Homework Answers
3) In the given scenario, we should count the portion of the ship that was finished and taking into consideration will be included in the current year’s GDP. If an economist accounted for the entire amount of ship in the year when it was sold, it would result to an underestimation of GDP in the previous two years and overestimation of the GDP in the third year.
4) When a new house was built during one year and in the second
year sold for the first time, the economist would account for it
during the first year as it is final good that is produced in first
year. Since the finished home is "purchased" by the builder during
the first year and added it the inventory of homes; thus will be
counted in GDP in the first year
As per policy we have to answer first question, I have answered more than one
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3. How should the national accounts handle the measure of the production of a cruise...
National Accounts and Price Indices Consider an economy that only produces three types of goods and...
National Accounts and Price Indices Consider an economy that only produces three types of goods and services: bread tractors, and haircuts. The following table shows how many of these goods were produced in three consecutive years and at what price they were sold. year bread tractors haircuts units sold price units sold price units sold price 2008 2009 2010 4,950,000 5,000,000 5,050,000 $1.00 S1.00 S1.05 95 100 95 $45,000 $50,000 $45,000 96,000 100,000 104,000 S50 $55 a) Calculate nominal GDP...
National Accounts and Price Indices Consider an economy that only produces three types of goods and...
National Accounts and Price Indices Consider an economy that only produces three types of goods and services: bread, tractors, and haircuts. The following table shows how many of these goods were produced in three consecutive years and at what price they were sold year bread tractors haircuts units sold price units sold price units sold price 2008 2009 2010 4,950,000 5,000,000 5,050,000 $1.00 $1.00 $1.05 95 100 95 $45,000 $50,000 $45,000 96,000 100,000 104,000 $50 $50 $55 According to the...
DO#3 Real GDP is intended to measure the real value of goods and services produced, not...
DO#3
Real GDP is intended to measure the real value of goods and
services produced, not the stock of money, or the balance in your
bank account, or whether you are in debt or not. To do this, we may
use information on total expenditures - measured in dollars - but
the purpose is always to recover an index of real output. For this
homework, you need the following information to calculate real GDP
over several periods. First, you know...
How do the national income accounts change if social security payments increase? A) Consumption falls. B)...
How do the national income accounts change if social security payments increase? A) Consumption falls. B) Consumption rises. C) Savings rise. D) This change is not captured in the national income accounts. How do the national income accounts change if unemployment benefits paid to people increase? A) Consumption falls. B) Consumption rises. C) Savings rise. D) This change is not captured in the national income accounts. How do the national income accounts change if national defense spending increases? A) Government...
Aaron and Adam, who are both full-time students, have each been doing work on their own...
Aaron and Adam, who are both full-time students, have each been
doing work on their own cars . Then Adam decides to hire Aaron to
do his oil changes, and in turn. Aaron hires Adam to keep his car
clean. As a result of this change , GDP
( 3) Aaron and Adam, who are both full-time students, have each been doing work on their own cars. Then Adam decides to hire Aaron to do his oil changes, and in...
Jefferson Apothecary Accounts Receivables After working in the natural industry for over a decade, Virginia McHoo...
Jefferson Apothecary Accounts Receivables After working in the natural industry for over a decade, Virginia McHoo founded Jefferson Apothecary in 2010. Fueled by a growing demand for top-quality essential oils, Virginia saw an opportunity to establish a business that could bring therapeutic-grade essential oils to customers at affordable prices. Thus, Jefferson Apothecary designed and built a state-of-the-art facility in Charlottesville, Virginia. It manufactures and markets 25 single oils and 10 blends across the east coast. Jefferson distributes its products to...
O’Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications). O’Leary uses a normal job costing system. Direct
O’Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications). O’Leary uses a normal job costing system. Direct labor at O’Leary is paid $24 per hour, but the employees are not paid if they are not working on jobs. Manufacturing overhead is assigned to jobs by a predetermined rate on the basis of direct labor-hours. The company incurred manufacturing overhead...
Questions 1-5 Beta's National Accounts in 2019 1. Net Domestic Product 2. Exports 3. Personal income...
Questions 1-5 Beta's National Accounts in 2019 1. Net Domestic Product 2. Exports 3. Personal income taxes 4. Government expenditures 5. Consumption expenditures 6. Gross investment 7. Imports 8. Corporate profits before taxes 9. Personal disposable Income 10. Net Investment 11. Capital stock on January 1, 2019 Billions of $ 2250 100 300 600 1400 250 75 350 1900 225 30000 1. GDP was a) $2175 billion b) $2275 C) $2300 d) $2325. Depreciation was a) So billion b) $25...
Cost Estimation, Estimating Overhead Rates, Job Costing, and Decision Making O’Leary Corporation manufactures special-purpose portable structures...
Cost Estimation, Estimating Overhead Rates, Job Costing, and Decision Making
O’Leary Corporation manufactures special-purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications). O’Leary uses a normal job costing system. Direct labor at O’Leary is paid $17 per hour, but the employees are not paid if they are not working on jobs. Manufacturing overhead is assigned to jobs by a predetermined rate on the...
Joan Holtz (A) was cre. Chapter 5 Revenue and Monetary se 135 cost of 00.00 was...
Joan Holtz (A)
was cre. Chapter 5 Revenue and Monetary se 135 cost of 00.00 was ap- actually received by the farm from the grain clevator operator. Full collection often took several months be- cause a grain elevator operator might keep wheat for a considerable time in the hope that prices would rise so the elevator company could sell at a higher price than that paid the farmer. Questions (Hint: Under the collection method, accounts re- ceivable are zero. Under...
National Accounts and Price Indices Consider an economy that only produces three types of goods and services: bread tractors, and haircuts. The following table shows how many of these goods were produced in three consecutive years and at what price they were sold. year bread tractors haircuts units sold price units sold price units sold price 2008 2009 2010 4,950,000 5,000,000 5,050,000 $1.00 S1.00 S1.05 95 100 95 $45,000 $50,000 $45,000 96,000 100,000 104,000 S50 $55 a) Calculate nominal GDP...
National Accounts and Price Indices Consider an economy that only produces three types of goods and services: bread, tractors, and haircuts. The following table shows how many of these goods were produced in three consecutive years and at what price they were sold year bread tractors haircuts units sold price units sold price units sold price 2008 2009 2010 4,950,000 5,000,000 5,050,000 $1.00 $1.00 $1.05 95 100 95 $45,000 $50,000 $45,000 96,000 100,000 104,000 $50 $50 $55 According to the...
DO#3
Real GDP is intended to measure the real value of goods and
services produced, not the stock of money, or the balance in your
bank account, or whether you are in debt or not. To do this, we may
use information on total expenditures - measured in dollars - but
the purpose is always to recover an index of real output. For this
homework, you need the following information to calculate real GDP
over several periods. First, you know...
Aaron and Adam, who are both full-time students, have each been
doing work on their own cars . Then Adam decides to hire Aaron to
do his oil changes, and in turn. Aaron hires Adam to keep his car
clean. As a result of this change , GDP
( 3) Aaron and Adam, who are both full-time students, have each been doing work on their own cars. Then Adam decides to hire Aaron to do his oil changes, and in...
Jefferson Apothecary Accounts Receivables After working in the natural industry for over a decade, Virginia McHoo founded Jefferson Apothecary in 2010. Fueled by a growing demand for top-quality essential oils, Virginia saw an opportunity to establish a business that could bring therapeutic-grade essential oils to customers at affordable prices. Thus, Jefferson Apothecary designed and built a state-of-the-art facility in Charlottesville, Virginia. It manufactures and markets 25 single oils and 10 blends across the east coast. Jefferson distributes its products to...
Questions 1-5 Beta's National Accounts in 2019 1. Net Domestic Product 2. Exports 3. Personal income taxes 4. Government expenditures 5. Consumption expenditures 6. Gross investment 7. Imports 8. Corporate profits before taxes 9. Personal disposable Income 10. Net Investment 11. Capital stock on January 1, 2019 Billions of $ 2250 100 300 600 1400 250 75 350 1900 225 30000 1. GDP was a) $2175 billion b) $2275 C) $2300 d) $2325. Depreciation was a) So billion b) $25...
Cost Estimation, Estimating Overhead Rates, Job Costing, and Decision Making
O’Leary Corporation manufactures special-purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications). O’Leary uses a normal job costing system. Direct labor at O’Leary is paid $17 per hour, but the employees are not paid if they are not working on jobs. Manufacturing overhead is assigned to jobs by a predetermined rate on the...
Joan Holtz (A)
was cre. Chapter 5 Revenue and Monetary se 135 cost of 00.00 was ap- actually received by the farm from the grain clevator operator. Full collection often took several months be- cause a grain elevator operator might keep wheat for a considerable time in the hope that prices would rise so the elevator company could sell at a higher price than that paid the farmer. Questions (Hint: Under the collection method, accounts re- ceivable are zero. Under...
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