10. When did the U.S. economy recover to the same GDP level just prior to the Covid-19 pandemic. (a) In the first quarter of 2021 before any of President Biden's policies were implemented. (b) Only after President Biden's policies were implemented in the second quarter of 2021 (c) Only in 2022. (d) We have still not reached the 2019 level of GDP.

10. When did the U.S. economy recover to the same GDP level just prior to the Covid-19 pandemic. (a) In the first quarter of 2021 before any of President Biden's policies were implemented. (b) Only after President Biden's policies were implemented in the second quarter of 2021 (c) Only in 2022. (d) We have still not reached the 2019 level of GDP.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 8QR

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(c) Between 2018 and 2021, GDP measured in current prices fell from RM96 billion to RM48 billion. Over the same period, the relevant price index fell from 100 to 75. Calculate: (i) The percentage decline in nominal GDP from 2019 to 2021. (ii) The percentage decline in real GDP from 2019 to 2021. During the pandemic, the Malaysian real GDP is substantially lower than it was predicted prior to pandemic era. Prior to the pandemic, the economy is expected to grow at 5.5% per annum. However, due to the covid-19 disaster, the Malaysian economy now is expected to grow at 4.1%. A significant 1.4% lower than previously expected. (d) Explain the above statement in terms of the Malaysian citizens well-being.
The Malaysian government has recently announced that it will allocate RM75.6 billion for development expenditure in 2022. (a) Do you think this proposed increase in government spending will increase the GDP by the same amount? Why or why not? (b) Do you think this will increase the natural level of output?
Final output in the economy is pro- duced using capital K and labor L. The production function is: Y = ĀK/ L^/5 Assume that the supply of all inputs are exogenous and equal to L and K. Perfectly compet- itive firms are price-takers and choose how much capital and labor to demand by maximizing profits. Let w and r denote the wage and rental rate of one unit of labor and capital respec- tively.
For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?
Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?
The economic activity of a country is often quantified as the gross domestic product (GDP), which is the sum of private and government consumption, investments, and net exports (the value of exports minus the value of imports). For a developed country such as the United States, economists might see a GDP growth rate of 3% a year as reasonable. However, production and consumption create some pollution. By how much would pollution per dollar of GDP have to decline for pollution levels 50 years from now to be the same as current levels, assuming a 3% annual growth rate of GDP? In 75 years? In 100 years? (Hint: Let the current pollution level be 1 and find out what the future pollution level would be).
2. Suppose we have the following data to study if a country's per capita income (measured in thousands of dollars) is a function of its R&D spending (measured as a percentage of GDP). ( country 1 2 3 4 xi yi 1 4 2 6 3 7 4 10 (1) Calculate beta hats with OLS. (2) Calculate R2 and adjusted R².
a) The consumption function of UAE ix C100+0.5Y. The Private business sector has made on investmentof 100 million dirham to expand their business. How much national income will change in the UAE economy? Assume there is no government or foreign sector.
You want to explain Canada's GDP. You have quarterly data on GDP in current dollars from 2005 to 2020, Canada's population (in thousands of people), the trade deficit and the inflation rate. (b) What other regresors should you include in this model? Give at least two examples and explain why you think that they would be relevant in this model.
1. How many recessions did the US economy experience between 1929 and 2020? What were the four longest recessions between 1929 and 2019, not including the COVID-19 recession? What were the three deepest recessions between 1929 and 2019? That is, during which three recessions was the decline in real GDP biggest from peak to through? How long did the COVID-19 recession last?
Hand written solutions are strictly prohibited.
True or False Any change in spending (C, I, or G) will set off a chain reaction, leading to a multiplied change in GDP

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		(a) In the first quarter of 2021 before any of President Biden's policies were implemented.
		(b) Only after President Biden's policies were implemented in the second quarter of 2021
		(c) Only in 2022.
		(d) We have still not reached the 2019 level of GDP.