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- Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declinesHow would a dramatic increase in the value of the stock market shift the AD curve? What effect would the shift have on the equilibrium level of GDP and the price level?In the GDP equation, business spending is referred to as: O Consumption Investment O Government O Net Exports
- The table below gives some of the items in the U.S. National Income and ProductAccounts in 1995.ItemAmount(trillions ofdollars)Consumption expenditure 4.97Investment 1.14Government expenditures 1.37Net exports 0.08Wages 4.20Interest, rent, and profit 1.68Depreciation 0.89a) Use the expenditure approach to calculate U.S. GDP in 1995.b) Use the income approach to calculate U.S. net domestic product at factor cost inAn American retailer purchased 100 pairs of shoes from a company in Mexico in the second quarter of 2016 but does not sell them to a consumer until the third quarter of 2016. In which quarter(s) does(do) the value of the shoes add to U.S. GDP? O the third but not the second quarter O the second quarter but not the third quarter O the second and third quarters O neither the second nor the third quarter Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Which of the following description best explains the expenditures approach to calculating GDP? O consumer spending, private investment, government spending, exports minus imports O consumption, business purchase of raw material, government social security payments, and exports O investment, consumption, wages, and imports O savings, income, investment, and exports
- Match each definition to the appropriate component of aggregate demand. Definition The sum of the expenditures of business firms on new plant, equipment, and software and of households on new homes The goods and services purchased by all levels of government The total amount spent by consumers on newly produced goods and services The difference between exports and imports ⒸNet exports O Government spending Consumer Expenditure Which of the following components represents the largest piece of aggregate demand? O Consumer expenditure O Investment spending O Which of the following components represents the smallest piece of aggregate demand? O Consumer expenditure O Government spending O Investment spending ONet exports Investment Spending Government Spending Net Exports O O O OC Net Exports ($ bilions) Suppose that the net exports function in an economy is shown by the graph at right. Net Exports Function Use the line drawing tool to draw and label a new line that shows the impact of an increase in foreign income on the net exports function. Make sure that the line starts at Actual National Income level of 0 and that it crosses the x-axis. 120 90- 60 Carefully follow the instructiona above, and only draw the required objects. 30- 0- H00 -30- -60 -90- -120- Actual National Income (S billions)A country's GDP is being measured by the expenditure method. Various categories of expenditure are recorded as follows (in billions of dollars): households' spending on consumption firms spending on capital goods firms' additions to inventories govemment spending on services government spending on capital goods government transfers (e.g., Social Security) value of exports value of imports 100 15 O$143 billion O$135 billion O$123 billion $167 billion None of the other answers are correct. 1 10 2 20 7 12 [If the image above doesn't appear click here to open it in a new tab.] What is the correct estimate of GDP?
- Suppose that an economy consists of only two individuals. Trevor has $1310 available to spend on goods. He decides to purchase $130 worth of produce from Krista in the current year. No other economic activity takes place during the current year. Using this information, answer the questions. For the current year, what is the economy's income? For the current year, what is the economy's expenditure? In an economy, how are income and expenditure related? O Income is greater than expenditure 24 MacBook Air In an economy, how are income and expenditure related? Income is greater than expenditure. O They are equal. Income is less than expenditure. They are unrelated.If we want to calculate total spending in the economy, then we will include all of the following except: O spending by firms on new capital equipment spending by households on newly built houses government spending on new goods and services tax revenue collected by the governmentSuppose a US-owned firm in Canada imported $1000 worth goods from China in 2018. This company ended up selling only $800 of the imported goads to domestic final users. Which of the following would occur from these transactions for the 2018 GDP expenditure side?? Select one or more: O NX, falls by $800. O G, goes up by $1000 O X, goes down by $1000 O C, goes up by $800 O rises by $200 IM, goes up by $1000.