he following graph shows total production (TP) and total expenditures (TEr a hypothetical economy. Suppose Real GDP is $425 billion.TOTAL EXPENDITURE (Billions of dollars)600575550525500475450425400400425450475500525550575600REAL GDP (Billions of dollars)(TP Real GDP)TE?decreasedo not changeIf Real GDP is $425 billion, invincreasecut backdo not changeraisethe firmsdecreases to $400does not changeincreases to $475increases to $600production, and Real GDPmas

Total expenditure is equal to real GDP when equilibrium occurs. In this case, the equilibrium value…

Answered: he following graph shows total…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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What are the main components of measuring GDP with what is demanded?
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QUESTION TWOSuppose that the economy of Mwaliteta Republic has the following data for some economic variables. Assume that Mwaliteta Republic has a population of 500,000 people.Variable Amount in million ZMWExpenditure on Non-durable goods 98Non-residential fixed investment 79Central government expenditure 60Local government expenditure 82Expenditure on durable goods 82Expenditure on services 99Export expenditure 60Inventory Investment 5Depreciation 4Property income from abroad 12Indirect taxes 12Residential fixed investment 42Personal income tax…
Question # 6 Based on the following data for a hypothetical economy Millions Wage and salaries Government Purchases Exports Rental Income Profit Interest Consumption and spending Imports Private investment Spending $6000 $2000 $2650 $450 $1600 $1000 $4800 $2400 $2000 a. Calculate the GDP using expenditure approach: b. Calculate the GDP using income approach: c. Suppose that in the next vear export deerease to 1650 million. Import increase to 3400 million and consumption falls to 2800 million. What will the GDP be in that year?
Question 1 1 points Save Answer A company produced 8 dishwasher machines in 2015. The company sold 6 to households in 2015 and added 2 to its inventories. The market value of the dishwasher machines in 2015 was $200 per unit. What is the value of this company's output that will be included O $400 O $1,400 O $1,600 O $2,000 the 2015 GDP?
Time left 1:52:43 Item € (billion) 10 12 13 Government purchases of goods and services 250 19 22 Compensation of employees 1,675 Gross investment 325 Finish attempt.. Rental income 20 1425 Consumption expenditures Net interest 40 Net exports of goods and 100 services Indirect business taxes and 300 depreciation The above table shows some (but not all) national income accounting data for a hypothetical country. According to these data, the value of GDP is billion. O €1,850. O €2,100. O €2,000. O €2,050. 21 11 20
If we want to calculate total spending in the economy, then we will include all of the following except: O spending by firms on new capital equipment spending by households on newly built houses government spending on new goods and services tax revenue collected by the government
Give typing answer with explanation and conclusion what is the US GDP for the first quarter and second quarter of 2021? What is the personal consumption expenditures for the first quarter and second quarter of 2021?
mod/quiz/attempt.php?attempt%3D23653&cmid3D16138page3D13 e 2021 Calculate GDP using the information in the table below: $Billions Government purchases of goods 800 Services Imports 00. Change in business inventories 40 Durable goods Nondurable goods 009 Residential investment 00. Government purchases of services 200 Nonresidential investment Select one: O a. 3650 O b. 3440 Do3140
Classify each of the following items as a final good or service or an intermediate good or service, and identify which is a component of cons government expenditure on goods and services. A. A new limousine for the president B. Banking services bought by a student C. New airplanes bought by United Airlines D. Packing boxes bought by Amazon.com O 1. A is an intermediate good, B is a final service that is consumption expenditure, C is a final good that is investment, and D is a final good that is investment. O2. A is a final good that is government expenditure, B is a final service that is consumption expenditure, C is a final good that is consumption expenditure, and D is a final good that is investment. O 3. A is an intermediate good, B is a final service that is investment, C is a final good that is investment, and D is an intermediate good. O4. A is a final good that is government expenditure, B is a final service that is consumption expenditure, C is a final good that is investment,…
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Production Year 2 50 120 Year 1 $1.00 $0.60 Year 2 $1.20 $0.60 Year 1 Good X 50 Year 3 60 Year 3 $1.20 $1.00 Good Y 100 140 1-Assume that this economy produces onlytwo goods Good X and Good Y. The value for this GDP in year 1 is 2-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3-Assume that this economy produces only two goods Good.X and Good Y. The value for this economy's nominal GDP in year 2 is 4-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6- Assume that this economy produces only two goods Good X'and Good Y If year 1 is the base year, the value for this economy deflator in year 2 is 7-Assume that this economy producesonlytwo goods Good Iand Good YIf year…

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