The Canadian economy produces a vast array of goods and services, from cars to cannabis Suppose that the hypothetical data forCanada has the folowing national income account data in billions of dollars: govermment purchases (SLOSO personalconsumption expenditures (S4800 impors ($370 exports (524OE gross inventment (SL3O) Personal consumption expendituresare approximately what percentage of this economy?Mutple ChoicO 70 percentO 60 percantO s percere75 percent

In an economy, GDP is the sum of the components of aggregate demand that are consumption, net…

The Canadian economy produces a vast array of goods and services, trom cars to cannabis Suppose that the hypothetical data for Canada has the folowing national income account data in bilions of dollars govemment purchases (S1050 personal consumotion expendtures ($AB00 imports ($370 exports ($240 gross investment (SO Personal consumption expenditures are approimately what percentage of this economy? Mutipie Choice O 70 percere O 60 percant 65 percere 75 percent

The Canadian economy produces a vast array of goods and services, trom cars to cannabis Suppose that the hypothetical data for Canada has the folowing national income account data in bilions of dollars govemment purchases (S1050 personal consumotion expendtures ($AB00 imports ($370 exports ($240 gross investment (SO Personal consumption expenditures are approimately what percentage of this economy? Mutipie Choice O 70 percere O 60 percant 65 percere 75 percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Economics Question
Item Personal consumption expenditure Government expenditure on goods and services Net taxes Gross private domestic investment Imports of goods and services Exports of goods and services Millions of dollars 80 30 35 20 10 20 Use the information in the table above to calculate the value of net exports. O $10 million $30 million $0 -$10 million
QUESTION 12 The production of durable goods is more stable than the production of nondurables over the business cycle. O True O False
Real GDP $0 10 40 70 100 130 160 Consumption Gross (after taxes) Investment Net Exports $10 $+5 10 +5 10 +5 10 +5 10 +5 10 +5 10 +5 -$20 0 20 40 60 80 100 O Refer to the table. A decrease in government purchases of $5 would Multiple Choice decrease real GDP by $5. decrease real GDP by $15. increase real GDP by $5. Government Purchases $15 15 15 15 15 15 15 increase real GDP by $10.
Based on the following statistics, how much is consumption? Total spending Investment Government spending Exports Imports O-$0.38 trillion O $5.13 trillion O $6.49 trillion O $11.62 trillion $11.62 trillion $2.56 trillion $2.95 trillion $1.80 trillion $2.18 trillion
The GDP of the U.S. represents about O 25 O 35 O 45 O 55 % of the GDP of the world.
When a firm produces and sells a refrigerator worth $1,000, its contribution to the gross domestic product (GDP) on the income side is measured by: O a. the price paid by the consumer. b. the investment made by the firm to manufacture the refrigerator. c. the cost of raw materials used by the firm to manufacture the refrigerator. d. the sum of the wages, interest, and rent paid by the firm's owners and the profit of the firm. e. the stock of inventories used by the firm to manufacture the refrigerator.
3. Minimize the following total cost function: TC = Q³ – 10Q2 + 48Q + 46.
Table 6.7 $Billions 625 Compensation of employees Proprietors' income Corporate profit 70 50 Net interest 40 Rent al income 15 90 Deprecation Indirect taxes 35 Direct taxes 60 Subsidies 10 Payments of factor income to the rest of the world Receipts of factor income from the rest of the world 25 20 Refer to Table 6.7. The value for gross domestic product in billions of dollars is Select one: O a. 975. O b. 720. O c. 920. O d. 800. Any point out inside the Production Possibility Frontier (PPF) is inefficient and impossible. Select one: O True O False
Table 7-2 Year 1 Year 1 Year 2 Year 2 Goods Quantities Prices Quantities Prices A 90 $1.50 80 $1.40 80 $0.60 70 $0.70 C 70 $0.40 60 $0.50 Refer to Table 7-2. GDP in Year 1 is O $215.00 O $211.00 O $186.00 O $191.00
(a) What is the current equilibrium level of national income? = (b) What is the level of injections 5+ 8 + 7= 206 (c) What is the level of withdrawals o 60+5+8+710-70 yoour TR:7bS-? (d) Assuming that tax revenues are 7 billion, how much is the level of savings? 13-50 040 (e) If national income now rises to 80 billion, and as a result, the consumption of domestically produced goods rises to 58 billion, what is the mpca (f) What is the value of multiplier? (g) Given the initial level of national income of 80 billion, now assume that spending on exports rises by 4 billion, spending on investment rises by 1 billion, and government expenditure falls by 2 billion. By how much the national income will change? 83 Q2, You find the following economic data for a closed economy Utopia: Marginal propensity to consume = 0.6, Investment = 30, Governement spending = 20 Government revenues =20 (Tax collection) People will consume a minimum of 10, no matter what their income is. 4=80 2. I=6 1. What is…