Homework Answers
Option A
Explanation: GDP includes market value of final goods produced in an economy but it does not reflect the states of social problems.
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Which of the following is considered to be a problem in using GDP as a measure...
Problem #12 of 24 Tax evasion usually involves all of the following except Oa. an underpayment...
Problem #12 of 24 Tax evasion usually involves all of the following except Oa. an underpayment of tax. Ob. an affirmative act by the taxpayer to evade the tax. Oc. planning a transaction to lower the tax liability. Od. willfulness on the part of the taxpayer. Problem #13 of 24 Deductions from adjusted gross income (AGI) are Oa. never subject to further reduction based on the income of the taxpayer. Ob. not synonymous with itemized deductions. Oc. referred to as...
Question 26 (3 points) When considering GDP as a measure of the nation's economic performance, which...
Question 26 (3 points) When considering GDP as a measure of the nation's economic performance, which of the following statements is NOT true? GDP is useful to map changes in the economy's domestic economic performance over time. GDP is underestimated because it does not include illegal activities. GDP would be a better measure of economic performance it if included non- market activities. OGDP is a good measure of a nation's overall welfare.
Aaron and Adam, who are both full-time students, have each been doing work on their own...
Aaron and Adam, who are both full-time students, have each been
doing work on their own cars . Then Adam decides to hire Aaron to
do his oil changes, and in turn. Aaron hires Adam to keep his car
clean. As a result of this change , GDP
( 3) Aaron and Adam, who are both full-time students, have each been doing work on their own cars. Then Adam decides to hire Aaron to do his oil changes, and in...
Problem #1 GDP calculated by the expenditure approach will b income approach, because OA. the dollar...
Problem #1 GDP calculated by the expenditure approach will b income approach, because OA. the dollar value of the expenditure on new goods and services in a year must be equal to he GDP calculated by the the dollar value of the income generated in that year the dollar value of the expenditure on new goods and services in a year is always less than the dollar value of the income generated in that year, since imports are subtracted from...
Explain what GDP is and how is it measured. Evaluate the validity of using GDP as...
Explain what GDP is and how is it measured. Evaluate the validity of using GDP as a measure of economic output. Assess the validity of using GDP as a measure of social progress. Which elements (e.g., education levels, carbon dioxide emissions, gender/racial inequality) does GDP not consider? Identify and describe two alternative (multidimensional) metrics that take into consideration more than the exchange value of economic output. Do those metrics capture social progress/well-being? Explain. Explain if public officials focus exclusively—or even...
6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it...
6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following activities are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all that apply. The Brazilian wood that is used for flooring in a new U.S. house The value produced when you wash your own car at home The costs of...
Economic historians Roger Ransom and Richard Sutch have estimated that African-American farmers in the U.S. South...
Economic historians Roger Ransom and Richard Sutch have estimated that African-American farmers in the U.S. South after the Civil War worked about 30 percent fewer hours per year than they had as slaves before the Civil War. If after the Civil War, African-American farmers had continued to work these additional hours, their production and income would have been higher and so would have been U.S. GDP. Source: Roger L. Ransom and Richard Sutch, One Kind of Freedom: The Economic Consequences...
Which of the following explanations is a reason why Real GDP per Capital is NOT a...
Which of the following explanations is a reason why Real GDP per Capital is NOT a good measure of social welfare? Select one: a. Real GDP per capita does not account for population growth b. Real GDP per Capita does not account for household activities like cooking at home c. Real GDP per capita does not account for the production of services d. Real GDP per capita is not as accurate as Real Gross National Product per Capita e. Real...
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...
Which of the following statements is true concerning assets? Oa. Assets are initially recorded at market...
Which of the following statements is true concerning assets? Oa. Assets are initially recorded at market value and then adjusted for inflation. Ob. Assets are measured using a time-period approach. Oc. Assets are initially recorded at market value, since historical cost tends to be too arbitrary. Od. Assets are initially recorded using the historical cost principle.
Problem #12 of 24 Tax evasion usually involves all of the following except Oa. an underpayment of tax. Ob. an affirmative act by the taxpayer to evade the tax. Oc. planning a transaction to lower the tax liability. Od. willfulness on the part of the taxpayer. Problem #13 of 24 Deductions from adjusted gross income (AGI) are Oa. never subject to further reduction based on the income of the taxpayer. Ob. not synonymous with itemized deductions. Oc. referred to as...
Question 26 (3 points) When considering GDP as a measure of the nation's economic performance, which of the following statements is NOT true? GDP is useful to map changes in the economy's domestic economic performance over time. GDP is underestimated because it does not include illegal activities. GDP would be a better measure of economic performance it if included non- market activities. OGDP is a good measure of a nation's overall welfare.
Aaron and Adam, who are both full-time students, have each been
doing work on their own cars . Then Adam decides to hire Aaron to
do his oil changes, and in turn. Aaron hires Adam to keep his car
clean. As a result of this change , GDP
( 3) Aaron and Adam, who are both full-time students, have each been doing work on their own cars. Then Adam decides to hire Aaron to do his oil changes, and in...
Problem #1 GDP calculated by the expenditure approach will b income approach, because OA. the dollar value of the expenditure on new goods and services in a year must be equal to he GDP calculated by the the dollar value of the income generated in that year the dollar value of the expenditure on new goods and services in a year is always less than the dollar value of the income generated in that year, since imports are subtracted from...
6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following activities are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all that apply. The Brazilian wood that is used for flooring in a new U.S. house The value produced when you wash your own car at home The costs of...
Economic historians Roger Ransom and Richard Sutch have estimated that African-American farmers in the U.S. South after the Civil War worked about 30 percent fewer hours per year than they had as slaves before the Civil War. If after the Civil War, African-American farmers had continued to work these additional hours, their production and income would have been higher and so would have been U.S. GDP. Source: Roger L. Ransom and Richard Sutch, One Kind of Freedom: The Economic Consequences...
Which of the following explanations is a reason why Real GDP per Capital is NOT a good measure of social welfare? Select one: a. Real GDP per capita does not account for population growth b. Real GDP per Capita does not account for household activities like cooking at home c. Real GDP per capita does not account for the production of services d. Real GDP per capita is not as accurate as Real Gross National Product per Capita e. Real...
Which of the following statements is true concerning assets? Oa. Assets are initially recorded at market value and then adjusted for inflation. Ob. Assets are measured using a time-period approach. Oc. Assets are initially recorded at market value, since historical cost tends to be too arbitrary. Od. Assets are initially recorded using the historical cost principle.
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