Just solve questions 46-48, thank u!39.GDP includes:neither intermediate nor final productsboth intermediate and final productsintermediate, but not final, productsfinal, but not intermediate, products40.Suppose that a business had implicit costs of $500000 and had explicit costs of $5 million in a specific year.If in that year the firm sold 100 000 units of its output at$50 per unit, its accounting:profits were zero and its economic losses were $500 000losses were $500 000 and its economic losses were zeroprofits were $500 000 and its economic profits were $1millionprofits were zero and its economic profits were $500 00041.The elasticity of demand for a product is likely tobe greater:if the product is a "necessity" rather than a "luxury"goodthe greater the amount of time over whichproducers adjust to a price changethe smaller the number of substitute productsthe greater the amount of time over which buyersadjust to a price change42.In which of the following instances does totalrevenue increase?price falls and supply is inelasticprice falls and demand is unit-elasticprice rises and demand is inelasticprice rises and demand is elastic43.Which of the following is a microeconomicstatement?Total economic output increased by 2.5 percent lastyear.Unemployment was 9.8 percent of the labour forcelast year.The price of wheat declined last year.The general price level increased by 4 percent lastyear44.The multiplier effect means that:consumption is typically several times larger thanwithdrawalsan increase in spending can cause aggregate demand tochange by a larger amountan increase in consumption can result in a largerincrease in government purchasesa small decline in MPC can cause aggregate demand torise by several times that amount45.The spending multiplier is calculated using theformula:1/MPW(1-MPW)/MPC(1-MPC) MPW1/MPC46.Which of the following is not a tool of monetarypolicy?an increase in the target overnight ratean open market purchase of bondschanges in tax ratesan open market sale of bonds47.If government purchases increase by $20 billionand aggregate demand shifts rightward by $30 billionas a result, we can conclude that:the spending multiplier is 2.00the MPC for this economy is 0.33unemployment is risingthe MPW for this economy is 0.3348.The public debt:refers to the debts of Canadian governments,businesses, and householdsconsists of the total debts of Canadian provincial andterritorial governmentsrefers to the collective amount that Canadians owe toforeignersconsists of the accumulation of all past federal deficitsminus any federal surpluses

The monetary policy is a concept where the central bank attempts to alter the nominal money…

Answered: 46.Which of the following is not a tool…

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 1.2P

See similar textbooks

Related questions

Question

Just solve questions 46-48, thank u!

39.GDP includes:
neither intermediate nor final products
both intermediate and final products
intermediate, but not final, products
final, but not intermediate, products
40.Suppose that a business had implicit costs of $500

000 and had explicit costs of $5 million in a specific year.

If in that year the firm sold 100 000 units of its output at

$50 per unit, its accounting:

profits were zero and its economic losses were $500 000
losses were $500 000 and its economic losses were zero
profits were $500 000 and its economic profits were $1

million

profits were zero and its economic profits were $500 000
41.The elasticity of demand for a product is likely to

be greater:

if the product is a "necessity" rather than a "luxury"

good

the greater the amount of time over which

producers adjust to a price change

the smaller the number of substitute products
the greater the amount of time over which buyers

adjust to a price change

42.In which of the following instances does total

revenue increase?

price falls and supply is inelastic
price falls and demand is unit-elastic
price rises and demand is inelastic
price rises and demand is elastic
43.Which of the following is a microeconomic

statement?

Total economic output increased by 2.5 percent last

year.

Unemployment was 9.8 percent of the labour force

last year.

The price of wheat declined last year.
The general price level increased by 4 percent last

year

44.The multiplier effect means that:
consumption is typically several times larger than

withdrawals

an increase in spending can cause aggregate demand to

change by a larger amount

an increase in consumption can result in a larger

increase in government purchases

a small decline in MPC can cause aggregate demand to

rise by several times that amount

45.The spending multiplier is calculated using the

formula:

1/MPW
(1-MPW)/MPC
(1-MPC) MPW
1/MPC
46.Which of the following is not a tool of monetary

policy?

an increase in the target overnight rate
an open market purchase of bonds
changes in tax rates
an open market sale of bonds
47.If government purchases increase by $20 billion

and aggregate demand shifts rightward by $30 billion

as a result, we can conclude that:

the spending multiplier is 2.00
the MPC for this economy is 0.33
unemployment is rising
the MPW for this economy is 0.33
48.The public debt:
refers to the debts of Canadian governments,

businesses, and households

consists of the total debts of Canadian provincial and

territorial governments

refers to the collective amount that Canadians owe to

foreigners

consists of the accumulation of all past federal deficits

minus any federal surpluses

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.