Answer the next question on the basis of the following data. All figures are in billions of dollars.Gross investment$ 18National income100Net exports2Personal income85Personal consumption expenditures70SavingGovernment purchases20Net domestic product105Statistical discrepancyConsumption of fixed capital isO $5.$10.$20.$30.

In an economy, consumption of fixed capital is also known as depreciation and it is the difference…

Answered: Answer the next question on the basis…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Why is per capita gross domestic product (per capita GDP) better than gross domestic product (GDP) as a measure of a country's wealth? O Location and land mass have a large effect on GDP and must be considered in assessing a country's economy. O Because per capita GDP takes population into account, it is more useful for comparing the standard of living in different countries. O Per capita GDP provides information on income, while GDP only provides information on investment. O Per capita GDP includes the value of land, minerals, and crops not counted by normal GDP. The advantages of the sole proprietorship include O ease of start-up © full control ob business decisions © exclusive rights to profits © all of the above
QUESTION 28 In year one, real GDP is $4,500 and in year two real GDP is $4,800. What was the growth rate of real GDP between years one and two? OA. -approximately 7% OB-6, 25% OC 93.75% OD. approximately 15% QUESTION 29 The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the O A. Bureau of Econamic Analysis O B. National Bureau of Cconomic Research OC Bureau of Labor Statistics O D.Council of Economic Advisors QUESTION 30 Which of the following is an example of a final good or service? OA. Paint purchased by Ford, Inc. used to paint their new fleet of Mustangs. OB. Beef bought by a restaurant owner from a wholesale food distributor. OCA brand new economics text book purchased by a PGCC student. O Jet Fuel bought by Northwest Airlines to power its fleet of planes. QUESTION 31 Which of the following is true about real GDP? O A. IL is always equal to nominal GDP O B. IL increases only when price increases OCIL increases only when output…
am. 20.
At the beginning of the year, Tom's LTD had a capital stock of 5 machines. During the year, Tom scrapped 2 old machines and purchased 3 new machines. Tom's gross investment for the year is O 2 machines. O 1 machine. O 6 machines. O 3 machines.
Refer to the following table National Consumption Investment Government Net income spending spending spending exports 260 260 280 270 225 25 10 5 25 10 5 300 280 25 10 320 290 25 10 LQ LQ 5 340 300 25 10 5 360 310 25 10 5 LQ LO What is the equilibrium Y? a. 260 b. 280 c. 300 d. 320 cross out cross out cross out cross out e. 340 cross out
Companies often produce more goods in a year than they end up selling. How do the unsold goods impact GDP in the year they are produced? O The unsold goods are considered inventory and their value will increase investment spending in the year they are produced. O None of these statements is correct. O The unsold goods are not counted until they are sold in a later year. O The unsold goods are considered durable goods, and their value will increase consumption spending in the year they are produced. « Previous Next » ASUS 14 18 E3 [X & 4 8 9. Y 6
Help Save Arthur sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300. Camille uses the cloth to make prom dresses that she sells to Donita for $700. Donita sells the dresses for $1,400 to kids attending the prom. The total contribution to GDP of this series of transactions is 37:07 Multiple Choice O $2,500. ○ $700. O SC $1,400. $1,300. 1 2 zoom Q W A S $ % 54 #3 E ய сла 5 MacBook Pro K6 & * ( 7 8 9 R T Y U - +1 יו O O D F G H J K L Z X C T H option command > B N M - A جو P { } [ ] = ? command option
QUESTION 3 Suppose the total market value of all the final goods and services produced in the country of GDPLAND was 530 billion in 2019 (measured in 2019 prices) and 532 billion in the year 2020 (measured in 2019 prices). Which of the following statements is definitely correct? O Nominal GDP increased in GDPLAND between 2019 and 2020. O Average price levels increased in GDPLAND between 2019 and 2020. O Production increased in GDPLAND between 2019 and 2020. O None of these statements is correct.
GDP in an economy is $23,600 billion. Consumer expenditures are $18,000 billion, corporate profits are 600 billion, government purchases are $6,000 billion, and gross private domestic investment is $300 billion, stock purchases are $500 billion. What is the value of the net exports? O+$400 billion O-$700 billion O-$1.800 billion O-$300 billion O+$500 billion
You Answered Suppose that the economy is made up of a single firm, which pays $300rin interest payments, pays $300 in its labour costs, and pays $2,000 in rental costs for its building. The rest of its revenues are paid out to the owners of this firm. Correct Answer This firm also produces $10,000 of its final product, selling $7,000 to domestic consumers, keeping $2,000 to replenish its inventories, and selling the rest abroad. In this little economy, using the Income Approach, what is the total amount of Business Profits? Note: Round your answers to two decimal places. 8,700 9.400 margin of error +/-0.1
H10.
Table 7-3 (in $ billion) consumption $1,100.00 %3D inventory investment = $460.00 purchased of new capital goods = $560.00 government purchases = $300.00 %3D exports = $20.00 %3D imports $33.00 %D purchased of new residential housing = $58.00 %3D Refer to Table 7-3, GDP equals O $2,165.00 O $2,432.00 O $2,465.00 O $2,425.00

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