Consider the follovwing transactions that occur during the current year: 1. Andrew, a liquor store owner in Canada, orders 50 cases of beer from a Dutch distributor at a price of $40.00 per case. 2. A Canadian company sells 200 transistors to a Spanish company at $15.00 per transistor. 3. Darnell, a Canadian citizen, pays $1,500 for a laptop he orders from Microell (a Canadian company). Complete the following table by indicating how the combined effects of these transactions will be refiected in Canadian national accounts for the current year. Hint: Remember to enter a minus sign when the balance is negative. Amount (Dollars) Imports Exports Domestic Spending Net Exports Gross Domestic Product (GDP)

Consider the follovwing transactions that occur during the current year: 1. Andrew, a liquor store owner in Canada, orders 50 cases of beer from a Dutch distributor at a price of $40.00 per case. 2. A Canadian company sells 200 transistors to a Spanish company at $15.00 per transistor. 3. Darnell, a Canadian citizen, pays $1,500 for a laptop he orders from Microell (a Canadian company). Complete the following table by indicating how the combined effects of these transactions will be refiected in Canadian national accounts for the current year. Hint: Remember to enter a minus sign when the balance is negative. Amount (Dollars) Imports Exports Domestic Spending Net Exports Gross Domestic Product (GDP)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Questions 14-15 are a set of questions. Here is the table for the questions. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. Year 2009 2010 2011 Expenditures on Food $5,000 $5,800 $6,600 Consumer Price Index 160.0 168.0 X 14. Refer to the above Table. Suppose Will's 2010 food expenditures in 2011 dollars amount to $6,235. Then x, the consumer price index for 2011, has a value of (A) 171.2. (B) 175.0. (C) 177.5. (D) 180.6. 15. Refer to the above Table. Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,670. Then (A) the consumer price index was 11.8 percent higher in 2011 than it was in 2009. (B) the inflation rate in 2011 was 8 percent. (C) Will's 2011 food expenditures in 2009 dollars amount to $5,740. (D) Will's 2010 food expenditures in 2011 dollars amount to $6,210. * 3 points * 3 points
When deciding how much of your income to save for retirement, should you consider the real or the nominal interest rate that your savings will earn? Explain, applying what you know about the difference between real and nominal from our application of GDP.
What are the names of the following events in a business cycle? a) the high point of economic activity b) the low point of economic activity c) the period between the high point of economic activity and the following low point. d) The period between the low point of economic activity and the following high point.
Questions 14-15 are a set of questions. Here is the table for the questions. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. Year 2009 2010 2011 Expenditures on Food $5,000 $5,800 $6,600 Consumer Price Index 160.0 168.0 X 14. Refer to the above Table. Suppose Will's 2010 food expenditures in 2011 dollars amount to $6,235. Then x, the consumer price index for 2011, has a value of O(A) 171.2. (B) 175.0. O (C) 177.5. (D) 180.6. 15. Refer to the above Table. Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,670. Then (A) the consumer price index was 11.8 percent higher in 2011 than it was in 2009. (B) the inflation rate in 2011 was 8 percent. O(C) Will's 2011 food expenditures in 2009 dollars amount to $5,740. (D) Will's 2010 food expenditures in 2011 dollars amount to $6,210. * 3 points * 3 points
If the economy of a country can be summarized to the following events on a given year. Price per unit Quantities/units 1,000,000 25 Meals taken from restaurants Food purchased by restaurants 2,000,000 8 Social security and pension payments by government 500,000 100 White goods and electronic products 100,000 250 New cars produced locally 9,000 20,000 Second hand cars 15,000 8,000 2,000 250,000 Purchase of new flats in country's main city Selling of iron ore to China 20,000 100 Purchase of rice from Vietnam 8,000 70 2,000 10,000 Students enrolmen,ts at university Governement building hospital 1 150,000,000 25 Purchase of clothes 1,000,000 Required: Calculate the GDP in specific year based on the information given in the table. Show your working.
For a country, we have given the following figures for different variables for the year 2016 and 2016, respectively year 2020. All national accounts figures are expressed in NOK billion. a) Calculate the following quantities: 1) the country's disposable income in 2020. 2) the country's savings in 2020. 3) the country's imports in 2016. 4) the unemployment rate expressed as a percentage of the labor force in 2020. tax details given inthe picture
The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP). 2170 2070 E 1970 1870 1770 1947 REAL GOP (Billions of dollars) 1948 1949 YEAR 1950 1951 Source: "Current-dollar and Real GDP Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/shs/gdplev.xls
Refer to the below tale for the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. Give the nominal GDP for year 4 ( Note: that the answer should be the dollar sign and a number with no space between the two.) Units of Price Year output per unit 16 $2 20 3 30 36 40 3 456 12345
How do you show in a graph the difference in behaviour of the current average productivity of labour and employment in the real business cycle.
Only three goods are produced in an economy in the following amounts: A = 9, B = 22, C = 9. The current year per-unit prices of these three goods are A = 2, B = 6, and C = 5. Nominal GDP in the current year is
Consider a simple economy that produces only three goods. Assume that all goods produced are consumed in same period (no inventories). Following table provides information on price and quantity produced and consumed of each of three goods: 2021 2021 2022 2022 Price Quantity Price Quantity Good 1 25 25 40 33 Good 2 45 45 60 35 Good 3 80 50 90 45 Calculate nominal and real GDP for both years using 2021 as the base year. Then calculate inflation rate derived from the GDP deflator and real GDP growth between 2021 and 2022. Calculate Consumer Price Index (CPI) for each year using share of consumption of each product in 2021 as a weight. Then find CPI inflation rate between 2021 and 2022. Is this inflation rate different from GDP deflator inflation rate? Discuss reasons for differences, if any. True, false or uncertain? Above results show that GDP deflator is worse than CPI for measuring changes in average prices in economy. Comment
The base year in a country for the calculation of national income data is 2012. Real GDP in this country grows at the rate of 5 percent per year. The GDP deflator in this country increases at the rate of 2 percent per year. If the real GDP in this country in 2011 was 20,000 manats, what would be the value of nominal GDP in 2013? Nominal GDP in 2013 = manats. Do you know what country uses manat as its currency? Part B: The base year in a country for the calculation of national income data is 2012. Real GDP in this country grows at the rate of 5 percent per year. Nominal GDP in this country increases at the rate of 8 percent per year. If the real GDP in this country in 2011 was 50,000 tenges, what would be the value of GDP deflator in 2013? GDP deflator in 2013 = tenges. Do you know what country uses tenge as its currency?