Question 1In terms of understanding the overall volatility of GDP, consumption:Is important since it is among the more volatile components of GDPIs important since it has such a large weight in GDPIs unimportant due consumption smoothingIs unimportant due to Richardian EquivalenceQuestion 2Based on your knowledge of Chapter 13 (Some business cycle facts), for Canada,changes in labour's inputs reflects for the most part:OChanges in the supply of labourChanges in employment (as reflected in the unemployment rate)Changes in hours workedChanges in the productivity of labour

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nderstanding the ove Volatility GDP, consumptioh: Is important since it is among the more volatile components of GDP Is important since it has such a large weight in GDP Is unimportant due consumption smoothing

nderstanding the ove Volatility GDP, consumptioh: Is important since it is among the more volatile components of GDP Is important since it has such a large weight in GDP Is unimportant due consumption smoothing

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refor to the Table fora private closed economy and match the correct answer. Domestic Output or Income (GDP- DI) Consumption $ 540 $ 540 560 555 580 570 600 585 620 600 640 615 660 630 If planned investment is $25 billion, then aggregate expenditures at the income level of A. $580. $560 billion will be B. Decrease by $12 billion. vIf planned investment is $18 billion, then at the $660 billion level of disposable income, the unplanned inventory will C. Increase by $12 billion. D. $400. E. Increase by $10 billion. F. $640. G. Increase by $30 billion.
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If the MPC in an economy is .9 and aggreagte expenditures increase by $4 billion, the equlibrium GDP will increase by a. 40 billion b. 4.9 billion c. 36 billion d. 4 billion
decrease increase none of the components of GDPnot change (nave no effect on) should beshould not be the consumption spending component preliminary value the export spending component preliminary value the government spending component preliminary value the net exports component preliminary value two or more of the components of GDP
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GDP excludes O the production of nondurable goods. O the market value of unpaid work in the home. O the production of services. O positive changes in inventories.
Real GDP Cons umpti on ed ment Invest Purcha ment ses $9,0 $7,80 $1,50 0 00 0 $10, $8,60 $1,50 000 0 0 $11,0 $9,40 $1,50 00 0 0 $12, $10,2 $1,50 000 00 0 $13, $11,0 $1,50 000 00 0 $14, $11,8 $1,50 000 00 0 Net Export S $1,000 $700 $1,000 $700 $1,000 $700 $1,000 $700 $1,000 $700 $1,000 $700 (a) What is the equilibrium level of real GDP in this economy? (b) Compute the marginal propensity to consume. (c) Compute the government expenditures multipler. (d) Suppose net export ases by $400 (Assuming MPC, Gevernment Purchases, and Planned Investment are the same). What will be the new equilibrium level of GDP? Consumption?
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Real Disp. Consmp. Income Spending Saving Invst Plnd Plnd Govt Net Plnd Exp. Export Exp. 10.8 GDP Tax 10 6.8 1.2 1.5 2 0.5 11 7.6 1.4 1.5 0.5 11.6 12 10 8.4 1.6 1.5 2 0.5 12.4 13 2 11 9.2 1.8 1.5 2 0.5 13.2 14 12 10.0 2.0 1.5 0.5 14.0 15 13 10.8 2.2 1.5 0.5 148 16 14 11.6 2.4 1.5 2 0.5 15.6 Note: Amounts in billions. Refer to the above table. The equilibrium real GDP is $15 billion. $14 billion. $13 billion. $12 billion.
The seasonally adjusted data below depict the performance of the economy of the United States in five quarters of 1953-1954. Year/Quarter 1953/Q4 1954/Q1 1954/02 1954/Q3 1954/04 Select one: OA. 1953/04. Annual Percent Change Nominal GDP OB. 1954/01 O C. 1954/02. O D. 1954/03. QE. 1954/04. -5.2 -0.6 0.8 5.1 9.2 Real GDP in the United States was lowest in which of the following quarters? Annual Percent Change Real GDP -5.9 -1.9 0.4 4.6 8.1
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