True or false (explanation needed) Mike opened a store. During 2020, he paid $5,000 to hire the famous muralist to paint a 10-foot high mural of Baby Yoda inside the store to attract customers. These $5,000 count towards US GDP in 2020.
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True or false (explanation needed)
Mike opened a store. During 2020, he paid $5,000 to hire the famous muralist to
paint a 10-foot high mural of Baby
Yoda inside the store to attract
customers. These $5,000 count
towards US
Step by step
Solved in 2 steps
- Refer to the diagram to answer the following: a. The movement from point A to point B represents: b. The movement from point B to point C represents: c. The movement from point A to point C represents Real GDP per hour Worked Y/L ($, 000) 1,000 900- 800- 700- 600- 500- 400 200- 100- Aggregate Production 0 ljuds 300-midifi E Tommyformemberit A 8 D 20 40 00 80 Capital per hour worked K/L (5,000) 100 O Qomework /tlow/connect.html X work i Saved he following table gives the gross domestic product (in dollars) adjusting for different price levels in different countries. GDP per capita in 2015 (thousands of dollars per person) Country 55.8 United States 17.5 Mexico 6.2 India Source: International Monetary Fund. April 2016 % Instructions: Enter your responses rounded to one decimal place. Calculate Mexico's GDP per capita as a percentage of U.S. GDP per capita. % a) Calculate India's GDP per papita as a percentage of U.S. GDP per capita. b)(c) The following table is the information of the real GDP and all the expenditures (the numbers are in billions) for Country XYZ. Planned Government Real GDP (S) Consumption ($) Net Exports ($) Investment ($) 350 Purchases ($) 450 4000 3500 -100 5000 4300 350 450 -100 6000 5100 350 450 -100 7000 5900 350 450 -100 (i) What is the equilibrium level of real GDP? (ii) If potential GDP is $7000 billion, is the economy at full employment? If not, what is the condition of the economy? If the economy is not at full employment, by how much should government spending increase so that the economy can move to the full employment level of GDP?
- e the information in the table to answer the folowing qustiona. Al numbers are in bilions of 2012 dolars Govermment Purchases (G) $2.00 $2.500 $2.500 $2.500 $2.500 Pianned investment ( $1.000 Net Exports (NK) Real GOP (Y) Consumption (C) $12.000 $13.000 $14,000 $15.000 $10.000 $9.500 $10.250 $1.000 -$500 -$500 -5500 -$500 -$500 $1.000 $1,000 S11,750 $1.000 $12.500 $1.000 The equibrum level of GOP is S bilion The MPC is (snter your reaponse to two decimal places) Suppose that net exporta increase by $200 blion. Using the multiplier formua, determine the new level of GOP. AS200 bilon increase in net exports leads to a change in spending of S bilion, so the new level of GDP wi be billonEarly during the COVID-19 pandemic, the government used multiple stimulus packages to increase government spending. 3. Using the Z-Y, NX-Y, IS-LM, UIP combined graph on the next page, what should be happening as a result? Show the shifts on the graph itself. NN Z Z NN Y=Z Z c0- if f UI i pvt L M c1T+I+G+NX i10 y 45° if f if NK N Y Y f 0 Y X Y 0 Y 0 Y 20 NX N X E 0 E Y NX Fiscal stimulusQUESTION 31 What is decoupling O Geo-engineering Breaking the link between GDP and carbon emissions Adaptation from climate change O Carbon removal
- (a) Briefly explain the National Income Accounts and the balance of payments (b) Briefly describe any two macro-policies by the government of Zambia which are aimed at promoting the agricultural sector in Zambia.3|| Page (c) Using the economic information in the table below, you are required to calculate the GDP for the economy represented by this information. Table.1. Information about GDP ITEM VALUE (K) Final Sales to Consumers 4,924,300,00O Final Sales to Businesses 1,065,300,000 Final Sales to Government 1,358,500,000 Final Sales to Foreigners - 102,300,000Suppose you have the following information about production levels of Ibs. of caviar and bottles of wine, and the market-clearing prices for each of the nine allocations: 5. Caviar Wine Pricecaviar Pricewine GDP Allocation $50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 $166.67 187.50 $350.00 175.00 A 90 100 B 80 200 214.29 250.00 300.00 116.67 87.50 70 300 60 400 E 50 500 70.00 375.00 500.00 58.33 50.00 F 40 600 G 30 700 H 20 800 750.00 43.75 I 10 900 1500.00 38.89 A. How much wine must be sacrificed to produce 1 more lb. of caviar? B. Is allocation point A efficient? (As in class, prove your conclusion with math) C. Which allocation point is efficient? (As in class, prove your conclusion with math) D. Suppose government assesses a tax of $40 per bottle of wine, but no tax on caviar. i) what will be the new equilibrium? Why? ii) how much of the tax is forward shifted? Explain iii) how much of the tax is backward shifted? ExplainQuestion 9 Which of the following is an intermediate good? pizza sold to a customer in a restaurant O A tractor used by a farmer O A textbook used by a teacher in a classroom O Flour used to bake bread in a bakery
