The table below shows the price of inputs and the price of outputs at each step in the production process of making a shirt. Assumethat each of these steps takes place within the country.InputsValue of outputCotton Farmer$0$1.55Fabric Maker$1.55Sewing and Printing$3.65$3.65$18.20Instructions: Round your answers to two decimal places.a. Using the standard expenditure method, the total contribution of this shirt to GDP is:b. If we use a value-added method (i.e., summing the value added by producers at each step of the production process, equal to thevalue of output minus the price of inputs), the contribution of this shirt to GDP is:c. If we mistakenly added the price of both intermediate inputs and final outputs without adjusting for value added, we would find thatthis shirt contributes:to GDPThis overestimates the true contribution by: $

Detailed explanation: Since, the final t-shirt is sold for $18.20 to the consumer, as per the…

Answered: The table below shows the price of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I completely understand that you will not do th entire worksheet but could you do a couple of them and explain to me how to finish the rest and how to calcuate the overall gdp? Thank you
The table below shows the price of inputs and the price of outputs at each step in the production process of making a shirt. Assume that each of these steps takes place within the country. Inputs Value of output Cotton Farmer $0 $1.40 Fabric Maker $1.40 $3.95 to GDP Instructions: Round your answers to two decimal places. a. Using the standard expenditure method, the total contribution of this shirt to GDP is: $ b. If we use a value-added method (i.e., summing the value added by producers at each step of the production process, equal to the value of output minus the price of inputs), the contribution of this shirt to GDP is: c. If we mistakenly added the price of both intermediate inputs and final outputs without adjusting for value added, we would find that this shirt contributes: Sewing and Printing $3.95 $18.60 This overestimates the true contribution by: $ J.
Can you do d,e, and f
Refer to Table below. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals: Product Quantity Price Sweatshirts      50 $35.00 Dental examinations      40 75.00 Coffee drinks 1,000 4.00 Coffee beans 2,000    0.50 a. $9,750 b. $8,750 c. 3,090 units d. $7,250
GDP Problem. Given the following information, compute GDP by either the Expenditures or the Income approach. [You do not have to compute GDP both ways.] Name which of the two approaches you are using, and identify all the accounts (e.g., “All profits” or “Gross Private Investment”) you use in your computation of GDP.      All profits $ 800               Government purchases of goods & services 300              Imports 50        Government transfer payments 250                   Exports 50              Gross private investment 500      Rent 20            Wages, salaries 5000      Personal saving 1600      Depreciation 60              Net foreign income 0           Personal consumption expenditures 5200      Taxes on production & tariffs 40               Sales of stocks and bonds 1200           Interest 80                                             IDENTIFY: ______________________ APPROACH USED ACCOUNT…
Instructions: Answer the following questions. Make sure to number your answers when you upload your response. Why do economists include only final goods in measuring GDP for a particular year? Why don’t they include the value of stocks and bonds sold? Why don’t they include the value of used furniture bought and sold? Which of the following are included in this year’s GDP? Explain your answer in each Interest on an AT&T corporate bond. b.      Social security payments received by a retired factory worker.                                               The unpaid services of a family member in painting the family home. The income of a dentist. e.      The money received by Smith when she sells her economics textbook to a book buyer. The monthly allowance a college student receives from Rent received on a two-bedroom apartment. The money received by Josh when he resells his current-year-model Honda automobile to Kim. The publication of a college textbook. j.…
Which spending category of GDP does each of the following transactions count in? Please enter the letter C, I, G, NX, or N to represent consumption, investment, government spending, net exports, or none. The government paid a total of $30,000 in subsidies to people who had installed solar panels on their homes . Bill spent his $400 social security check on rent and food . Company X produces $5,000 of wine this year but they do not sell it . Your parents pay $8,000 for tuition to UCF . The government pays $1 million to people it hires to collect census data
The table given below reports the value of sales at each stage of production of an economics book.Table 5.1 The Production of an Economics Book Production Stage Sales Value Purchase of Timber $1.25 Processing of Timber into Paper $7.75 Printing $24.50 Retail Sales of Economics Book $38.00 Refer to Table 5.1. What is the contribution to GDP from the production of an economics book? Group of answer choices $71.50 $38 $7.75 $13.50 $24.50
The table below shows the values for several different components of GDP. Composition of Gross Domestic Product Component LA Consumer durables Consumer nondurables Services Business fixed investment Residential fixed investment Inventories Exports Imports Government purchases What is the value of total gross investment? Instructions: Round your answer to 1 decimal place. Value (billions of dollars) $1,292.7 2,615.4 8,038.8 2,805.0 558.5 80.4 billion 2,320.5 2,863.1 3,093.6
Imagine that the United States produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below: Goods Apples Bananas Carrots Quantities Produced Prices ($) 7 2.00 10 24 1.00 1.50 Instructions: Round your answers to two decimal places. a. U.S. GDP is: $ b. Suppose that a drought hits the state of Washington. This drought causes the quantity of apples produced to fall to 4. Assuming that all prices remain constant, the new U.S. GDP is: $ c. Assume, once again, that the quantities produced and the prices of the three goods are as listed in the table. Now, given this situation, carrot sellers decide that the price of carrots is too low, so they agree to raise the price. If the U.S. GDP is $70.00, the new price of carrots is: $ per carrot.

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