Which of the following is not included in GDP? 1) the payments for a chiropractor's services 2) cash income paid to a day laborer that is not reported to the tax authorities 3) the replacement of brake pads on your six-year-old vehicle 4) the fees for legal services rendered by your lawyer
Q: 4. Construct a cash flow diagram to find the present worth in year 0 at an interest rate of 12% per…
A: Since You have posted multiple questions, as per the guidelines we can solve only one question per…
Q: A consumer is observed making two choices. First, he faces prices p = (1,3) with wealth w = 8 but is…
A: Given, 1 Consumer,Two Choices: Firstly : p=(1,3), wealth w = 8, Bundle chosen : x=(2, 2) Secondly…
Q: Determine the number of times interest is compounded in a year for an interest rate of 1% per…
A: When talking about frequency of compounding, it can be said that it is the number of periods,…
Q: Which of the following is unlikely to affect the rate of economic growth? Group of answer choices…
A: Economic growth is consistent rise in GDP level or output over period of time.
Q: A consumer has utility u(x₁, x2) = x₁x² for two goods. The government subsidizes half of the cost of…
A: Answer is given below
Q: Why Keynes argues that the “Classical” approach is a “special case” while his approach is the…
A: Introduction The classical economist believes that there is full employment exists in the economy.…
Q: Consider the utility function u(x₁, x₂) = √√x₁+√√x₂. Prices are p₁, P2, and income is I. (a)…
A: Given Utility function: u(x1,x2)=x1+x2 ..........(1) The price of good 1 is p1 and…
Q: Using Regression 3 results, is there evidence of international price discrimination? Is the…
A: The regression equation shows the relationship between the dependent and independent variables. It…
Q: 3. Describe any five important differences between the labour market and the goods market.
A: Labour Market: A labour market is a place where labour and organization meet for achieving…
Q: A consumer is observed choosing the bundle (3, 1) at prices (1, 2) and the bundle (2, 2) at prices…
A: Revealed preference is the preference which the consumer shows after he have purchased products in…
Q: Year 2014 2015 Nominal GDP (trillions of Dollars $18 $20 Price Level 240 250 Is it possible to…
A: To determine the real GDP growth rate, the base of the calculation need to be on real GDP figures.…
Q: An increase in GDP can result from an increase in Group of answer choices the labor supply.…
A: GDP is the value of all final goods and services produced within the domestic territory of a country…
Q: Question 9 Match each phase of the business cycle to its correct definition. Column A 1. 2. 3. 4. -…
A: Business cycle refers to ups and downs of economic activities in the country.
Q: Carefully explain what is happening in the market for a regular cup of coffee. Indicate the impact…
A: Complement goods are used jointly to satisfy a demand. The price of one good is inversely related to…
Q: 3) Two firms produce a homogeneous product. Inverse demand is P(Q) = D− Q. Firm 1 has a constant…
A: Given, Market Demand function : P = D - Q Where , Q = q1 + q2 Marginal Cost of firm 1 = c1…
Q: The University Eye Institute in upper New-York state is a state-of-the-art ophthalmology center that…
A: Introduction The change in total revenue caused by selling an additional unit of output is known as…
Q: The profit (in dollars) from the sale of x lawn mowers is P(x) = 20x -0.02x² - 650. (A) Find the…
A: Marginal Profit: We can quantify the rising in the profit when an increment in the number of sold…
Q: (Check all that apply) Which of the following are true? (check all that apply) Oeconomists believe…
A: We have been given certain statements in the question out of which we are required to tell which of…
Q: Given the following: C(YT) = 200+ 0.75(Y - T) I(r) = 80-20r L(r,Y)=Y-90r G = 200 T = 75 M = 2500 P =…
A: IS curve shows equilibrium in the goods and services market, and LM curve shows equilibrium in the…
Q: f the supply and demand functions for a commodity are given by 8p − q = 290 and (p+2)q =5720,…
A: The equilibrium is established where the demand and supply are equal. The free market system…
Q: India has a GDP of 23,000 billion Indian rupees, and a population of 1.1 billion. The exchange rate…
A: Exchange rate is the rate at which the two nation's currency is exchanged. Here dollar is exchanged…
Q: Please help! The drop down list are the options to choose for the impact on supply, demand, pri
A: The Equilibrium price is established where the demand and supply are equal. There is change in…
Q: equivalent (i=8%), find X ΕΟΥ 0 If the following cash flows are economically 1 2 3 4 636 5 6 0 100 1…
A: When the cash flows are economically equivalent they will have the same present worth, future worth…
Q: Using the data, provide estimates of the following key National Accounting Aggregates: a. gross…
A: In National Income Accounting from Expenditure Method - National Income : GDP = C + I + ( G - T ) +…
Q: 1. A fiscal expansion coupled with a monetary expansion must always cause a) Output to rise b)…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Refer to the information provided in Figure 1 below. Which of the following causes the ppf to shift…
A: The production possibility frontier (PPF) basically refers to a curve on a graph that depicts the…
Q: 1) A tax on sellers shifts the A) Supply; left B) Supply; right C) Demand; left D) Demand; right…
A: Incidence of tax: Incidence of tax implies the division of tax burden among the buyers and sellers.…
Q: Table 9-6 Denmark Belize O 250 O 150 Output per hour of work 00 Clocks 6 1 -100 Production and…
A: According to trade theory, any two countries will typically gain from specialising in manufacturing…
Q: Calculate the economic profit at the profit-maximizing quantity you identified in part (a). Show…
A: An economic profit or loss is the difference between the revenue gained from the sale of an output…
Q: A country's production possibilities frontier will be a straight line if Group of answer choices the…
A: Within the function, consumer PPC is limited and constrained. It illustrates a tradeoff between…
Q: Compare the accumulated amounts after 5 years of P1,000 invested at the rate of 10% per year…
A: According to the time value of money (TVM) sum of money owns a higher value compared to in the…
Q: 1.a) Write down the Best Response Correspondence for each of the two players. 1.b) Does any player…
A: Nash equilibrium in game theory is a situation in which a player will continue with their chosen…
Q: 2. Given the cash flow diagram below, answer the questions by marking on correct answer. $36,000 ΕΟΥ…
A: The time value of money refers to the concept that a sum of money is worth greater now than the same…
Q: Suppose that country A produces two goods (a labor-intensive good X, furniture, and a…
A: Labor intensive implies a procedure or industry that needs a large amount of labor to produce its…
Q: If labor productivity in a steel mine is 3.5 tons per worker, then 400 steel workers with a fixed…
A: Labor productivity means the production capacity of a group of workers at a specific time.
Q: Consider the average annual growth rate 3.51% of 2000-2005, forecast the nationals population in Abu…
A: Year Abu Dabi Nationals Non-nationals Total 1980 90792 361056 451848 1985 135982 430054…
Q: Spirit Of New York Cruise line offers nightly dinner cruises departing from Manhattan or Lincoln…
A: The difference between the selling price and the variable cost per unit is the contribution margin…
Q: Cyclical unemployment is a short-term problem. What is its root cause? What is the preferred…
A: A person who actively seeks employment but is unable to do so is said to be unemployed. The level of…
Q: Question 4 A country's gross domestic product for a given time period is the total market value of…
A: GDP or Gross Domestic Product is the sum total of the market value of the final goods and services…
Q: 2) An industry consists of three firms with identical total cost functions C(q) = 20q+q². Market…
A: Given that, Three firms with identical total cost function: ?(?) = 20?+?², Market demand: ?(?) =…
Q: Government involvement in the allocation of capital across manufacturing sectors is Group of answer…
A: Any action taken by the government or a public body that directly influences the market economy with…
Q: Suppose the fridge daily cost function produced at Friga's Frigid Fridges is represented by the…
A: C(x) = x32000-x250+50x + 20000
Q: Bob le Flambeur is offered a raffle ticket. With probability p, the raffle ticket wins, and pays 5…
A:
Q: market operates in equilibrium? A) $937.50 B) $1,250 C) $2,500 D) $2 187 50
A: Producer surplus is the total amount that a producer benefits from producing and selling a quantity…
Q: In the circular flow diagram model: 1) households receive income from businesses in exchange for…
A: The circular flow model's primary goal is to understand how money moves within an economy. It…
Q: (F1, F2, F3)=√12-2³ As usual, goods 1 and 2 are perfectly divisible, meaning that ₁ and ₂ can take…
A: This is 3 goods utility maximization problem. And we are given the utility function of the consumer.…
Q: A couple wants to save for their daughter’s college expenses. The daughter will enter college eight…
A: The amount that the lender usually adds to the principal sum that the borrower owes is referred to…
Q: Both airlines and supermarkets offer customer loyalty programs. However, airline frequent flyer…
A: The word "profit" refers to the monetary gain realized when the income from a commercial operation…
Q: Suppose in Cape town there is only one producer of Wine knowns as Cape Town Wines. Cape Town Wines…
A: Import quota refers to the maximum limit on the quantity of the product that can be imported.
Q: Your company operates in a perfectly competitive market. One of your business partners recommends…
A: Perfectly competitive market refers to the market where single firm can not influence the market…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Consumption $400 Imports $ 10 Net investment $ 20 Government purchases $ 100 Exports $ 20 Capital consumption allowance $ 20 Statistical discrepancy $ 6 Receipts of factor income from the rest of the world $ 10 Payments of the factor income to the rest of the world $ 13 What is the GDP for this economy? What is the GNP for this economy? What is the NNP for this economy? What is the national income for this economy? What is the gross investment in for this economy?Which of the following is not included in GDP? 1) the payments for a chiropractor's services 2) cash income paid to a day laborer that is not reported to the tax authorities 3) the replacement of brake pads on your six-year-old vehicle 4) the fees for legal services rendered by your lawyerWhich of the following acts are included in official gross domestic product (GDP) calculations? Dan is a volunteer coach for his daughter’s soccer team. Sue is a mother of two who has decided to withdraw from the labor force to care for the children until they are teenagers. Linda sees that her gutters are clogged with leaves and spends her Saturday cleaning out the gutters. Kathy is paid to be the assistant soccer at the local high school. Eric spends his Tuesday afternoons volunteering to read books to the children at the public library. Explain the answer with explanations
- Which of the following would be included in the calculation of gross domestic product (GDP)? The value of transfer payments The value of the sale of a used car The value of the sale of 1,000 shares of Apple stock The value of spending on new machinery and equipment The investment (I) portion of GDP includes the amount spent on capital goods. the amount spent on stocks and bonds. the amount spent on consumer goods that last more than one year. the amount spent on purchases of jewelry.Which of the following is included into the income measure of the US GDP? salary of Maria, a citizen of Mexico, working legally at a dental office in Queens salary of Jane, a US citizen accountant working in Korea profits of Randy the Illegal Drug-Dealer amount of a cash gift an ESC student receives from parents the value of a new garage Sam the School Teacher built himself in his back yardQ5 MCQ Which of the following is not included in GDP? the payments for a chiropractor's services cash income paid to a day laborer that is not reported to the tax authorities the replacement of brake pads on your six-year-old vehicle D. the fees for legal services rendered by your lawyer
- Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions Compensation of employees U.S. exports of goods and services Consumption of fixed capital Government purchases Taxes on production and imports Net private domestic investment Transfer payments U.S. imports of goods and services $ 224.2 17.8 11.8 59.4 14.4 52.1 13.9 16.5 Personal taxes 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 249.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ 373.7 billion in b. NDP = $ 376.3 billion c. NI = $ 378.5 billionWhich of the following is included in the computation of Gross Domestic Product (GPD)?A Nova Scotia Company is trying to successfully enter the cranberry market in Australia. What is the GNP or GDP for entry country (Australia), Is it growing? What is the per capita income? What is the average family income? What are the income classes and distribution?Does Australia have unexploited or underused resources that can affect future wealth?
- a) There are two methods of calculating GDP: income approach and expenditure approach.According to your opinion which method is better suited for calculating the GDP of Bangladesh?Briefly explain the reasons behind your answer.b) When calculating the GDP using the expenditure method why do we subtract “imports”?c) When calculating the GDP of Bangladesh using the income approach why do we add the“earnings of foreigners living in Bangladesh”?d) When calculating the GDP of Bangladesh using the income approach why do we subtract“earnings by Bangladeshis living in foreign countries”?Question 34 Which of the following would be not be included in the GDP of the U.S.? There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question. Your neighbor sells a bicyde that he purchased two years ago. O LG Chem (a Korean firm) makes batteries in the u.S. and sells them to General Motors (a U.S. firm) in the U.S. o Tesla (a U.S. firm) makes a car in China and sells it there. Honda (a Japanese firm) produces cars in the U.S. and sells them here. O Pízer (a U.S. company) makes a vaccine in Germany and sells it in Sweden. Question 35 Assume there is a reduced time preference to spend now. What change would be expected in the market for loanable funds? The supply of loanable funds would increase. O The demand for loanable funds would decrease. o The demand for loanable funds would increase. o The supply of loanable funds would decrease.I. The sale of a house from an existing homeowner to an incoming homeowner in a subdivision is included in the computation of GDP II. The purchase of stocks and bonds is not included in the computation of GDP III. Broker's commissions for the sale of financial instruments is included in the computation of GDP IV. The lawyer's fees to facilitate the transfer of title of an existing house from one homeowner to another is included in the computation of GDP O Only Statement Il is false O Only Statement I is false All Statements are false Only Statements III and IV are true O All Statements are true