Homework Answers
Estimated mean consumption for given values of GDP and price
= -0.0861 + 0.7654*2 - 0.0006*90
= 1.39
Option B is correct.
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An economist is interested to see how consumption for an economy in $ billions) is influenced...
Referring to Table 13-3, one economy in the sample had an aggregate consumption level of $3...
Referring to Table 13-3, one economy in the sample had an
aggregate consumption level of $3 billion, a GDP of $3.5 billion,
and an aggregate price level of 125. What is the residual for this
data point?
SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 0.991 0.982 0.976 0.299 10 ANOVA MS 6.7082 186.325 0.0897 Signif P 0.0001 df Regression Residual Total 33.4163 0.6277 34.0440 Intercept GDP Price Coeff 0.0861 0.7654 0.0006 StdErr tStat...
TABLE 7 An economist is interested to see how consumption for an economy (in $ billions)...
TABLE 7 An economist is interested to see how consumption for an economy (in $ billions) is influenced by gross domestic product ($ billions) and aggregate price (consumer price index). The Microsoft Excel output of this regression is partially reproduced below. When the economist used a simple linear regression model with consumption as the dependent variable and GDP as the independent variable, he obtained an r2 value of .971. What additional percentage of the total variation of consumption has been...
Consider a small country that is closed to trade, so its net exports are equal to zero. The following equations describe the economy of this country in billions of dollars, where C is consumption, DI...
Consider a small country that is closed to trade, so its net exports are equal to zero. The following equations describe the economy of this country in billions of dollars, where C is consumption, DI is disposable income, I is investment, and G is government purchases:C=100+0.75×DI G= 50 I=80 Initially, this economy had a lump sum tax. Suppose net taxes were $40 billion, so that disposable income was equal to Y – 40, where Y is real GDP. In this...
The following table shows the real output demanded and supplied at various price levels in a...
The following table shows the real output demanded and supplied at various price levels in a hypothetical economy. Real Output Demanded Price Level Real Output Supplied (Billions of dollars) (Index number) (Billions of dollars) 40 160 340 80 120 320 120 80 280 200 40 200 320 20 80 On the following graph, use the blue points (circle symbol) to plot the aggregate demand (Initial AD) curve for the economy. Then use the orange points (square symbol) to plot the...
endrid-side Equiorum: Unemployment or Inflation? 1. Aggregate expenditure and income The following table shows consumption (C),...
endrid-side Equiorum: Unemployment or Inflation? 1. Aggregate expenditure and income The following table shows consumption (C), investment (1), government purchases (G), and net exports (X-IM) in a hypothetical economy for various levels of real GDP (Y). Assume that the price level remains unchanged at all levels of income. All figures are in billions of dollars. 550 Compute total expenditure for each income level, and fill in the last column in the following table. Y c 1 G X -IM Total...
A real estate builder wishes to determine how house size (House) is influenced by family income...
A real estate builder wishes to determine how house size (House) is influenced by family income (Income), family size (Size), and education of the head of household (School). House size is measured in hundreds of square feet, income is measured in thousands of dollars, and education is in years. The builder randomly selected 50 families and ran the multiple regression. Microsoft Excel output is provided below: SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations...
Consider an economy with an inflationary gap. The advantage of using a contractionary fiscal policy rather...
Consider an economy with an inflationary gap. The advantage of using a contractionary fiscal policy rather than allowing the economy's natural adjustment mechanism to operate is that O A private sector expenditures increase on their own, the policy will stabilize real GDP. OB. It will shorten what might otherwise be a long recession OC. will reduce the inflationary pressure on prices that would otherwise ocur. OD. It wil dose the output gap. Click to select your answer MacBook Air Assume...
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1) The Economy cannot be considered fully employed unless the measured unemployment rate is below 1%....
1) The Economy cannot be considered fully employed unless the measured unemployment rate is below 1%. Agree or disagree and explain your answer in a paragraph. What is the current actual u - rate for the US economy as of Sep 2019 Data for 2019 ? Is this unemploymen t rate bel ow or above or equal to u - rate at full employment (usually called natural rate of unemployment or NAIRU)? 2) A) Why would you expect the inflation...
Q1 Which of the following are included and which are excluded in calculating this year's GDP....
Q1 Which of the following are included and which are excluded in calculating this year's GDP. Explain in each instance. a. A monthly scholarship cheque received by an economics student b. The purchase of an almost new tractor by farmer Kojo C. The cashing in of a savings bond d. An increase in business inventories e. Tim Horton's purchases a corner grocery store f. Fearless Qweenie Kong, a stuntwoman, purchases a life insurance policy for a billion dollars ($) g....
Referring to Table 13-3, one economy in the sample had an
aggregate consumption level of $3 billion, a GDP of $3.5 billion,
and an aggregate price level of 125. What is the residual for this
data point?
SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 0.991 0.982 0.976 0.299 10 ANOVA MS 6.7082 186.325 0.0897 Signif P 0.0001 df Regression Residual Total 33.4163 0.6277 34.0440 Intercept GDP Price Coeff 0.0861 0.7654 0.0006 StdErr tStat...
endrid-side Equiorum: Unemployment or Inflation? 1. Aggregate expenditure and income The following table shows consumption (C), investment (1), government purchases (G), and net exports (X-IM) in a hypothetical economy for various levels of real GDP (Y). Assume that the price level remains unchanged at all levels of income. All figures are in billions of dollars. 550 Compute total expenditure for each income level, and fill in the last column in the following table. Y c 1 G X -IM Total...
A real estate builder wishes to determine how house size (House) is influenced by family income (Income), family size (Size), and education of the head of household (School). House size is measured in hundreds of square feet, income is measured in thousands of dollars, and education is in years. The builder randomly selected 50 families and ran the multiple regression. Microsoft Excel output is provided below: SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations...
Consider an economy with an inflationary gap. The advantage of using a contractionary fiscal policy rather than allowing the economy's natural adjustment mechanism to operate is that O A private sector expenditures increase on their own, the policy will stabilize real GDP. OB. It will shorten what might otherwise be a long recession OC. will reduce the inflationary pressure on prices that would otherwise ocur. OD. It wil dose the output gap. Click to select your answer MacBook Air Assume...
Q1 Which of the following are included and which are excluded in calculating this year's GDP. Explain in each instance. a. A monthly scholarship cheque received by an economics student b. The purchase of an almost new tractor by farmer Kojo C. The cashing in of a savings bond d. An increase in business inventories e. Tim Horton's purchases a corner grocery store f. Fearless Qweenie Kong, a stuntwoman, purchases a life insurance policy for a billion dollars ($) g....
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