Homework Answers
Answer:
9. d. every penny spent on a good and service must end up as someone's income. Hence, value of production is equal to value of income.
15. a. Total value of bag by double counting = 500+600+900 = $2000
b. Total value of bag by value added method = 500+100+300 = $900
c. Thus true value is overstated by {(2000-900)/900}*100 = 122%
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9. In the circular flow of income, why must the value of total production in an...
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Suppose the information in the following table is for a simple economy that produces only the...
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Suppose the information in the following table is for a simple economy that produces only the...
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Question 6 (1 point) Suppose the information in the following table is for a simple economy...
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Score: 0 of 6 pts 6 of 9 (8 complete) HW Score: 37 End of Chapter...
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Questions # 7,8,9, 10 and 11 Value Added 100 $250 $ 500 5 1.850 the difference...
Questions # 7,8,9, 10 and 11
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Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2009 Statistics Quantity Price Quantity 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton 110 $55.00 3.00 70 40.00 0.90 120 60 12,000 120 $70.00 3.00 35.00 0.75 Price Quantity Price 120 $75.00 3.50 85 35.00 0.80 85 135 12,000 13,000 a. f the...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produ ce shirts 2009 Statistics 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton Quantity Price Quantity 90 $50.00 2.50 0 40.00 0.80 110 60 8,000 100 $60.00 2.50 35.00 0.60 Price Quantity Price 100 $65.00 2.75 8535.00 0.70 80 125 10,000 12,000 a. If the...
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Question 6 (1 point) Suppose the information in the following table is for a simple economy that produces only four goods and services shoes, hamburgers, shirts, and cotton Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts Calculate real GDP for 2015 using 2009 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as...
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Questions # 7,8,9, 10 and 11
Value Added 100 $250 $ 500 5 1.850 the difference between GDP and each of the What Wat is the GDP for this economy 8. What is the GNP for this economy? 9. What is the NNP for this economy? 10. What is the national income for this economy? 11. What is the gross investment in this economy? 12. Indirect business taxes and capital consumption allowance are not income, yet they are included in...
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