60+Import favoritesHow can you find the main idea of this graph?OOOA) Look at the labels on the graph.B) Read the title of the graph.C) Consider the format of the graph.D) Read the data in the graph.Federal Spending in Fiscal Year 2020Social Security$1.1 TrillionMedicare$769 BillionMedicaid$458 Billion$345Billion Defense$714 BillionOutlays$6.6 TrillionPPP$526 BillionUnemployment RecoveryCompensS473 Billion SNondefense5914 onOther$968 Billion

Within a given dataset, a pie chart is an illustration that shows the proportionate distribution of…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3) A tax on gasoline is proposed in order to raise money for the pollution-control activities of several public agencies. The tax will be 10¢ per gallon, and last year 10.3 million gallons of gasoline were used by motorists (this is strictly an illustrative number). Does this mean that we can anticipate S1,030,000 in revenues from this tax? Explain and use a graph to answer this question.
1. What relationship does the income expenditure model represent? Why is it used?
refer to image
Consumptlon expenditure (dollar) 2,500 3,250 Real GDP Government expenditure (dollar) Investment (dollars) 3,000 (dollar) 500 500 4,000 5,000 500 500 4,000 4,750 500 500 6,000 7,000 500 500 5,500 6,250 500 500 8,000 500 500 Refer to problem 1. The equilibrium level of expenditure for this economy is $7000 $13500 $3000 $5000
If household spend $105 billion on goods and $95 billion on services. How much in revenues do businesses receive in the product market?
6. This question is based on the following table. Household Income Average number of car per household $0 -- $29,999 1.5 30,000--- 49,999 1.7 50,000 --- 74,999 1.9 75,000--- 99,999 2.4 100,000- 149,999 2.8 150,000 and over 3.2 The relationship between household income and average number of car per household is: a. Fluctuating. O b. Terminal. Oc. Direct. O d. Indirect. Oe. Inverse.
3. Categories of expenditures Paolo and Sharon Zambetti live in Conshohocken, PA. Sharon's father, Van, lives in Sweden. X For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply. Transaction Sharon's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. Paolo's employer upgrades all of its computer systems using U.S.-made parts. Sharon gets a new refrigerator made in the United States. Paolo buys a sweater made in Guatemala. The Pennsylvania Department of Transportation, a state administration, fixes potholes along PA highway 23, which feeds into the center of Conshohocken. C I ☐ 0 G ☐ 0 О 0 ☐ 010 ΣΟ Ο ☐ 0 ☐ 0
7
a What is the total value of government spending? b What is the value of total consumer spending? c What is the country's total GDP?
Refer to the figure below: Insurance and pensions 11.9% Item a. Entertainment b. Transportation c. Clothing Housing 32.8% Item Weight 0.053 0.159 0.03 Entertainment 5.3% Transportation 15.9% Price Change 20% -8% 100% Health care 8.1% Source: U.S. Bureau of Labor Statistics, Consumer Expenditure Survey (2018 data). Use the item weights in the figure to determine the percentage change in the CPI that would result from a(n) a. 20 percent increase in entertainment prices. b. 8 percent decrease in transportation costs. c. doubling of clothing prices. (Note: Review the table titled "Computing Changes in the CPI" in your text for assistance.) Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Food 12.9% Impact on CPI (Inflation Effect) Clothing 3.0% Miscellaneous 10.1%
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