Homework Answers
19. d
Unsold goods add to inventories which is a part of investment.
20. d
Germany cannot produce more of either good than Canada
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QUESTION 19 Which of the following is included in the investment component of GDP? a. purchase...
QUESTION 38 Table 3-32 US and French Production Opportunities Cheese (in millions of lbs.) Wine (in...
QUESTION 38 Table 3-32 US and French Production Opportunities Cheese (in millions of lbs.) Wine (in millions of gallons) 16 US France Refer to Table 3-32 The US has a comparative advantage in the production of a both wine and cheese. b. cheese. c. neither wine nor cheese. ed wine.
19. Which of the following values would be included in U.S. GDP for 2006? a. the...
19. Which of the following values would be included in U.S. GDP for 2006? a. the rent that John, an American citizen, would have paid on his home in New York in 2006 had he not owned that home b. the rent that Sarah, an American citizen, paid on her apartment in San Francisco in 2006 c. the value of the legal services provided by Carlos, an attorney and a Mexican citizen, who lived in Houston and practiced law there...
Question 19 5 pts Which of the following is included in GDP as "Consumption" spending? new...
Question 19 5 pts Which of the following is included in GDP as "Consumption" spending? new home construction ofood purchased at local restaurants and cafeterias oproduction of goods and services abroad excavation and paving work to build new public roads and bridges
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...
19. Which of the following is included in government expenditures when measuring GDP? A) Social Security...
19. Which of the following is included in government expenditures when measuring GDP? A) Social Security payments B) unemployment compensation payments C) pension payment made to past presidents D) the current president's salary 20. Transfer payments A) are included in the government expenditure category in gross domestic product. B) refer to all payments made to households by governments. C) refer to payments made by the government that are not made to purchase a good or service. D) are made by...
QUESTION 45 Which of the following is an example of investment, as a component of GDP?...
QUESTION 45 Which of the following is an example of investment, as a component of GDP? O The purchase of bridges and dams by the government. O The purchase of land by an individual. O The purchase of Ford stock by an individual saving for retirement. O The purchase of a truck by a delivery company. QUESTION 46 A market shortage is: O Caused by scarce resources. O Caused by a price floor O Equal to the quantity supplied. O...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory of absolute advantage as the basis for trade. B) Absolute advantage is based on comparing the opportunity costs of trading partners. C) The Ricardian model assumes labor is perfectly mobile. D) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations Question 2 (6 points) Answer the question(s) below based on the information in the following...
0.25 points9) Refer to the above table which shows the alternative outputs which can be produced...
0.25 points9) Refer to the above table which shows the
alternative outputs which can be produced in 2 different countries
with 1 year of labor. It can be concluded that Sweden has a(n)
A.) absolute advantage in both goods and a comparative advantage
only in autos.
B.) absolute advantage in both goods and a comparative advantage
only in computers.
C.) absolute advantage in both goods and a comparative advantage
in both goods.
D.) absolute advantage in both goods and a...
Which of the following is NOT true about gross domestic product (GDP)? a. It includes only...
Which of the following is NOT true about gross domestic product (GDP)? a. It includes only final goods and services. b. The values are measured in current dollars c. Intermediate goods and services are excluded to prevent double counting. d. It includes the value of transfer payments. The gross domestic product (GDP) excludes: a. the value of intermediate goods produced. b. the spending by government on new roads and bridges. c. household spending on goods and services. d. the increase...
Q1 Which of the following are included and which are excluded in calculating this year's GDP....
Q1 Which of the following are included and which are excluded in calculating this year's GDP. Explain in each instance. a. A monthly scholarship cheque received by an economics student b. The purchase of an almost new tractor by farmer Kojo C. The cashing in of a savings bond d. An increase in business inventories e. Tim Horton's purchases a corner grocery store f. Fearless Qweenie Kong, a stuntwoman, purchases a life insurance policy for a billion dollars ($) g....
QUESTION 38 Table 3-32 US and French Production Opportunities Cheese (in millions of lbs.) Wine (in millions of gallons) 16 US France Refer to Table 3-32 The US has a comparative advantage in the production of a both wine and cheese. b. cheese. c. neither wine nor cheese. ed wine.
19. Which of the following values would be included in U.S. GDP for 2006? a. the rent that John, an American citizen, would have paid on his home in New York in 2006 had he not owned that home b. the rent that Sarah, an American citizen, paid on her apartment in San Francisco in 2006 c. the value of the legal services provided by Carlos, an attorney and a Mexican citizen, who lived in Houston and practiced law there...
Question 19 5 pts Which of the following is included in GDP as "Consumption" spending? new home construction ofood purchased at local restaurants and cafeterias oproduction of goods and services abroad excavation and paving work to build new public roads and bridges
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...
19. Which of the following is included in government expenditures when measuring GDP? A) Social Security payments B) unemployment compensation payments C) pension payment made to past presidents D) the current president's salary 20. Transfer payments A) are included in the government expenditure category in gross domestic product. B) refer to all payments made to households by governments. C) refer to payments made by the government that are not made to purchase a good or service. D) are made by...
QUESTION 45 Which of the following is an example of investment, as a component of GDP? O The purchase of bridges and dams by the government. O The purchase of land by an individual. O The purchase of Ford stock by an individual saving for retirement. O The purchase of a truck by a delivery company. QUESTION 46 A market shortage is: O Caused by scarce resources. O Caused by a price floor O Equal to the quantity supplied. O...
Question 1 (6 points) Which of the following is true? A) David Ricardo proposed the theory of absolute advantage as the basis for trade. B) Absolute advantage is based on comparing the opportunity costs of trading partners. C) The Ricardian model assumes labor is perfectly mobile. D) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations Question 2 (6 points) Answer the question(s) below based on the information in the following...
0.25 points9) Refer to the above table which shows the
alternative outputs which can be produced in 2 different countries
with 1 year of labor. It can be concluded that Sweden has a(n)
A.) absolute advantage in both goods and a comparative advantage
only in autos.
B.) absolute advantage in both goods and a comparative advantage
only in computers.
C.) absolute advantage in both goods and a comparative advantage
in both goods.
D.) absolute advantage in both goods and a...
Q1 Which of the following are included and which are excluded in calculating this year's GDP. Explain in each instance. a. A monthly scholarship cheque received by an economics student b. The purchase of an almost new tractor by farmer Kojo C. The cashing in of a savings bond d. An increase in business inventories e. Tim Horton's purchases a corner grocery store f. Fearless Qweenie Kong, a stuntwoman, purchases a life insurance policy for a billion dollars ($) g....
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