The following question has 4 parts (a.-d.), parts b. to d. will be revealed after submitting your answer by hitting "Verify" on thepreceding sections.Suppose an economy is composed of 10 individuals. The following table shows their annual income in thousands of dollars.IndividualIndividual 1Individual 2Individual 3Individual 4Individual 5Individual 6Individual 7Individual 8Individual 9Individual 10Income46809633745448288310 a. What is the average income in each quintile? Express your answer in thousands of dollars rounded to the nearest firstdecimal.Quintile 1: NumberQuintile 2: NumberQuintile 3: NumberQuintile 4: NumberQuintile 5: Number

The expression income generally implies the amount of money, property, and other transfers of value…

Answered: Suppose an economy is composed of 10…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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A typical U.S. worker today works fewer than 40 hours per week, while in 1890, he or she worked 60 hours per week. Does this difference in the length of work weeks matter in comparing the economic well-being of U.S. workers today with that of 1890? Or can we use the difference between real GDP per capita today and in 1890 to measure differ- ences in economic well-being while ignoring differences in the number of hours worked per week? Briefly explain.
que 8 mk Using the following table, calculate the actual annual average growth rates for the U.S. during 2 consecutive periods. YEAR U.S. INCOME 1870 $2, 532 1929 $7, 100 1950 $11, 720 2004 $36, 880 Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line
The United States GDP has been increasing over the decades but the share for workers of the GDP has decreased. Who is getting the bigger slice of the pie every year if it is not the workers? Is this a bad thing? Is this due to technology replacing workers?
Consider the following table that describes how everyone living in medieval England was classified. Total Population in Medieval England 25,000 # of merchants (selling clothing, jewelry, perfume, shoes, misc. items) # of people currently without work, but seeking employment # of students enrolled full-time in university 1,250 800 700 # of people working in the ale, wine and beer industry 1,200 # of people in building (blacksmiths, stone cutters, wood carvers, builders) 3,500 # of scholars and teachers 2500 # serving out prison sentences in the dungeons 1,500 # of wives raising children and running their own households # of servants working for royalty or aristocrats # of children enrolled in schools 600 3,000 900 # of people in the agricultural/livestock industry (ranchers, stable boys) 2,750 # serving as soldiers to defend the country 1,000 # of people not seeking work (members of the aristocracy) # of people in the food/drink industry (cooks, butchers) # of patients living in mental…
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At the beginning of the year, you have a saw worth $2,000 and a bunch of trees. says it will pay you $4,000 to not cut down your trees. Freaks4Environment Instead, you hire Lei to use your saw to cut down all of the trees. At the end of the year: you sell trees Lei cut down for $27,000; you pay Lei $15,000; and your saw is now worth $1,000. Based on this information, how much GDP has been created? Round to two decimal places. Do not enter the currency symbol, but enter the negative sign if appropriate. If your answer is -$1.125, enter -1.13. 27,000
Explain 4 limitations that National Income Statistics have in determining a country's economic welfare
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: 2. Calculate the compound annual growth rate of per capita spending from 2010 to 2020 3. Calculate spending-to-GDP ratios in 2010 and 2020, respectively. *Results round to the nearest 2 decimal places. 2010 spending-to-GDP ratio: 2020 spending-to-GDP ratio: Interpret what the two spending-to-GDP ratios tell us about City A’s spending trend. 4. Assuming City A’s population grows at a constant rate in the next decade.…

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Suppose an economy is composed of 10 individuals. The following table shows their annual income in thousands of dollars. Individual Individual 1 Individual 2 Individual 3 Individual 4 Individual 5 Individual 6 Individual 7 Individual 8 Individual 9 Individual 10 Income 46 80 96 33 74 54 48 28 83 10