Homework Answers
1. GDP = Consumer purchases + Investment purchase + Government
purchases + Total exports - Total imports
So, GDP = 100 + 50 + 20 + 50 - 70
Thus, GDP = $150 per year
(Note: As HOMEWORKLIB's policy, one question is to be answered at a time.)
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1. Calculate GDP in this simple economy: Consumer purchases: $100 per year Investment purchases: $50 per...
2. "Government purchases (G)" does not include all of government spending: What is not included? 3....
2. "Government purchases (G)" does not include all of government spending: What is not included? 3. "Consumption spending (C)" does not include all of household spending: What is not included? In an imaginary economy, consumers buy only razors and cologne. The fixed basket consists of 6 razors and 4 bottles of cologne. A razor cost $20 in 2009 and $25 in 2010. A bottle of cologne cost $30 in 2009 and $40 in 2010. Using 2009 as the base year...
1 23 You are given the following information about an economy: Gross private domestic investment 50...
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You are given the following information about an economy: Gross private domestic investment 50 Government purchases of goods and services 35 Gross national product (GNP) 300 Current account balance10 Taxes 60 Government transfer payments to the domestic private sector 30 Interest payments from the government to the domestic private sector10 (Assume all interest payments by the government go to domestic households.) Factor income received from rest of world 6 Factor payments made to rest of world8 Assuming that...
ECON 250 30. Which of the following is NOT included in U.S. GDP? the estimated rental...
ECON 250 30. Which of the following is NOT included in U.S. GDP? the estimated rental value of owner-occupied housing in the U.S.A. b.US. home grown garden for family consumption c. production of foreign citizens living in the United States d services such as those provided by American lawyers and America hair stylists working in the USA 31. One bag of flour is sold for $2.50 to a bakery, which uses the flour to bake bread. Five loafs of bread...
2)GDP per capita: a)is an average income per person in an economy. b)tells us about how...
2)GDP per capita: a)is an average income per person in an economy. b)tells us about how the output is allocated in an economy. c)tells us about what you can buy with a given amount of money in that country. d)All of these statements are true. 10) Inventory is the stock of goods that a company: Multiple Choice a)produces now but has contractually already sold it. b)produces this year, but keeps to sell them next year. c)produced last year, but had...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004 2005 & 2007 Nominal GDP (in Billions of Dollars) 9,817 10.128 10.469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,569 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 101.2 103.3 105.2 106.7 108.8 110.0 111.4 Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2015 using 2007 prices. $0 billion b....
1. Year Nominal GDP GDP Price deflator Real GDP Inflation Rate
1. Year Nominal GDP GDP Price deflator Real GDP Inflation Rate Growth Rate 2008 $14,833.60 99.23 -- -- 2009 14,417.90 100.00 2010 14,779.40 101.21 2011 15,052.40 103.20 2012 15,470.70 105.00 2013 15,759.00 106.59 2014 17,420.70 108.27 2015 18,287.20 110.01 2016 18,905.50 112.08 2017 19,738.90 114.27 a. Fill in the blanks in the table above and show your work. b. Over this time period, does inflation...
1. Suppose that a simple economy produced only three goods: wheat, automobiles, and chairs. The table...
1. Suppose that a simple economy produced only three goods: wheat, automobiles, and chairs. The table below lists the quantity and prices for each of the goods for year 2000 and 2010. Based on table, answer the following questions (7.8 total points): Price in 2000 Wheat Automobiles Chairs Quantity produced in 2000 100 200 400 $5 $40,000 $10 a) Calculate nominal GDP in year 2000. 5 points) b) Suppose prices doubled by 2010 but production stayed the same. Calculate the...
Ante tolikowing Us Towy w Et Questo 39 Gradesh 1. The western component DD 2. An...
Ante tolikowing Us Towy w Et Questo 39 Gradesh 1. The western component DD 2. An increase in real GDP of the UNE output of goods and services U 3. Economists use the termino debe overall production levels rising 4. Suppose that a borrower and and then on a loan. Then nation turns out to be the one that the real interest rate on this loans lower than 6. The catch-up effect is deed the property where rich more rapidly...
1. During a given year, the following activities occur in a simple economy consisting of a miller and a baker The mil...
1. During a given year, the following activities occur in a simple economy consisting of a miller and a baker The miller pays his workers $ 250,000 to mill 120 tons of flour. The flour is then sold to a baker for $ 530,000. The baker pays his workers 340,000 to make 750,000 loaves of bread, which she then sells directly to consumers for $ 1,000,000. a. Using the "final goods" approach, what is the GDP in this economy? b....
1. Jordan loaned Taylor $1,200 on March 15, 2009. Taylor returned $1,260 on March 14, 2010....
1. Jordan loaned Taylor $1,200 on March 15, 2009. Taylor returned $1,260 on March 14, 2010. Inflation was 2% over the 1-year period. What is the real interest rate that Taylor paid? 5% 2% 3% 7% 2. Which of the following is an example of money illusion assuming that inflation is 5%? You receive a 10% raise at your part-time job and start spending extra money on entertainment every weekend. You do not receive a raise at your part-time job...
2. "Government purchases (G)" does not include all of government spending: What is not included? 3. "Consumption spending (C)" does not include all of household spending: What is not included? In an imaginary economy, consumers buy only razors and cologne. The fixed basket consists of 6 razors and 4 bottles of cologne. A razor cost $20 in 2009 and $25 in 2010. A bottle of cologne cost $30 in 2009 and $40 in 2010. Using 2009 as the base year...
1
23
You are given the following information about an economy: Gross private domestic investment 50 Government purchases of goods and services 35 Gross national product (GNP) 300 Current account balance10 Taxes 60 Government transfer payments to the domestic private sector 30 Interest payments from the government to the domestic private sector10 (Assume all interest payments by the government go to domestic households.) Factor income received from rest of world 6 Factor payments made to rest of world8 Assuming that...
ECON 250 30. Which of the following is NOT included in U.S. GDP? the estimated rental value of owner-occupied housing in the U.S.A. b.US. home grown garden for family consumption c. production of foreign citizens living in the United States d services such as those provided by American lawyers and America hair stylists working in the USA 31. One bag of flour is sold for $2.50 to a bakery, which uses the flour to bake bread. Five loafs of bread...
Year 2000 GDP Deflator (Price Index, 2009 = 100) 81.9 83.8 85.0 2001 2002 2003 2004 2005 & 2007 Nominal GDP (in Billions of Dollars) 9,817 10.128 10.469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,524 15,518 16,163 16,768 17,393 18,037 18,569 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 101.2 103.3 105.2 106.7 108.8 110.0 111.4 Instructions: Enter your responses rounded to the nearest billion. a. Calculate real GDP for 2015 using 2007 prices. $0 billion b....
1. Suppose that a simple economy produced only three goods: wheat, automobiles, and chairs. The table below lists the quantity and prices for each of the goods for year 2000 and 2010. Based on table, answer the following questions (7.8 total points): Price in 2000 Wheat Automobiles Chairs Quantity produced in 2000 100 200 400 $5 $40,000 $10 a) Calculate nominal GDP in year 2000. 5 points) b) Suppose prices doubled by 2010 but production stayed the same. Calculate the...
Ante tolikowing Us Towy w Et Questo 39 Gradesh 1. The western component DD 2. An increase in real GDP of the UNE output of goods and services U 3. Economists use the termino debe overall production levels rising 4. Suppose that a borrower and and then on a loan. Then nation turns out to be the one that the real interest rate on this loans lower than 6. The catch-up effect is deed the property where rich more rapidly...
1. During a given year, the following activities occur in a simple economy consisting of a miller and a baker The miller pays his workers $ 250,000 to mill 120 tons of flour. The flour is then sold to a baker for $ 530,000. The baker pays his workers 340,000 to make 750,000 loaves of bread, which she then sells directly to consumers for $ 1,000,000. a. Using the "final goods" approach, what is the GDP in this economy? b....
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