Homework Answers
Answer 20) True, it won't be included in GDP because are merely movements of ownership rights from one party to another. They do not involve current production.
21) True, the unemployment which exists in any economy due to people being in the process of moving from one job to another is known as frictional unemployment.
22) True, The net foreign factor income level is generally not substantial in most nations since payments earned by their citizens and those paid to foreigners more or less offset each other.
23) False, Natural rate of unemployment is a combination of frictional, structural, and surplus unemployment.
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Question 19 1 pts Use the following hypothetical data in TABLE 7 to calculate GNP. Note:...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars $2,300 Gross private domestic investment Depreciation Exports $1,987 $3,120 $200 $4,521 Imports Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items Income received from other countries $6,300 $1,341 $1,118 $1,022 $8,174 $1,895 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $365...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars Gross private domestic investment Depreciation $1,700 $1,387 Exports $2,320 Imports $1,500 $3,921 Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items $5,700 $741 Income received from other countries $518 $422 $7,574 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $1,295 $35...
Question 2 9 pts Fill in the following table. GNP Total Output Consumption Consumption Investment 100...
Question 2 9 pts Fill in the following table. GNP Total Output Consumption Consumption Investment 100 Government Purchases Investment Exports Imports 25 115 120 69 135 25 140 140 140 140 140 200 940 1150 1250 600 300 300 200 200 700 200
Question 6 1 pts The table below shows components of GDP taken from the Australian national...
Question 6 1 pts The table below shows components of GDP taken from the Australian national accounts Component of GDP $billions Investment 200 Imports 250 Indirect taxes 50 Consumption 600 Government spending 200 Wages 700 Exports Gross operating surplus 250 Using this information calculate the level of GDP and deduce the amount of exports, in billions of dollars. GDP is $950 and exports is $50; GDP is $1000 and exports is $0; GDP is $900 and exports is $150; GDP...
Question 1 (4 marks) Below is a list of domestic output and national income figures for...
Question 1 (4 marks) Below is a list of domestic output and national income figures for a given year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditure and income methods. The results you obtain with the different methods should be the same 7 $245 541 182 143 585 274 204 130 335 115 Personal consumption expenditures Net foreign factor income Transfer payments Rents Statistical discrepancy Consumption...
Question 1 The following table provides the information about major categories of U.S. expenditure, except net...
Question 1 The following table provides the information about major categories of U.S. expenditure, except net exports, in billions of US dollars in the third quarter of 2018. The table also shows the incomes of American factors of production in foreign countries and foreign factors of production in the United States. Use the information to calculate items (a) and Consumption expenditure Investment Government purchases GDP Income of American factors of production abroad Income of foreign factors of production in the...
Question 1 The following table provides the information about major categories of U.S. expenditure, except net...
Question 1 The following table provides the information about major categories of U.S. expenditure, except net exports, in billions of US dollars in the third quarter of 2018. The table also shows the incomes of American factors of production in foreign countries and foreign factors of production in the United States. Use the information to calculate items (a) and Consumption expenditure Investment Government purchases GDP Income of American factors of production abroad Income of foreign factors of production in the...
question attached The following table contains data for a hypothetical closed economy that uses the dollar...
question attached
The following table contains data for a hypothetical closed economy that uses the dollar as its currency Suppose GOP in this country is 51.50 Enter the amount for government purchases. Value National Income Account ( ons of dollars) Government Purchases (G) Taxes minus Transfer Payments (T) Consumption() Investment (1) 700 Complete the following table by using national income accounting identities to calculate national saving. In your calculations, we data from the preceding table National Song (8) Complete the...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply schedule for a hypothetical economy to answer the next question. Real Domestic Output Demanded Price Level Real Domestic Output Supplied (in billions) (index value) (in billions) $3,000 350 $9,000 4,000 300 8,000 5,000 250 7,000 6,000 200 6,000 7,000 150 5,000 8,000 100 4,000 At the price level of 150, there will be a general surplus in the economy, and output supplied will decrease...
D Question 5 1 pts Use the following data to answer the next question. The disposable income (DI) and consumption...
D Question 5 1 pts Use the following data to answer the next question. The disposable income (DI) and consumption (C) schedules are for a private, closed economy. All figures are in billions of dollars. Disposable Income Consumption $300 350 $310 340 340 400 370 450 400 500 430 If disposable income is $550, we would expect consumption to be $430. $450. $460. $470 1 pts Question 9 The investment demand curve is drawn with the amount of investment on...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars $2,300 Gross private domestic investment Depreciation Exports $1,987 $3,120 $200 $4,521 Imports Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items Income received from other countries $6,300 $1,341 $1,118 $1,022 $8,174 $1,895 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $365...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars Gross private domestic investment Depreciation $1,700 $1,387 Exports $2,320 Imports $1,500 $3,921 Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items $5,700 $741 Income received from other countries $518 $422 $7,574 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $1,295 $35...
Question 2 9 pts Fill in the following table. GNP Total Output Consumption Consumption Investment 100 Government Purchases Investment Exports Imports 25 115 120 69 135 25 140 140 140 140 140 200 940 1150 1250 600 300 300 200 200 700 200
Question 6 1 pts The table below shows components of GDP taken from the Australian national accounts Component of GDP $billions Investment 200 Imports 250 Indirect taxes 50 Consumption 600 Government spending 200 Wages 700 Exports Gross operating surplus 250 Using this information calculate the level of GDP and deduce the amount of exports, in billions of dollars. GDP is $950 and exports is $50; GDP is $1000 and exports is $0; GDP is $900 and exports is $150; GDP...
Question 1 (4 marks) Below is a list of domestic output and national income figures for a given year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditure and income methods. The results you obtain with the different methods should be the same 7 $245 541 182 143 585 274 204 130 335 115 Personal consumption expenditures Net foreign factor income Transfer payments Rents Statistical discrepancy Consumption...
Question 1 The following table provides the information about major categories of U.S. expenditure, except net exports, in billions of US dollars in the third quarter of 2018. The table also shows the incomes of American factors of production in foreign countries and foreign factors of production in the United States. Use the information to calculate items (a) and Consumption expenditure Investment Government purchases GDP Income of American factors of production abroad Income of foreign factors of production in the...
Question 1 The following table provides the information about major categories of U.S. expenditure, except net exports, in billions of US dollars in the third quarter of 2018. The table also shows the incomes of American factors of production in foreign countries and foreign factors of production in the United States. Use the information to calculate items (a) and Consumption expenditure Investment Government purchases GDP Income of American factors of production abroad Income of foreign factors of production in the...
question attached
The following table contains data for a hypothetical closed economy that uses the dollar as its currency Suppose GOP in this country is 51.50 Enter the amount for government purchases. Value National Income Account ( ons of dollars) Government Purchases (G) Taxes minus Transfer Payments (T) Consumption() Investment (1) 700 Complete the following table by using national income accounting identities to calculate national saving. In your calculations, we data from the preceding table National Song (8) Complete the...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply schedule for a hypothetical economy to answer the next question. Real Domestic Output Demanded Price Level Real Domestic Output Supplied (in billions) (index value) (in billions) $3,000 350 $9,000 4,000 300 8,000 5,000 250 7,000 6,000 200 6,000 7,000 150 5,000 8,000 100 4,000 At the price level of 150, there will be a general surplus in the economy, and output supplied will decrease...
D Question 5 1 pts Use the following data to answer the next question. The disposable income (DI) and consumption (C) schedules are for a private, closed economy. All figures are in billions of dollars. Disposable Income Consumption $300 350 $310 340 340 400 370 450 400 500 430 If disposable income is $550, we would expect consumption to be $430. $450. $460. $470 1 pts Question 9 The investment demand curve is drawn with the amount of investment on...
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