1) T/F In the economy, income earned when producing new final goods and services must equal...
1) T/F In the economy, income earned when producing new final goods and services must equal expenditure on the new final goods and services
2) T/F Capital goods are goods that will be used in the future to produce more goods and services
3) T/F A firm produces 100 units of some good in the year 2017 but only manages to sell 90 of the units. When we calculate GDP for the year 2017 we will count the value of the 90 units sold and ignore the value of the 10 units not sold
Homework Answers
1. True
Explanation: Income earned by one party is the income spent by another party.
2. True
Explanation: Capital goods are man-made goods which are used in the production process to produce other goods.
3. False
Explanation: GDP includes the value of all goods and services produced in the given year.
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1) T/F In the economy, income earned when producing new final
goods and services must equal...
Options: 1)cost of producing/wholesale cost of/market value of 2)final goods and services produced/final goods and services...
Options:
1)cost of producing/wholesale cost of/market value of
2)final goods and services produced/final goods and services
consumed/final and intermediate goods and services produced
3)by Canadian citizens/by resources within Canada/by
Canadian-owned companies
1. Activities included (and not included) in the calculation of GDP The gross domestic product (GDP) of Canada is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in that is, directly increase) the GDP...
1. Which of the following components of GDP includes your tuition payments? A) investment B) consumption...
1. Which of the following components of GDP includes your tuition payments? A) investment B) consumption of nondurable goods C) consumption of services D) consumption of durable goods 2. T/F In the economy, income earned when producing new final goods and services must equal expenditure on the new final goods and services 3) T/F When you go to your local mall and buy new clothing that was produced in a foreign country, this has no impact on our GDP? 4)...
economy produced four final goods during the year plates, TVs, bicycles, and 19) y bicycles were...
economy produced four final goods during the year plates, TVs, bicycles, and 19) y bicycles were produced and sold for $100 each. Three computers were produced 19) A hypothetical computers. Forty plates were produced and sold for $10 each. Five TVs were produced and sold for $300 each. Fif and sold for $750 each. With this information, one could determine A) total income for this economy B) net investment for this economy C) gross investment for this economy D) whether...
12) 12) In the circular flow model, A) firms are sellers of goods and services in...
12) 12) In the circular flow model, A) firms are sellers of goods and services in goods markets. B) households are buyers of goods and services in the factor markets C) households are sellers of factor services in goods markets. D) firms are sellers of the factors in factor markets. B) firms are buyers of goods and services in final markets 13) 13) Which one of the following is an income flow from firms to households? A) goods and services...
9. In the circular flow of income, why must the value of total production in an...
9. In the circular flow of income, why must the value of total production in an economy equal the value of total income? a. Domestic expenditures on imports generally equal foreign expenditures on U.S. exports. b. People tend to spend all of their income on goods and services. c. Taxes on the production of goods and services are determined according to individual income. d. Every penny spent on a good or service must end up as someone's income. 15. A...
Is the value of intermediate goods and services produced during the year included in Gross Domestic...
Is the value of intermediate goods and services produced during the year included in Gross Domestic Product (GDP)? For example, is aluminum used to produce a new mountain bike included in GDP? (Note that this question does not ask whether aluminum is directly counted in GDP but rather whether the production is included in GDP) O A. No. There is no value added in the production of aluminum. Therefore, production is not included in the value-added method of measuring GDP...
Subtracting the purchase of intermediate products and supplies from the value of the sales of final...
Subtracting the purchase of intermediate products and supplies from the value of the sales of final products determines the amount of Multiple Choice 49 profit and cost net investment for a business. surplus or deficit from the economic activity value added from the economic activity. 20 of 50 <Prev Next Business inventories increase when firms produce Multiple Choice less than they sell, and the inventory increase is added to GDP less than they sell, and the inventory increase is subtracted...
1. When the United States imports goods and services from the rest of the world we...
1. When the United States imports goods and services from the rest of the world we increase our inflation rate. we receive payments from the rest of the world (+credit). we make payments to the rest of the world (-debit) we decrease our inflation rate. 2. When we export goods to foreign countries, we decrease our inflation rate. we make payments to the rest of the world (-debit) increase our inflation rate. we receive payments from the rest of the...
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...
National Accounts and Price Indices Consider an economy that only produces three types of goods and...
National Accounts and Price Indices Consider an economy that only produces three types of goods and services: bread tractors, and haircuts. The following table shows how many of these goods were produced in three consecutive years and at what price they were sold. year bread tractors haircuts units sold price units sold price units sold price 2008 2009 2010 4,950,000 5,000,000 5,050,000 $1.00 S1.00 S1.05 95 100 95 $45,000 $50,000 $45,000 96,000 100,000 104,000 S50 $55 a) Calculate nominal GDP...
Options:
1)cost of producing/wholesale cost of/market value of
2)final goods and services produced/final goods and services
consumed/final and intermediate goods and services produced
3)by Canadian citizens/by resources within Canada/by
Canadian-owned companies
1. Activities included (and not included) in the calculation of GDP The gross domestic product (GDP) of Canada is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in that is, directly increase) the GDP...
economy produced four final goods during the year plates, TVs, bicycles, and 19) y bicycles were produced and sold for $100 each. Three computers were produced 19) A hypothetical computers. Forty plates were produced and sold for $10 each. Five TVs were produced and sold for $300 each. Fif and sold for $750 each. With this information, one could determine A) total income for this economy B) net investment for this economy C) gross investment for this economy D) whether...
12) 12) In the circular flow model, A) firms are sellers of goods and services in goods markets. B) households are buyers of goods and services in the factor markets C) households are sellers of factor services in goods markets. D) firms are sellers of the factors in factor markets. B) firms are buyers of goods and services in final markets 13) 13) Which one of the following is an income flow from firms to households? A) goods and services...
9. In the circular flow of income, why must the value of total production in an economy equal the value of total income? a. Domestic expenditures on imports generally equal foreign expenditures on U.S. exports. b. People tend to spend all of their income on goods and services. c. Taxes on the production of goods and services are determined according to individual income. d. Every penny spent on a good or service must end up as someone's income. 15. A...
Is the value of intermediate goods and services produced during the year included in Gross Domestic Product (GDP)? For example, is aluminum used to produce a new mountain bike included in GDP? (Note that this question does not ask whether aluminum is directly counted in GDP but rather whether the production is included in GDP) O A. No. There is no value added in the production of aluminum. Therefore, production is not included in the value-added method of measuring GDP...
Subtracting the purchase of intermediate products and supplies from the value of the sales of final products determines the amount of Multiple Choice 49 profit and cost net investment for a business. surplus or deficit from the economic activity value added from the economic activity. 20 of 50 <Prev Next Business inventories increase when firms produce Multiple Choice less than they sell, and the inventory increase is added to GDP less than they sell, and the inventory increase is subtracted...
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...
National Accounts and Price Indices Consider an economy that only produces three types of goods and services: bread tractors, and haircuts. The following table shows how many of these goods were produced in three consecutive years and at what price they were sold. year bread tractors haircuts units sold price units sold price units sold price 2008 2009 2010 4,950,000 5,000,000 5,050,000 $1.00 S1.00 S1.05 95 100 95 $45,000 $50,000 $45,000 96,000 100,000 104,000 S50 $55 a) Calculate nominal GDP...
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