1. Study Questions and Problems #1True or False: Transfer payments reallocate income from one individual to another and are included in government expenditures. Therefore, transferpayments are included in the calculations for GDP.TrueFalse

A financial transaction known as a transfer payment occurs when funds are moved from one company to…

Answered: True or False: Transfer payments…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 3 Not yet answered Marked out of 1.00 This question considers GDP in a country in a single year. Which of the following stasements are correct? Select one or more: O a. GDP can be measured by adding up the value of all production by all industries. Ob. GDP can be measured by adding up all factor incomes paid in an economy Oc. GDP can be measured by summing the total value added by all industries. O d. GDP in expenditure terms can be measured as the sum of C+I+G+X
Time left 0:56:2 During 2009, the leather company produced enough leather for 20 couches. The couch manufacturing company bought 80% of that leather for $16,000 and promised to buy the remaining 20% for $4,000 in 2010. The couch manufacturing company produced 16 couches during 2009 and sold each one during that year for $3,000. What was the contribution to GDP for 2009? Select one: O a. $48,000 O b. $52,000 O c. $64,000 O d.. $68,000 Next page page on this page
One way in which economists measure the performance of an economy is by looking at a widely used measure of total output called the gross domestic product (GDP) True O False
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
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. 4650 O b. 4150 O c. 4000 O d. 3850
None
Real GDP is best described as: A measure of a nation's output and employment holding wages constant. A measure of a nation's output holding prices constant. A measure of a nation's output at the current level of prices. OOOO. A measure of a nation's prices holding output constant. A measure of a nation's prices at the current level of output. A Moving to the next question prevents changes to this answer. E JUL 19 tv 10 O A
Suppose GDP is $16 trillion, with $10 trillion coming from consumption, $2 trillion coming from gross investment, $3.5 trillion coming from government expenditures, and $500 billion coming from net exports. Also suppose that across the whole economy, depreciation (consumption of fixed capital) totals $1 trillion. From these figures, we see that net domestic product equals: a. $17.0 trillion. b. $16.0 trillion. c. $15.5 trillion. d. None of the above.
In the first half of 2017, automobile sales in the United States were lower than they were in the first half of 2016. The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses. O investment; consumption O nondurable goods; durable goods O durable goods: nondurable goods O consumption; investment
S Suppose that furniture production encompasses the following stages: Stage 1: Trees are sold to lumber company. Stage 2: Lumber is sold to furniture company. Stage 3: Furniture company sells furniture to retail store. Stage 4: Furniture store sells furniture to consumer. Instructions: Enter your responses as a whole number. a. What is the value added at each stage? Stage 1: $ Stage 2: $ Stage 3: $ Stage 4: $ b. How much does this output contribute to GDP? $ c. How much would this output contribute to GDP if the lumber were imported from Canada? $ $800 $ 2,000 $5,000 $9,000
When people living in America spend $10,000 to buy imported goods at the shopping mall, how does this affect U.S. GDP? O GDP decreases because we are buying foreign goods and not American goods. O GDP is not affected because the goods are not produced in America. O GDP increases by $10,000 because the consumers live in America. O GDP increases by an amount equal to the value added by the stores in the shopping mall. W ASUS 8 R

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True or False: Transfer payments reallocate income from one individual to another and are included in government expenditures. Therefore, transfer payments are included in the calculations for GDP. O True O False