Calculate GDP using the information in the table below: $Billions Government purchases of goods 1200 Services 500 Imports 400 Change in business inventories 50 Durable goods 300 Nondurable goods 600 Exports 250 Residential investment 200 Government purchases of services 500 Nonresidential investment 650 Select one: O a. 3850 O b. 4150 O c. 4650 O d. 4000

Calculate GDP using the information in the table below: $Billions Government purchases of goods 1200 Services 500 Imports 400 Change in business inventories 50 Durable goods 300 Nondurable goods 600 Exports 250 Residential investment 200 Government purchases of services 500 Nonresidential investment 650 Select one: O a. 3850 O b. 4150 O c. 4650 O d. 4000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Additions to inventory O a. Add to next year's GDP when goods are actually sold O b. Add to current year's GDP O C.Are prices at zero since they have not been sold O d. Are simply intoned while calculating GDP
Year Price Deflator Nominal GDP 500 2005 95.4 2006 600 100.0 2007 700 102.5 2008 800 103.1 Refer to the above table. Real GDP in 2005 is 477 O 524.1 O 190.8 O 500
The transactions listed to the right take place in 2010. The addition to gross domestic product is 1. An elderly couple go to the movies and pay $120 for the tickets. 2. A family sells numerous knick-knacks at a garage sale for $95. 3. A young executive buys 100 shares of IBM for $8,000. O A. $10,205. 4. A university student receives $600 from his parents. O B. $11,180. O C. $20,680. 5. A young couple down on their luck receive food stamps worth $180. 6. A plumber performs work for a neighbour and receives $100 in cash that he doesn't record in his company's records. O D. $18,605. 7. A surgeon operates on a friend's husband and charges $4,000 for the operation instead of her usual $8,000. 8. A teenager paints the porch on his parents' house. The paint costs $85. The cost of hiring a professional to do the job would have been $400. 9. A high school graduate works a summer job and makes $6,000. 10. The Bank of Canada sells a bond for $1,500. ...
The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2011. Prices and Quantities Year 2010 2011 2012 2013 57.9. O 100.0. O 127.8. Price of Waffles O 171.4. $2.00 $2.00 $2.00 $4.00 Quantity of Waffles 80 In 2012, this country's GDP deflator was 100 120 150 Price of Pancakes $1.00 $2.00 $3.00 $3.00 Quantity of Pancakes 100 120 150 200
Suppose that nominal GDP per person is €18,000 in 2013, the 2005 GDP deflator is 100, and the 2013 GDP deflator is 110. The approximate real per person GDP in 2013 is O €16,364. O €19,800. O €18,000. O €16,634.
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
To determine the true value of goods and services, we use Select one: O a. Nominal GDP O b. Real GDP O c. Neither A nor B
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2009, then the nominal GDP for 2017 equals: O 18672.5 O 8250 O8750 2009 Statistics Quantity 100 85 60 11,000 O 10422.5 Price $52.00 3.00 35.00 0.85 2016 Statistics Quantity 115 120 55 10,000 Price $65.00 3.00 30.00 0.70 2017 Statistics Quantity 110 135 75 11,000 Price $70.00 3.50 30.00 0.75 If the base year is the year
What is the nominal GDP in year 2 in University Town? Good Quantityyr1 Priceyrı Quantityy2 Priceyr2 ఇాా Food 1000 2 1500 3 Housing 200 10 300 15 Clothing 500 1000 10 2800 11000 19000 28000 LO
2
OC 7.5%. O D. 6.67%. O E. -3%. QUESTION 20 Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in the table, nominal GDP for this simple economy equals Product Quantity Price Strawberries 250 $1.00 Strawberry jam 30 4.00 Second hand cars 10 950.00 Tablets 85 210.00 Shirts 60 18.00 O A. $19,300. O B. $19,050. OC. $28,800. O D. $28,550, O E. 435 units. Click Save and Submit to save and submít. Click Save All Answers to save all ansuwers.
Refer to Table 4, The value for GDP in billions of dollars is (CLOS # 3) Table 4 Compensation of employees (household) 223 Depreciation 27 Rents 14 Interest 13 Indirect Business Taxes 18 Corporate Profits Transfer payment 56 12 Net Foreign Factor Income 4 Proprietor's Income 33 Personal taxes 26 Corporate income taxes 19 Select one: O a. 376 O b. 386 O c. 384 O d. 377