Question

macroeconomic

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8. If the price of coffee decreases, all else held coestant, the Law of Demand states that a firms will produce more coffee b. people will buy more coffee 9. If the price of coffee decreases, all else held constant, the Law of Supply states that a firms will produce more coffee b. people will buy more coffee e. firms will produce less coffee d people will buy more milk shakes c. firms will produce less coffee. d people will buy more milk shakes. 10. Which of the following markets is illustrated by the graph on the right? a. Market for wine, after the drought in CA destroys some of the grapes so consumers switch to drinking beer and vodika b. Market for prostitution, after a new law is passed that a $10,000 permit is required by each provider and as a results higher prices lead to fewer transactions. c. Market for gambling in Atlantic City, after a new fancy casino is buit and more tourists come to see it. d. Market for beef, after a new study that links beef to health problems 11. Business cycles are a. the difference between nominal and real GDP b. declines in GDP that last 6 months or longer d periodic fluctuations in real GDP c. no longer observed in the econcemy 12. Which of the following is a final good or service? a) diesel fuel bought for a delivery truck b) fertilizer purchased by a farm supplier c) a haircut purchased by an ESC student d) Chevrolet windows purchased by a General Motors assembly plant 13. Suppose Nucor Steel sells $2,000 worth of steel to Ford. Other producers sell $5,000 worth of other inputs to Ford Ford uses steel and other inputs to make a Taurus. It sells the Taurus to the car dealership for $15,000. The car dealership sells it to you for $18,000. What is the total contribution to GDP made by this series of transactions? 14. Which of the following is/are included into the income measure of the US GDP? a. profits of Randy the Illegal Drug-Dealer b. salary of Jane, a US citizen accountant working in Korea c. the value ofa new garage Sam the School Teacher buik himself in his back yard d. amount of a cash gift an ESC student receives from parents e. salary of Maria, a citizen of Mexico, working legally at a dental office in Queens 15. US GDP can be found by: a. Adding up all the spending on US-produced goods and services by business, government, households and foreigners, and subtracting imports. b. Adding up the value of all final goods produced in the economy c. Adding up all of the income receipts of households, goverament, and business. d. Summing up all the value-added at cach stage of production e. Any of the above e) used automobiles 0 business travel and entertainment 16. GDP excludes these 2 items (circle two): a) services b) nondurable goods c) unpaid work in the home d) residential housing construction 17. A good measure of the standard of a country's living over time is a real GDP per capita. d sotal nominal GDP c. total real GDP 18. GDP in an economy is $5.1 billion. Consumer expenditures are $3.2 billion, govemment purchases are $! billion, and net exports are 50.3 billion. Find gross private domestic investment. Show work b. nominal GDP per capita

Answer 1

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