Homework Answers
Total consumer = 11400 + 240 - 2000 - 1440 = 8200
Total government = 2000 - 240 + (1440 + 110 - 500 - 410) = 2400
GDP = 8200 + 500 + 2400 + (1000 - 700) = 11400
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$700 million World economy 5.410 million The image shows the circular flow of money through an...
The following shows the circular-flow diagram for the closed economy of Wenatchee Government purchases of goods...
The following shows the circular-flow diagram for the closed economy of Wenatchee Government purchases of goods and services Government borrowing Government Taxes Government transfers Consumer spending Private savings Households Wages, profit, interest, rent Markets for goods and services Factor markets Financial markets Total spending on goods and services Wages, profit, interest, rent Borrowing and stock issues by firms Firms Investment spending Govemment purchases of goods and services Govemment borrowing Transfers Wages, profit, interest, rent Private savings $500 $200 $100 $2900...
1. The expanded circular-flow diagram Aa Aa The diagram below shows an expansive circular-flow diagram for the U.S. eco...
1. The expanded circular-flow diagram Aa Aa The diagram below shows an expansive circular-flow diagram for the U.S. economy, with arrows pointing in the direction that money flows. To facilitate reference, letter labels have been placed on certain arrows of the diagram Government purchases of goods and services Government borrowing Government Taxes Government transfers Private savings Households Wages, profit, interest, Consumer spending rent Markets for goods and services Factor markets Financial markets Gross Wages, profit, interest, rent domestic Borrowing and...
I need a step by step solution of the following problem; (Figure 7-2: Expanded Circular-Flow Model) Government purchase...
I need a step by step solution of the following problem;
(Figure 7-2: Expanded Circular-Flow Model) Government purchases of goods and services = $200 Government borrowing = $70 Government $150 = Taxes Government transfers = $20 Private savings = $170 Consumer spending = $700 Households Wages, profit, interest, rent = $1,000 Markets for goods and services Factor markets Financial markets Gross domestic product Wages, profit, interest, rent - $1,000 Borrowing and stock issues by firms = $120 Firms Investment spending...
Figure 7-1: Circular-Flow Model: Use the following to answer questions 6-7: Wages, dividends, interest rent =...
Figure 7-1: Circular-Flow Model: Use the following to answer questions 6-7: Wages, dividends, interest rent = $500 Wages, dividends, interest rent = $500 Factor markets Firms Households Consumer spending - $400 Taxes = $100 Goods and services markets Imports = $30 Government Government purchases of Exports goods and - $30 services = $100 Rest of world 6. (Figure 7-1: Circular-Flow Model) Use Figure 7-1: Circular-Flow Model. If the circular- flow model is in equilibrium (the sum of money flowing into...
4. (10 pts) One of the first models we learned this quarter was the Circular Flow...
4. (10 pts) One of the first models we learned this quarter was the Circular Flow Model. Please repro- duce the circular flow model below and label the four major economic agents. Also separate your model into the three parts that clearly represent where the (1) production, (2) distribution, and (3) consumption all occur. Using your model, clearly explain how it shows the two approaches to calcu- lating GDP. Label these two approaches clearly and distinctly on your model. 5....
perty rights and the role of prices as economic signals are two features that make markets...
perty rights and the role of prices as economic signals are two features that make markets function effectively ) False Use the following to answer questions 13-17 Figure: Circular-Flow Model Wages, dividends, intenest, rent $500 Wages, dividends, interest rent $500 Factor Households Consumer spending Fin Taxes Goods and 5100 seices $30 Govenmen purchases of ExportsRest of goods and 530 workd $100 13. (Figure: Circular-Flow Model) Look at the figure Circular-Flow Model. What is GDP in this Circular-Flow Model) Look at...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. [3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. 14) Other things equal, in countries with higher levels of real...
Which of the following best describes the relationship between a stock concept and a flow concept?...
Which of the following best describes the relationship between a
stock concept and a flow concept?
A stock concept has a time period
associated with it, whereas a flow concept is an amount of
something at a given point in time.
A stock concept is an amount of something at a given point in
time, whereas a flow concept has a time period associated with
it.
______________________________________________________________________________
What expenditure category of production is largest for most
countries?
Investment
Consumption
Net...
1. A self-employed woman marries the man she has been paying to do her accounting. After...
1. A self-employed woman marries the man she has been paying to do her accounting. After they marry they decide there is no point continuing to write a check to him since they are now one-household. What effect does this have on GDP? Select one: a. None, since only their legal status changes and the same amount of productive activity is being done. b. GDP decreases because his accounting services were an intermediate good and are now a final good....
1. Structural unemployment is the result of A) short-term movement of workers between jobs. B) job...
1. Structural unemployment is the result of A) short-term movement of workers between jobs. B) job search for first-time job seekers. C) technological change or permanent changes in industry demand. D) business cycle fluctuations. E) recurring changes in the hiring needs of certain industries. 2. The real interest rate equals A) the nominal interest rate minus the rate of unexpected inflation. B) the rate of expected inflation minus the nominal interest rate. C) the nominal interest rate minus the rate...
The following shows the circular-flow diagram for the closed economy of Wenatchee Government purchases of goods and services Government borrowing Government Taxes Government transfers Consumer spending Private savings Households Wages, profit, interest, rent Markets for goods and services Factor markets Financial markets Total spending on goods and services Wages, profit, interest, rent Borrowing and stock issues by firms Firms Investment spending Govemment purchases of goods and services Govemment borrowing Transfers Wages, profit, interest, rent Private savings $500 $200 $100 $2900...
1. The expanded circular-flow diagram Aa Aa The diagram below shows an expansive circular-flow diagram for the U.S. economy, with arrows pointing in the direction that money flows. To facilitate reference, letter labels have been placed on certain arrows of the diagram Government purchases of goods and services Government borrowing Government Taxes Government transfers Private savings Households Wages, profit, interest, Consumer spending rent Markets for goods and services Factor markets Financial markets Gross Wages, profit, interest, rent domestic Borrowing and...
I need a step by step solution of the following problem;
(Figure 7-2: Expanded Circular-Flow Model) Government purchases of goods and services = $200 Government borrowing = $70 Government $150 = Taxes Government transfers = $20 Private savings = $170 Consumer spending = $700 Households Wages, profit, interest, rent = $1,000 Markets for goods and services Factor markets Financial markets Gross domestic product Wages, profit, interest, rent - $1,000 Borrowing and stock issues by firms = $120 Firms Investment spending...
Figure 7-1: Circular-Flow Model: Use the following to answer questions 6-7: Wages, dividends, interest rent = $500 Wages, dividends, interest rent = $500 Factor markets Firms Households Consumer spending - $400 Taxes = $100 Goods and services markets Imports = $30 Government Government purchases of Exports goods and - $30 services = $100 Rest of world 6. (Figure 7-1: Circular-Flow Model) Use Figure 7-1: Circular-Flow Model. If the circular- flow model is in equilibrium (the sum of money flowing into...
4. (10 pts) One of the first models we learned this quarter was the Circular Flow Model. Please repro- duce the circular flow model below and label the four major economic agents. Also separate your model into the three parts that clearly represent where the (1) production, (2) distribution, and (3) consumption all occur. Using your model, clearly explain how it shows the two approaches to calcu- lating GDP. Label these two approaches clearly and distinctly on your model. 5....
perty rights and the role of prices as economic signals are two features that make markets function effectively ) False Use the following to answer questions 13-17 Figure: Circular-Flow Model Wages, dividends, intenest, rent $500 Wages, dividends, interest rent $500 Factor Households Consumer spending Fin Taxes Goods and 5100 seices $30 Govenmen purchases of ExportsRest of goods and 530 workd $100 13. (Figure: Circular-Flow Model) Look at the figure Circular-Flow Model. What is GDP in this Circular-Flow Model) Look at...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. [3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. 14) Other things equal, in countries with higher levels of real...
Which of the following best describes the relationship between a
stock concept and a flow concept?
A stock concept has a time period
associated with it, whereas a flow concept is an amount of
something at a given point in time.
A stock concept is an amount of something at a given point in
time, whereas a flow concept has a time period associated with
it.
______________________________________________________________________________
What expenditure category of production is largest for most
countries?
Investment
Consumption
Net...
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