Select the components or inputs associated with the production function where gross domestic product (GDP) is the output
Select the components or inputs associated with the production function where gross domestic product (GDP) is the output.
capital deepening
aggregate demand
aggregate supply
physical capital
technological knowledge
Homework Answers
Physical capital and technological knowledge are associated with the production function where GDP is the output. Hence,option(D) and (E) are correct.
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Select the components or inputs associated with the production function where gross domestic product (GDP) is the output
Select the components or inputs associated with the production function where gross domestic product (GDP) is...
Select the components or inputs associated with the production function where gross domestic product (GDP) is the output. capital deepening aggregate supply technological knowledge human capital aggregate demandLabel the regions of capital stock, K, with their corresponding descriptions of output growth. Answer Bank terminus zero negative positive infinite
Consider the equation of exchange, MxV-P x Y, where M is the supply of money, V...
Consider the equation of exchange, MxV-P x Y, where M is the supply of money, V is the velocity of money, P is the price level, and Y is real output Which statement best defines M? The quantity of goods and services produced within an econony. O The average level of prices for a given basket of goods. The total value of financial assets that are considered money. O The average number of times a dollar is spent in a...
[Gross Domestic Product] a. List and describe the components of Gross Domestic Product on the supply...
[Gross Domestic Product]
a. List and describe the components of Gross Domestic Product
on the supply side. Be sure to account for the relative size of
each component within the total GDP.
b. What is the formula for measurement on the demand side of
GDP? Be sure to include a brief definition of each of the formula
components and the proper nomenclature.
c. When comparing the GDP of different countries, two issues
immediately arise. What are these issues and how...
Product 13) 13) The gap that exists when equilibrium real Gross Domestic (GDP) is greater than...
Product 13) 13) The gap that exists when equilibrium real Gross Domestic (GDP) is greater than full employment real Gross Domestic Product (GDP) is called a(n) A) demand gap. C) recessionary gap B) employment gap D) inflationary gap 14) 14) Economic growth will NOT result in inflation if aggregate demand shifts A) outward to the right at the same speed as aggregate supply B) outward to the right as aggregate supply shifts inward to the left. C) inward to the...
The aggregate production function shown below graphs the relationship between output (Y, or real GDP) and...
The aggregate production function shown below graphs the
relationship between output (Y, or real GDP) and capital inputs
(K). The shape of the production function illustrates two important
concepts related to economic growth. You will want to refer to the
figure for the questions below.
Because the production function has a positive slope, the
marginal product of capital is (positive/ negative/ increasing/
decreasing)
Because the slope of the production function becomes flatter as
more capital is added, the marginal product...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods and services produced by factors of production owned by citizens of a nation B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders D) the total market value of all final goods and services produced by factors of production located within a nation's...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by citizens of a nation. B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders. D) the total market value of all final goods and services produced by factors of production located within a nation's borders. 12) Intermediate goods are A) goods that are...
Question 1 (b) List and briefly explain each components of Gross Domestic Product (GDP) based on...
Question 1 (b) List and briefly explain each components of Gross Domestic Product (GDP) based on expenditure approach (4 marks) Compute how much each of the following items is worth in terms of today's dollars using 177 as the Consumer price index for today. 1) In 1986, the CPI was 17.7 and the price of a movie ticket was $0.25 in that year, (2 marks) ii) In 1992, the CPI was 13.1 and a cook earned S15.00 a week in...
6. Suppose that the long run aggregate production function can be written as Y = A*F(K,...
6. Suppose that the long run aggregate production function can be written as Y = A*F(K, L), where Y is the value of aggregate supply of goods and services, A is a measure of the level of technological sophistication in the economy, K is the aggregate capital stock of machinery, and L represents the labor force in the economy. The production function, which relates inputs of K and L to output is represented by F(.). (15 total points) a) Depict...
1. Assume you observe the following pattern in the data: RGDP (Real Gross Domestic Product) is...
1. Assume you observe the following pattern in the data: RGDP (Real Gross Domestic Product) is decreasing and the GDP Deflator is decreasing. What type of shock could generate this pattern in the data? a. Negative Aggregate Supply Shock b. Positive Aggregate Supply Shock c. Negative Aggregate Demand Shock d. Positive Aggregate Demand Shock 2. Assume you observe the following pattern in the data: the growth rate of RGDP is negative and the rate of inflation is increasing. What type...
Consider the equation of exchange, MxV-P x Y, where M is the supply of money, V is the velocity of money, P is the price level, and Y is real output Which statement best defines M? The quantity of goods and services produced within an econony. O The average level of prices for a given basket of goods. The total value of financial assets that are considered money. O The average number of times a dollar is spent in a...
[Gross Domestic Product]
a. List and describe the components of Gross Domestic Product
on the supply side. Be sure to account for the relative size of
each component within the total GDP.
b. What is the formula for measurement on the demand side of
GDP? Be sure to include a brief definition of each of the formula
components and the proper nomenclature.
c. When comparing the GDP of different countries, two issues
immediately arise. What are these issues and how...
Product 13) 13) The gap that exists when equilibrium real Gross Domestic (GDP) is greater than full employment real Gross Domestic Product (GDP) is called a(n) A) demand gap. C) recessionary gap B) employment gap D) inflationary gap 14) 14) Economic growth will NOT result in inflation if aggregate demand shifts A) outward to the right at the same speed as aggregate supply B) outward to the right as aggregate supply shifts inward to the left. C) inward to the...
The aggregate production function shown below graphs the
relationship between output (Y, or real GDP) and capital inputs
(K). The shape of the production function illustrates two important
concepts related to economic growth. You will want to refer to the
figure for the questions below.
Because the production function has a positive slope, the
marginal product of capital is (positive/ negative/ increasing/
decreasing)
Because the slope of the production function becomes flatter as
more capital is added, the marginal product...
I 1) Gross Domestic Product (GDP) is A) the total wholesale value of all final goods and services produced by factors of production owned by citizens of a nation B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders D) the total market value of all final goods and services produced by factors of production located within a nation's...
11) Gross Domestic Product (GDP) is An thetotal wholisagoods and services producedby fciors oduion owned by citizens of a nation. B) the total market value of all services produced by factors of production located within a nation's borders. C) the total market value of all goods produced within a nation's borders. D) the total market value of all final goods and services produced by factors of production located within a nation's borders. 12) Intermediate goods are A) goods that are...
Question 1 (b) List and briefly explain each components of Gross Domestic Product (GDP) based on expenditure approach (4 marks) Compute how much each of the following items is worth in terms of today's dollars using 177 as the Consumer price index for today. 1) In 1986, the CPI was 17.7 and the price of a movie ticket was $0.25 in that year, (2 marks) ii) In 1992, the CPI was 13.1 and a cook earned S15.00 a week in...
6. Suppose that the long run aggregate production function can be written as Y = A*F(K, L), where Y is the value of aggregate supply of goods and services, A is a measure of the level of technological sophistication in the economy, K is the aggregate capital stock of machinery, and L represents the labor force in the economy. The production function, which relates inputs of K and L to output is represented by F(.). (15 total points) a) Depict...
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