The participation of women in the U.S. labor force has risen dramatically since 1970. True or False: This rise likely increased GDP in the United States. O True O False Now imagine a measure of well-being that includes time spent working in the home and taking leisure. True or False: The change in this measure of well-being would be equal to the change in GDP. O True O False

The participation of women in the U.S. labor force has risen dramatically since 1970. True or False: This rise likely increased GDP in the United States. O True O False Now imagine a measure of well-being that includes time spent working in the home and taking leisure. True or False: The change in this measure of well-being would be equal to the change in GDP. O True O False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Page 550 1. Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. In year 2, the output mix changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter. If the prices in both years are $4 per quart for ice cream, $3 per bottle of shampoo, and $2 per jar of peanut butter, what was the economy's GDP in year 1? What was its GDP in year 2?
Calculate GDP using the information in the table below: SBillions Durable goods 250 Nonresident investment 750 Government purchase of goods 1000 Exports 150 Government purchase of services 350 Residential investment 150 Services 600 Imports 250 Change in business inventories 40 Nondurable goods 650 Select one: O a. 2340 O b. 3690 О с. 3340 O d. 3760
11 GDP measures the value of new goods and services produced by American owned companies located in the United States. True False 12 Of the four spending categories, which is the largest for the United States economy? consumption spending government spending investment spending net export spending 13 D Consider the following information about a simple economy that produces two goods across two years. The base year is 2020. Donuts Coffee 2020 Price $1.25 $1.75 What is the value of real GDP in 2021? Round to two decimal places. Type your answer... 2020 Quantity 2021 Price 80 150 $1.35 $1.95 2021 Quantity 100 186
If nominal GDP is $900 and GDP deflator is 120, what is the real GDP in the economy? O a. 1350 Ob. 750 Oc. 850
If the GDP per capita grows by 5%, it means that, O a. The rich people's incomes increased by 5% Ob. Employment rates increased by 5% O. On the average, the people's income grew by 5% Od. Everyone's income grew by 5%
Which would be included in the category of investment spending in the calculation of GDP? O The purchase of stock in MacDonald's. The purchase of a new machine by Ford. O The selling of IBM corporate bonds. O The buying of shares of Janus mutual funds.
Which of the following will not effect Potential GDP in Country X? government institutions O the unemployment rate O the amount of capital available technology
dules 6 to 80 Suppose a small economy produces only smart TVs. In year one, 20,000 TVs are produced and sold at a price of $700 each. In year two, 14,800 TVs are produced and sold at a price of $725 each. As a result Multiple Choice О Mc Graw Hill real GDP stayed the same. real GDP increased. nominal GDP stayed the same. O real GDP decreased. 1 Q A P Z 73 zoom 02 W S a MacBook Pro % ^ 25 $4 #m 3 E 6 & N 7 R T Y U + W CC 8 9 - wall O יו O P 1 D F G H J K L X C tion 2 H command > B N M V- > H command op
Calculate GDP using the information in the table below: SBillion Durable goods 500 Nonresidential investment 300 Government purchase of goods 400 Exports 300 Government purchases of services 150 Residential investment 100 Services 700 Imports 200 Change in business inventories -50 Nondurable goods 700 Select one: O a. 1950 O b. 2500 O c. 2900 O d. 2750
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What does our book argue about leisure and GDP? O If we worked like in the past, GDP would be larger, but leisure would be less. If we worked like in the past, GDP would be less, and leisure would be less. O If we worked like in the past, GDP would be less, but leisure would be larger. If we worked like in the past, GDP would be larger, and leisure would be larger. Save Answer *Unsaved Changes
Suppose that an economy consists of only two individuals. Trevor has $1310 available to spend on goods. He decides to purchase $130 worth of produce from Krista in the current year. No other economic activity takes place during the current year. Using this information, answer the questions. For the current year, what is the economy's income? For the current year, what is the economy's expenditure? In an economy, how are income and expenditure related? O Income is greater than expenditure 24 MacBook Air In an economy, how are income and expenditure related? Income is greater than expenditure. O They are equal. Income is less than expenditure. They are unrelated.