Answered: Final goods and services

Business

Economics

Final goods and services

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts a year. The average T‑shirt begins life when a farmer plants seeds she put away last year, waters them, and harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T‑shirt factory for $1.50, which sells its T‑shirts to a wholesaler for $5, who sells it to Nordstrom for $10, which finally sells it to you for $17. Determine the impact of T‑shirts on annual GDP by calculating the value added of the entire production process. b. Now, calculate the amount spent on T‑shirts in a year if 100 million T‑shirts are sold, each for $17. How does this compare to the amount calculated through the value‑added method?
Which of the following best defines "capital" as a factor of production? Financial assets used by businesses. The money that the owners of a business reinvest from their profits. Instruments, machines, and buildings used in production. The knowledge and skills that people use in production of goods and services.
investories are included in GDP because a. they are considered government spending b. they will depricate c. they are value added to final goods d. they were produced and are sold in their final form
The investment component of gross domestic product (GDP) can be broken down into two main categories fixed investment and business inventories Explain what is included in each category. Edit View Insert Format Tools Table 12pt v Paragraph w BIUA Background color
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An example of a flow variable is a. capital. b. consumption expenditure by households. c. the machinery owned by a firm. d. the cash held by households.
A sold goods to B for 2000O. B whoes value added is 40000 sell half of its output to c and remaining to D. C sells all its output to D. D whoes value added is 30000 sell whole of its output to final consumers for 130000. Calculate value added by C.
7.A Investment spending A. responds more dramatically to changes in interest rates than to changes in business confidence, expectations, or technology. B. typically increases when the interest rate falls. C. does not respond to short-term interest rates. D. responds negatively to technical change and product innovation. 7.B Net exports in the United States A. will fall if prices in the United States rise relative to other nations' prices. B. will fall if China reduces trade barriers against the United States. C. will increase if prices in the United States rise relative to other nations' prices. D. will increase if the price level in China declines. 7.C In an Aggregate Demand (AD)/Aggregate Supply (AS) diagram, __________________________ could explain a rise in cyclical unemployment? A. a shift in AS to the left B. a shift in AS to the right C. a shift to the left in either AS or AD…
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1. Data on business investment can be a good indicator of whether the economy will likely be in a recession soon. This kind of data is called a ________ economic indicator. 2. Similarly, data on personal income can be a good indicator of whether the economy is currently in a recession. This kind of data is called a ________ economic indicator.
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