Fill in the missing portion of the following table and answer the following questions: (Billions) (Negative figures are surpluses) Year 2007 2008 2009 2010 2011 Potential Nominal GDP O248 billion O262 billion O 413 billion O 348 billion 14,449 14,981 15.310 15,647 16,134 Actual Nominal GDP 14,478 14,719 14,419 14,964 15,518 Shortfall in Output 29 262 892 682 616 Tax Rate 25% 25% 25% 25% 25% What was the structural budget deficit in 2008? Actual Budget Deficit (Minus Automatic Stabilizors) 183 413 1,063 877 891 Cyclical Budget Deficit 66 154 Structural Budget Deficit 190 707 Actual Budgot Deficit % of GDP 1.26% 5.86% 57 9

Fill in the missing portion of the following table and answer the following questions: (Billions) (Negative figures are surpluses) Year 2007 2008 2009 2010 2011 Potential Nominal GDP O248 billion O262 billion O 413 billion O 348 billion 14,449 14,981 15.310 15,647 16,134 Actual Nominal GDP 14,478 14,719 14,419 14,964 15,518 Shortfall in Output 29 262 892 682 616 Tax Rate 25% 25% 25% 25% 25% What was the structural budget deficit in 2008? Actual Budget Deficit (Minus Automatic Stabilizors) 183 413 1,063 877 891 Cyclical Budget Deficit 66 154 Structural Budget Deficit 190 707 Actual Budgot Deficit % of GDP 1.26% 5.86% 57 9

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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AS2 AS₁ AS₁ AS2 哎哎 AD AD 0 0 Real domestic output Real domestic output (A) (B) AS IX IX Price level 0 Real domestic output (C) Multiple Choice During the COVID-19 pandemic Canadian exports to our major trading partner, the U.S.A. plummeted. Which of the above diagrams best portrays the effects of sthat on the Canadian economy? O O A Price level B Real domestic output (D) < Prev *** 56 of 65 Next BRANDFAT
Table 6.7 $Billions 625 Compensation of employees Proprietors' income Corporate profit 70 50 Net interest 40 Rent al income 15 90 Deprecation Indirect taxes 35 Direct taxes 60 Subsidies 10 Payments of factor income to the rest of the world Receipts of factor income from the rest of the world 25 20 Refer to Table 6.7. The value for gross domestic product in billions of dollars is Select one: O a. 975. O b. 720. O c. 920. O d. 800. Any point out inside the Production Possibility Frontier (PPF) is inefficient and impossible. Select one: O True O False
Table 7-2 Year 1 Year 1 Year 2 Year 2 Goods Quantities Prices Quantities Prices A 90 $1.50 80 $1.40 80 $0.60 70 $0.70 C 70 $0.40 60 $0.50 Refer to Table 7-2. GDP in Year 1 is O $215.00 O $211.00 O $186.00 O $191.00
19)Which of the following best illustrates the ceteris paribus assumption? * a)If the law requires people to wear seatbelts in order to reduce fatality rates, it may also cause people to drive faster. b)Chris notices that when economists discuss policy, they use the word "should" quite a lot, and they tend to disagree c)Felicia argues that since her company makes less profit when it limits its toxic pollution emissions, it must be true that pollution regulations are bad for everyone d)Caitlin notices that all other things being equal, her grades are higher the more time she spends studying
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1. Aggregate expenditures and income The following table shows consumption (C), investment (1), government spending (G), and net exports (X-M) in a hypothetical economy for various levels of real GDP (Y). Assume that the price level remains unchanged at all levels of income. All figures are in billions of dollars. Compute aggregate expenditures for each income level and fill in the last column In the following table. Y с G 500 525 250 150 600 550 250 150 575 250 150 600 250 150 -200 900 625 250 150 -200 700 800 AL AGGREGATE EXPENDITURES (Billions of dollars) The following graph shows real GDP on the horizontal axis and aggregate expenditures (AE) on the vertical axis. The orange line (square symbols) represents a 45-degree (Y-AE) line. 1000 Use the blue points (circle symbol) to plot the aggregate expenditures line for this economy. Line segments will automatically connect the points. 900 300 I 700 X-M Aggregate Expenditures -200 725 -200 750 775 800 825 600 500 + -200 AE line *+…
(Figure: Total Expenditures) As the price of the product rises from $0 to $40, what happens to total expenditures? Price $100 90- 80 70 60 50- 40- 30- 20 10 D 0 10 20 30 40 50 60 70 80 Quandty a. Total expenditures increase, reaching a maximum at a price of $40. b. Total expenditures remain unchanged. OcTotal expenditures first increase and then decrease, as price approaches the midpoint of the demand curve. d. Total expenditures decrease, reaching a minimum at a price of $40.
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Question 1 The Consumer Price Index (CPI) is designed to reflect O only prices faced by consumers in their purchases with discretionary income O only prices faced by consumers for essential goods and services O only prices faced by consumers for personal entertainment O all prices faced by consumers Question 2 The Personal Consumption Expenditures Price Index (PCEPI) is design to reflect Oonly prices faced by consumers in their purchases with discretionary income Oonly prices faced by consumers for essential goods and services Oonly prices faced by consumers for personal entertainment. all prices faced by consumers TI Att 9
4) Listen Consumption per period (billions of dollars) 券 $1,600 1,400 Consumption 1,200 శ్రీఎనాలడ్ =శ 1,000 800 400 200 $400 800 1,200 1,600 2,000 2,400 Disposable personal income per period (billions of dollars) Reference: Ref 11(26)-3 Figure: Consumption and Disposable Personal Income (Figure: Consumption and Disposable Personal Income) Use Figure: Consumption and Disposable Personal Income. When disposable personal income is $2,000 billion, consumption is billion.
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Problem 1 The various expenditure categories within the economy are: C = 600+ 0.8Yd | = 800 G = 600 NX = 0 T= 700 Refer to problem 1. Equilibrium Real GDP is O 7200 O 4200 O 1800 O 5500