Homework Answers
The motivators for estimating national income were events such as the great depression and world war II as such events made it necessary to collect and examine heaps of data. Hence, during the Great Depression, the Department of Commerce began printing quotes for national income, and during WWII, they came up with estimates of GNP. There were lots of debates involving economists seeing what national income really intended. For example, Kuznets concluded that not all of government expenditures profited individuals. Government cost was controversial as the use of the US government shifted into the buyer of war-related fantastic sin World War II. Finally, since it produces a environment which inspires activity in the united states, it had been used to quantify GDP.
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3. Historically, what was the most significant motivator for estimating national income and constructing national accounts?...
3. (6 points) The following is the information from the national income accounts for a hypothetical...
3. (6 points) The following is the information from the national income accounts for a hypothetical country: GNP = 5000 Personal Disposable Income = 4100 Consumption = 3800 X-M = 50 Govt. Budget Deficit = 200 Net Factor Payments from Abroad = -10 Calculate: (a) (3 points) Government Expenditures (b) (3 points) Gross Investment
How to calculate personal savings. NATIONAL INCOME ACCOUNTS Use the data below to answer questions 1-3:...
How to calculate personal savings.
NATIONAL INCOME ACCOUNTS Use the data below to answer questions 1-3: Consumption Expenditures Wages Rent Interest Income Corporate Profits Proprietors' Income Farm Income Personal Income Personal Taxes $8,000 billion $7,000 billion S 150 billion S 500 billion S 500 billion S 800 billion $ 150 billion $9,000 billion $900 billion d. 9,900 bi1lion 3. Personal saving is equal to a. $1,000 billion b. $900 billion c. $100 billion d. $50 billion 4. Disposable income is...
only need help on 3 NATIONAL INCOME ACCOUNTS Use the data below to answer questions 1-3:...
only need help on 3
NATIONAL INCOME ACCOUNTS Use the data below to answer questions 1-3: Consumption Expenditures Wages Rent Interest Income Corporate Profits Proprietors' Income Farm Income Personal Income Personal Taxes $8,000 billion $7,000 billion 150 billion S 500 billion S 500 billion $800 billion S 150 billion $9,000 billion $ 900 billion 1. National income (NI) is equal to $7,000 billion $8,200 billion $9,900 billion $9,100 billion b. d. 2. Disposable income (DI) is equal to $7,100 billion...
80 (Table: Hypothetical Irish National Income and Product Accounts Data) What is the current account for...
80 (Table: Hypothetical Irish National Income and Product Accounts Data) What is the current account for Ireland? Category Billions of dollars Consumption (personal consumption expenditures) 320 Investment (gross private domestic investment) 150 Government consumption (government expenditures) Exports 110 Imports 60 Foreign income payments to domestic factors 20 Domestic income payments to foreign factors Net unilateral transfers 10 0 -$290 0 -$410 O $310 O $290
What are three (3) most significant issues facing African-Americans within the 21st century?
What are three (3) most significant issues facing African-Americans within the 21st century?
National Restaurant Supply Inc. sells restaurant equipment and supplies throughout most of the United States. The...
National Restaurant Supply Inc. sells restaurant equipment and supplies throughout most of the United States. The management of the company is considering adding a machine that makes sorbet to its line of ice cream making machines. Management is preparing to enter into negotiations with the Swedish manufacturer of the sorbet machine concerning the price at which the machine would be sold to National Restaurant Supply. Management of National Restaurant Supply believes the sorbet machine can be sold to its customers...
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...
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. What is the difference between "nominal" and "real" national income? 2. Explain the "business cycle"...
1. What is the difference between "nominal" and "real" national income? 2. Explain the "business cycle" and its relevance to macroeconomics 3. Explain the concept of "full employment". Does this mean there are no unemployed persons in the economy? Why? How does the "consumer price index" measure inflation and why is this important? What is the difference between "growth" and "fluctuations" and why is this important? 4.
Most of what we know about the lac operon in E. coli has come from the...
Most of what we know about the lac operon in E. coli has come from the genetic analysis of various mutants. Below is a list of mutants for regions of the operon. A + superscript indicates no mutation and normal function of that region, - indicates a knock out and no function of that region, c indicates the mutation resulted in constitutive action of that region. The effect of the mutation is determined by expression of the lacZ gene as...
How to calculate personal savings.
NATIONAL INCOME ACCOUNTS Use the data below to answer questions 1-3: Consumption Expenditures Wages Rent Interest Income Corporate Profits Proprietors' Income Farm Income Personal Income Personal Taxes $8,000 billion $7,000 billion S 150 billion S 500 billion S 500 billion S 800 billion $ 150 billion $9,000 billion $900 billion d. 9,900 bi1lion 3. Personal saving is equal to a. $1,000 billion b. $900 billion c. $100 billion d. $50 billion 4. Disposable income is...
only need help on 3
NATIONAL INCOME ACCOUNTS Use the data below to answer questions 1-3: Consumption Expenditures Wages Rent Interest Income Corporate Profits Proprietors' Income Farm Income Personal Income Personal Taxes $8,000 billion $7,000 billion 150 billion S 500 billion S 500 billion $800 billion S 150 billion $9,000 billion $ 900 billion 1. National income (NI) is equal to $7,000 billion $8,200 billion $9,900 billion $9,100 billion b. d. 2. Disposable income (DI) is equal to $7,100 billion...
80 (Table: Hypothetical Irish National Income and Product Accounts Data) What is the current account for Ireland? Category Billions of dollars Consumption (personal consumption expenditures) 320 Investment (gross private domestic investment) 150 Government consumption (government expenditures) Exports 110 Imports 60 Foreign income payments to domestic factors 20 Domestic income payments to foreign factors Net unilateral transfers 10 0 -$290 0 -$410 O $310 O $290
National Restaurant Supply Inc. sells restaurant equipment and supplies throughout most of the United States. The management of the company is considering adding a machine that makes sorbet to its line of ice cream making machines. Management is preparing to enter into negotiations with the Swedish manufacturer of the sorbet machine concerning the price at which the machine would be sold to National Restaurant Supply. Management of National Restaurant Supply believes the sorbet machine can be sold to its customers...
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. What is the difference between "nominal" and "real" national income? 2. Explain the "business cycle" and its relevance to macroeconomics 3. Explain the concept of "full employment". Does this mean there are no unemployed persons in the economy? Why? How does the "consumer price index" measure inflation and why is this important? What is the difference between "growth" and "fluctuations" and why is this important? 4.
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