic product (GDP)
Country A
Country B
$1.5 trillion
100 million
$5 trillion
400 million
What is the GDP per capita for Country A?
$
What is the GDP per capita for Country B?
$
Which country has the largest average GDP per capita?
O Country A
O Country B
Solve all parts
1. Italy's real GDP fell from $2.2 trillion one year to $1.9 trillion the next, the annual growth rate would be:
a
13.6 percent
b
-13.6 percent
c
15.8 percent
d
-15.8 percent
2. good that is most likely to be in the producer price index is:
a
apples
b
gasoline
c
books
d
person in prison
3. The best example of a standardized good would be:
a
an autographed baseball
b
None of these could be considered a standardized good
c
corn
d
a handbag
4. If consumption is $8 billion, investments is $4 billion, government purchases are $2 billion, imports are $1 billion, and exports are $2 billion, GDP must equal:
a
$15 billion
b
$14 billion
c
$17 billion
d
$16 billion
5. market basket:
a
consists of no more than 4 goods.
b
Includes only necessities
c
includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending.
d
includes housing, food, clothing, transportation and oil.
Chapter 2 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
Knowledge Booster
Similar questions
- 10arrow_forwardHuman capital is defined as: a. The skills and education that make workers more productive b. The knowledge of the best and most efficient ways to produce goods and services c. The total number of workers available in the economy d. The total amount of financial investment in an economyarrow_forwardshow how to get all partsarrow_forward
- How much are they spending for the products of the country. a. consumption b. investment c. gross national product d. all of the abovearrow_forwardIdentify the statement that describes the Gross Domestic Product of a country. a. All goods and services that are imported to the country b. All goods and services that are produced within a nation's borders. c. The amount of intermediate goods produced inside the country d. All goods and services that are produced outside a country's bordersarrow_forwardLet's put dollar amounts on the flows in the circular flow diagram below. Money Income RESOURCE MARKET Costs · Households sell • Businesses buy neurial abilit Resources BUSINESSES HOUSEHOLDS • buy resources • sell products • sell resources • buy products PRODUCT MARKET services Revenue Goods and sevic · Businesses sell · Households buy Consumption Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of $140 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $76 billion in wages, $18 billion in rent, and $28 billion in interest, how much are households paid for providing entrepreneurial ability? $ billion b. If households spend $75 billion on goods and $65 billion on services, how much in revenues do businesses receive in the product market? 2$ billion (wages, rents, nterest, profits) entrepre- jand, capital, otion expenditures Goods andarrow_forward
- answer question Darrow_forwardPls draw the diagram of an Economic System and explain the process of circular flow?arrow_forwardThe factor of production _________, and the factor of production _______. A. money earns interest; initiative earns profit B. capital earns interest; entrepreneurship receives a profit or incurs a loss C. investment earns interest; capital incurs depreciation D. capital earns rent; entrepreneurship earns wagesarrow_forward
- The table below contains data on real GDP and the population of a fictional country in 2009 and 2010 answer the following questionarrow_forwardMacmillan Learning Consider the table of GDP and population for several imaginary countries. $ Country Wrigleyville Longhornland Dinkytown GDP in millions of U.S. dollars Population in millions GDP per capita in U.S. dollars 225.0 143 197.00 $ 523.0 2947 Using this information, please answer the questions. If there is not enough information to answer a question, please enter -11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. 1.800 B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place.arrow_forwardbo Consider the table of GDP and population for several imaginary countries. O Macmillan Learning A Country Wrigleyville Longhornland Dinkytown GDP in millions of U.S. dollars Population in millions 559.0 265.0 2909 101 293.00 1.600 Using this information, please answer the questions. If there is not enough information to answer a question, please enter -11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. $ GDP per capita in U.S. dollars B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning