Homework Answers
GDP is equal to total expenditure done on the goods and service under a given period of time in the economy. The answer is D. It is also the total income of everyone. At a time income and expenditure are always equal in the GDP
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Gross domestic production is equal to the total expenditure on the economy's output of goods and...
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...
The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's...
The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's economic performance, is the market value of all final goods and services made within the borders of a nation in a year. GDP is widely used by economists to gauge the health of an economy, as its variations are relatively quickly identified. However, its value as an indicator of the standard of living is limited. What is a limitation of using GDP to measure...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods and services produced by factors of production owned by citizens of a nation B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders D) the total market value of all final goods and services produced by factors of production located within a nation's...
3] The inflation rate you are likely to hear on the nightly news is calculated from...
3] The inflation rate you are likely to hear on the nightly news is calculated from a. the GDP deflator. b. the CPI. c. the Dow Jones Industrial Average. d. the unemployment rate. [4] Gross domestic product measures two things at once a. the total spending of everyone in the economy and the total saving of b. the total income of everyone in the economy and the total expenditure everyone in the economy on the economy's output of goods and...
The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's...
The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's economic performance, is the market value of all final goods and services made within the borders of a nation in a year. briefly describe why it’s so important.
The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's...
The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's economic performance, is the market value of all final goods and services made within the borders of a nation in a year. Which of the following countries were the top 3 in the GPD list of 2008:
An economy's production function is Y = AK^0.3L^0.7, and the economy's total output in equilibrium is...
An economy's production function is Y = AK^0.3L^0.7, and the economy's total output in equilibrium is $ 290 billion. Total capital income in this economy is
Gross Domestic Product (GDP) only measures the value of marketed goods and services for a country...
Gross Domestic Product (GDP) only measures the value of marketed goods and services for a country during a given period of time. Is the GDP measure underestimating or overestimating national production and total income in the economy? Why? What are the limitations of the GDP in measuring total output and national welfare? What products (services) are excluded from the GDP computation?
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by citizens of a nation. B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders. D) the total market value of all final goods and services produced by factors of production located within a nation's borders. 12) Intermediate goods are A) goods that are...
1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple...
1. The economy's income and expenditure
The following diagram presents a circular-flow model of a simple
economy. The outer set of arrows (shown in green) shows the flow of
dollars, and the inner set of arrows (shown in red) shows the
corresponding flow of inputs and outputs.
Based on this model, households earn income when (firms)
or households) purchase (goods and services) or
(labor and capital) in markets for factors of
production.
Suppose Neha earns $800 per week working as...
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...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods and services produced by factors of production owned by citizens of a nation B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders D) the total market value of all final goods and services produced by factors of production located within a nation's...
3] The inflation rate you are likely to hear on the nightly news is calculated from a. the GDP deflator. b. the CPI. c. the Dow Jones Industrial Average. d. the unemployment rate. [4] Gross domestic product measures two things at once a. the total spending of everyone in the economy and the total saving of b. the total income of everyone in the economy and the total expenditure everyone in the economy on the economy's output of goods and...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by citizens of a nation. B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders. D) the total market value of all final goods and services produced by factors of production located within a nation's borders. 12) Intermediate goods are A) goods that are...
1. The economy's income and expenditure
The following diagram presents a circular-flow model of a simple
economy. The outer set of arrows (shown in green) shows the flow of
dollars, and the inner set of arrows (shown in red) shows the
corresponding flow of inputs and outputs.
Based on this model, households earn income when (firms)
or households) purchase (goods and services) or
(labor and capital) in markets for factors of
production.
Suppose Neha earns $800 per week working as...
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