2. Personal income and expenditures data There are various categories people spend their personal income on which include goods, services, and taxes. Specifically, in the United States, the second largest category personal income is spent on is

2. Personal income and expenditures data There are various categories people spend their personal income on which include goods, services, and taxes. Specifically, in the United States, the second largest category personal income is spent on is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Categories of expenditures Paolo and Sharon Zambetti live in Conshohocken, PA. Sharon's father, Van, lives in Sweden. X For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply. Transaction Sharon's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. Paolo's employer upgrades all of its computer systems using U.S.-made parts. Sharon gets a new refrigerator made in the United States. Paolo buys a sweater made in Guatemala. The Pennsylvania Department of Transportation, a state administration, fixes potholes along PA highway 23, which feeds into the center of Conshohocken. C I ☐ 0 G ☐ 0 О 0 ☐ 010 ΣΟ Ο ☐ 0 ☐ 0
a What is the total value of government spending? b What is the value of total consumer spending? c What is the country's total GDP?
Suppose that an economy consists of only two individuals. Trevor has $1150 available to spend on goods. He decides to purchase $210 worth of produce from Juanita in the current quarter. No other economic activity takes place during the current quarter. Using this information, answer the questions. For the current quarter, what is the economy's income? $ For the current quarter, what is the economy's expenditure? In an economy, how are income and expenditure related? Income is greater than expenditure. O Income is less than expenditure. They are unrelated. O They are equal.
Refer to the figure below: Insurance and pensions 11.9% Item a. Entertainment b. Transportation c. Clothing Housing 32.8% Item Weight 0.053 0.159 0.03 Entertainment 5.3% Transportation 15.9% Price Change 20% -8% 100% Health care 8.1% Source: U.S. Bureau of Labor Statistics, Consumer Expenditure Survey (2018 data). Use the item weights in the figure to determine the percentage change in the CPI that would result from a(n) a. 20 percent increase in entertainment prices. b. 8 percent decrease in transportation costs. c. doubling of clothing prices. (Note: Review the table titled "Computing Changes in the CPI" in your text for assistance.) Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Food 12.9% Impact on CPI (Inflation Effect) Clothing 3.0% Miscellaneous 10.1%
Problem 1 The table below contains data about a hypothetical economy comprised of three firms. Value of sales Intermediate goods Wages Interest payments Rent Profit Total expenditure by firm Value added by firm Ore Firm ● 4200 (ore) 0 2000 1000 200 1000 4200 Steel Firm 9000 (steel) 4200 (iron ore) 3700 600 300 200 9000 • Calculate the value added by firm; ● Calculate the total factor income; ? Calculate the GDP of the economy: 1) Using the national spending approach; 2) Factor income approach; 3) Value added approach. Car Firm 21500 (car) 9000 (steel) 10000 1000 500 1000 21500 ? Total factor income ? ? ? ?
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The following is production data: Orange Juice (Quantity) 600 610 620 Year Waffles Waffles (Quantity) (Price) 2010 100 $3 2011 120 $3.20 2012 150 $3.50 Orange Juice (Price) $1 $2 $3 Toaster Ovens (Quantity) 280 300 300 Toaster Ovens (Price) $22 $25 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 80 waffles, 20 units of orange juice and 10 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me the price/cost of the market basket for 2012.
The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the A. Bureau of Economic Analysis B. National Bureau of Economic Research C. Bureau of Labor Statistics D. Council of Economic Advisors
This question is based on the following chart below. 1999 Avg 1977 Avg Income Income Group Income Lowest fifth $10,000 $8,000 Second fifth $22,100 $20,000 Middle fifth $32,400 $31,400 Fourth fifth $42,600 $41,500 $74,000 $102,300 Highest fifth Top 1% $234,700 $515,600 Source: Center on Budget and Policy Priorities (CBPP) The Center on Budget and Policy Priorities (CBPP) breaks the U.S. population into fifths based on the after-tax household income level. Which conclusion can be drawn based on the facts in this chart comparing 1999 to 1977 average income? A. The middle-fifth income group demonstrated more of an increase than the lowest- fifth in earnings. B. The highest-fifth income group demonstrated the greatest increase in earnings. C. Only two income groups demonstrated a decline in earnings. D. All income groups increased their average incomes in 1999. E. The top 1% income group's earnings increased more than that of the other income groups.
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2. Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2020. 2020 GDP Scenario Included Excluded Sofaland, a Swedish furniture company, produces a table at a plant in Virginia on December 5, 2020. It sells the table to a college student on December 24. You chop down a cherry tree on your property in California and make a dining room table in 2020. A similar table sells for $800 in a local furniture store. Zippycar, a U.S. automobile company, produces a convertible at a manufacturing plant in Minneapolis on January 21, 2020. It sells the car at a dealership in San Francisco on February 10, 2020. Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 10, 2020. Athleticus imports the pair…