GDP includes the goods and services produced O A. within a country's borders by citizens and by non – citizens minus the production abroad by the country's citizens. O B. by a country's legal citizens regardless of where in the world they are located. O C. within a country's borders by citizens and non - citizens plus goods produced abroad by the country's citizens. O D. within a country's borders by citizens and by non – citizens. O E. by a country's citizens but not by non - citizen's within the country's borders.

GDP includes the goods and services produced O A. within a country's borders by citizens and by non – citizens minus the production abroad by the country's citizens. O B. by a country's legal citizens regardless of where in the world they are located. O C. within a country's borders by citizens and non - citizens plus goods produced abroad by the country's citizens. O D. within a country's borders by citizens and by non – citizens. O E. by a country's citizens but not by non - citizen's within the country's borders.

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

Table 4.7.1 Inventory Investment $20 Net Exports -$100 Small Business Capital Consumption Household $65 Consumption Non-Profit Capital Spending $800 Government Capital Spending $30 $12 Government Net Operating Capital Consumption Government $35 $115 Surplus Non-Profit Consumption Business Capital Spending $200 Consumption Wages and Salaries $15 $400 $700 Corporate Capital Consumption Employers' Social Contributions Net Mixed Income $100 $150 Taxes Less Subsidies $130 $100 60) Refer to Table 4.7.1. What is GDP? Select one: a. 1054 b. 1236 c. 1386 d. 1452 e. 1501
a. It takes Country A two hours to produce a unit of consumer goods and five hours to produce a unit of capital goods. Country B can produce a unit of consumer goods in one hour and a unit of capital goods in four hours. Which country has a comparative advantage in the production of consumer goods? Explain. b. Country A has the following labor market data: Employed Frictionally unemployed Structurally unemployed Cyclically unemployed 91,000 4,000 2,000 3,000 Not in the labor force, aged 16 years and over 25,000 Calculate the unemployment rate for Country A. c. Calculate the labor force participation rate for Country A. d. Illustrate Country A's current employment of resources every 10 hours on a production possibilities curve with capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity costs. Indicate the current employment based on the data from (b) with a point labeled E.
The United States currently is O A. a net borrower and has been since the end of World War II in 1945. B. a net lender and has been since the 1980s. C. a net lender and has been since the end of World War II in 1945. D. a net borrower and has been since the 1980s. O E. neither a net lender nor a net borrower.
T-shirts 1000 A 500 Costa Rica 500 T-shirts 1000 1000 Rice (Intons) O 750 T-shirts and 750 tons of rice. O 500 T-shirts and 1000 tons of rice. O1500 T-shirts and 1500 tons of rice. O1000 T-shirts and 500 tons of rice. O1000 T-shirts and 1500 tons of rice. 500 0 United States 500 1000 Rice (In tons) Refer to Exhibit 2.1, which shows the production for rice and t-shirts for two countries: Costa Rica and the United States. Assume exactly country produces half of its total production in each good and they are the only producers of T-shirts and rice. What is the total production of T-shirts and rice?
Two countries, Alpha and Beta, have identical production possibilities frontiers. If Alpha produces at point A and Beta produces at point B, then O A. Alpha's economic growth rate will exceed Beta's OB. Alpha's and Beta's economic growth rates will be the same OC. Beta's future consumption will be less than than Alpha's O D. Alpha consumes more than Beta today, but it will grow slower than Beta ó Capital goods (per person) B Consumption goods (per person) PPF
1. Consider a simple example economy where there are three companies. Gelato Inc. is an Italian company that produces ice cream; it is located in St. Louis but owned by an Italian chemist who sends from time to time secret formulas for new flavors. Milky Way is a milk producer in the St. Louis area. Finally, Sweetyou is a sugar producer, also located in St. Louis. In 2019, Gelato Inc. produced and sold to consumers $500 worth of ice cream, using $50 of sugar and $100 of milk. It also paid $150 in wages and $50 in taxes. Milky Way produced $200 worth of milk. It sold $100 to Gelato Inc. and $100 to the consumers. It paid $100 in wages, $20 in interests on a previous loan, and $30 in taxes. Sweetyou produced $200 worth of sugar, of which $50 was sold to Gelato Inc., $100 was exported to France, and the remaining was unsold. Sweetyou paid wages for $100 and $40 in taxes. The government in this St. Louis based economy provides public services for which it employs labor and basic income for…
10
Goods Grapes Textiles Spain 8 4 Note: figures are hours of labor per unit of output France 15 5
am. 118.
Select one or more: O a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, the ratio of GDP per capita between the two countries is unchanged. O b. If a country's GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate. O c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a linear scale graph against time the gap between the two lines must be narrowing. O d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log scale graph against time the gap between the two lines will be constant.
. Assume there is a two person economy, where they have only coffee and nuts. Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee in an hour or gather 4 pounds of nuts. Each works 6 hours per day. a. What is the maximum pounds of coffee that the two can pick each day? b. What is the maximum pounds of nuts that the two can gather each day? c. Draw their individual and group production possibility curves (assuming constant marginal returns). d. What is one combination that would be considered an inefficient level of production in this economy. e. What is one combination that would be considered an unattainable level of production in this economy.