Homework Answers
1. Option D.
- Taylor assumed that there are two main ways of measuring GDP, that is based on the value of the goods and services that are produced and also on the value of purchases made.
- He made this assumption based on the fact that these values always remain equal all the time.
2. Option A.
- Recession is a time period during which the complete economy slows down as the business cycle gets disturbed.
- According to Taylor, the definition of recession is when the economy goes down significantly.
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Question 1 1 pts According to Taylor, there are two ways to measure GDP: the value...
Which of the following suggest that real per capita GDP is not a perfect measure of...
Which of the following suggest that real per capita GDP is not a perfect measure of economic well-being? a. population varies across counties b. GDP does not measure the value-added created during home production c. GDP does not take into account the income distribution d. GDP underestimates the value of goods and services produced in the economy because of inflation e. GDP inaccurately measures the value of goods and services produced by the government When do we say that the...
1. Explain why we can measure the GDP or output of a country by adding up...
1. Explain why we can measure the GDP or output of a country by adding up either the market value of production in that country or by adding up the income earned by people in that country. (Helpful hint: Remember when I used the example in class about two shoemakers, one who can produce 4 pairs of shoes per day and another who can produce 5 pairs per day. All the pairs of shoes are identical in quality.) 2. What...
Incorrect Question 11 0/2 pts When you look at countries that have high levels of GDP...
Incorrect Question 11 0/2 pts When you look at countries that have high levels of GDP and compare them to countries with very low levels of GDP, what, according to our text, can you say about the relationship between GDP and leisure time? There is a positive relationship between a country's GDP and the average amount of leisure time enjoyed by its citizens (the higher GDP, the more leisure time on average) There is no direct relationship between a country's...
Incorrect Question 8 0/1 pts If the economy is rising above potential real GDP, which of...
Incorrect Question 8 0/1 pts If the economy is rising above potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? A decrease in Ooil prices. government purchases. O taxes. the money supply and an increase in interest rates.
Answer for both please! Question 9 1 pts If GDP was growing at 3.5%, we would...
Answer for both please!
Question 9 1 pts If GDP was growing at 3.5%, we would consider that the economy is in a period of expansion in a recession has high unemployment Question 10 1 pts As described in class, which of the following had the biggest impact on the growth of GDP in the most recent quarter of data. Fixed investment Imports Consumption Government
Options for #1 One Two Three Options for #2 Production Intermediate Income The measurement of GDP...
Options for #1
One
Two
Three
Options for #2
Production
Intermediate
Income
The measurement of GDP can be accomplished indifferent but equivalent ways When GDP is measured by summing the value added by firms in the economy, the approach is said to be taken from the side.
Question 44 2 pts The GDP deflator: takes government purchases into account, unlike the CPI. takes...
Question 44 2 pts The GDP deflator: takes government purchases into account, unlike the CPI. takes business investment purchases into account, unlike the CPI. is generally used to adjust nominal GDP to calculate real GDP. All of the above are true. Exhibit 11-1 GDP - Expenditure Approach Category Amount Percent of GDP (billions of current dollars) Consumption (C) 70% Investment (1) 20% Government purchases (G) 15% Net exports of goods and services (X-M) Gross domestic product $9,000 100% Refer to...
Question 1 20 pts Assume there is concern that the economy is heading into a recession,...
Question 1 20 pts Assume there is concern that the economy is heading into a recession, and a stimulus package of $170 billion is passed by the federal government. Teh administration predicts that this measure will provide an $850 billion boost to GDP this year becasue consumers will spend their extra cash on plasma televisions and other items. For this amount of stimulus, what is the extablished value of MPCused in this forecast? HTMLEditor B uA- L E 3 x...
Question 1 0.5 pts In-kind wages are not included in GDP. True False Question 2 0.5...
Question 1 0.5 pts In-kind wages are not included in GDP. True False Question 2 0.5 pts If the value of intermediate goods and services are included in GDP, then: GDP would act as a true indicator of economic welfare, it would lead to depreciation GDP would be understated. there would be double-counting. GDP would be able to give an exact estimate of the inventory in an economy.
Question 14 1 pts Identify if the following activity is included in the GDP calculation. If...
Question 14 1 pts Identify if the following activity is included in the GDP calculation. If not, then identify which category of exclusion. If so, then identify which category of Total Expenditure. Mary is a bookkeeper for the National Parks Service, a U.S. government agency. Some of the supplies that they purchase are manufactured in Mexico. When Mary arranges these purchases, they are classified as: Investment Non-Market Production Consumption Underground Production Net Exports Intermediate Good Government Spending Non-Production Transaction
1. Explain why we can measure the GDP or output of a country by adding up either the market value of production in that country or by adding up the income earned by people in that country. (Helpful hint: Remember when I used the example in class about two shoemakers, one who can produce 4 pairs of shoes per day and another who can produce 5 pairs per day. All the pairs of shoes are identical in quality.) 2. What...
Incorrect Question 11 0/2 pts When you look at countries that have high levels of GDP and compare them to countries with very low levels of GDP, what, according to our text, can you say about the relationship between GDP and leisure time? There is a positive relationship between a country's GDP and the average amount of leisure time enjoyed by its citizens (the higher GDP, the more leisure time on average) There is no direct relationship between a country's...
Incorrect Question 8 0/1 pts If the economy is rising above potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? A decrease in Ooil prices. government purchases. O taxes. the money supply and an increase in interest rates.
Answer for both please!
Question 9 1 pts If GDP was growing at 3.5%, we would consider that the economy is in a period of expansion in a recession has high unemployment Question 10 1 pts As described in class, which of the following had the biggest impact on the growth of GDP in the most recent quarter of data. Fixed investment Imports Consumption Government
Options for #1
One
Two
Three
Options for #2
Production
Intermediate
Income
The measurement of GDP can be accomplished indifferent but equivalent ways When GDP is measured by summing the value added by firms in the economy, the approach is said to be taken from the side.
Question 44 2 pts The GDP deflator: takes government purchases into account, unlike the CPI. takes business investment purchases into account, unlike the CPI. is generally used to adjust nominal GDP to calculate real GDP. All of the above are true. Exhibit 11-1 GDP - Expenditure Approach Category Amount Percent of GDP (billions of current dollars) Consumption (C) 70% Investment (1) 20% Government purchases (G) 15% Net exports of goods and services (X-M) Gross domestic product $9,000 100% Refer to...
Question 1 20 pts Assume there is concern that the economy is heading into a recession, and a stimulus package of $170 billion is passed by the federal government. Teh administration predicts that this measure will provide an $850 billion boost to GDP this year becasue consumers will spend their extra cash on plasma televisions and other items. For this amount of stimulus, what is the extablished value of MPCused in this forecast? HTMLEditor B uA- L E 3 x...
Question 1 0.5 pts In-kind wages are not included in GDP. True False Question 2 0.5 pts If the value of intermediate goods and services are included in GDP, then: GDP would act as a true indicator of economic welfare, it would lead to depreciation GDP would be understated. there would be double-counting. GDP would be able to give an exact estimate of the inventory in an economy.
Question 14 1 pts Identify if the following activity is included in the GDP calculation. If not, then identify which category of exclusion. If so, then identify which category of Total Expenditure. Mary is a bookkeeper for the National Parks Service, a U.S. government agency. Some of the supplies that they purchase are manufactured in Mexico. When Mary arranges these purchases, they are classified as: Investment Non-Market Production Consumption Underground Production Net Exports Intermediate Good Government Spending Non-Production Transaction
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