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- What is the level of Y if the change in inventory is -200? Planned Government Net Exports Aggregate Change in Real GDP (Y) Consumption (C) Investment (I') Purchases (G) (NX) Expenditures (AE) Inventories 10000 8200 800 11000 9000 600 12000 9800 13000 14000 15000 800 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 10000 b 11000 C 12000 d 13000Need help with macroeconomic review questions! How do each of the following transactions affect Canada’s GDP? Unless otherwiseindicated, assume that each of the subsequently mentioned people resides in Canada.(d) Hitomi is a Japanese tourist who spends $50,000 on her vacation in Alberta.(e) Ichabod purchases a $12,000 semiconductor, which he uses to create a robot. He then sells the robot for $67,000.(i) Mario spends $10,000 transporting his marijuana to the cannabis shop, where hesells it for $25,000.11:25 | 0.0KB/s © וו*ה K EXERCISE Jan 14 Q EXERCISE Jan 14, 2021 1. Define gross domestic product (GDP). State the four concepts of GDP. 2. 2. Which of the following are included in this year's GDP? Explain why each is included. (a) Dr Simone grows vegetables for home consumption. (b) The income of a general practitioner. (c) Government pays out BR1M. (d) The purchase of leather by a shoe manufacturer. 3. What is the difference between GDP and GNP? Give examples to explain. 4. Suppose that the information in the following table is for a simple economy that produces the following goods and services. Year 2010 Year 2011 Year 2012 Product Price Quantity Price Quantity Price Quantity (RM) (RM) (RM) A 1 180 1 200 1.25 200 B 90 75 90 100 100 120 0.6 675 0.5 600 0.5 630 (a) Calculate nominal GDP for years 2010, year 2011 and year 2012. (b) Calculate real GDP for year 2011 using year 2010 as the base year. What is the GDF deflator? (c) Calculate real GDP for year 2011 using year 2010 as the…
- Year 2001 2002 2003 2004 2005 Output Price Nom. GDP Real GDP 50 $23.00 $1,150.00 $1,350.00 52 $ 27.00 $1,404.00 $1,404.00 53 $ 30.00 $1,590.00 $1,431.00 51 $ 34.00 $1,734.00 $1,377.00 56 $31.00 $1,736.00 $1,512.00 Was the economy better off in 2003 or 2004? ExplainThe gross domestic product (GDP) of the United States is defined as the _market value of v all final goods and services produced within the United States 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 of the United States in 2020. 2020 GDP Scenario Included Excluded Fastlane, a Japanese automobile company, produces a sedan at a plant in Indiana on December 14, 2020. A family buys the sedan on December 24. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2020. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2020. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.) You chop down a cherry tree on your property in California and make a dining room table in…Potential GDP| ' 45° C+1+(X-IM) 4,800 B 3,200 3,000 4,000 5,000 2. Use the graph above to answer the following questions: a. Calculate the MPC: b. What is the equilibrium value of GDP?_ Real Expenditure (billions of dollars per year)
- The gross domestic product (GDP) of the United States 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 of the United States in 2023. Scenario Generic Motor Company, a U.S. automobile company, produces a pickup truck at a manufacturing facility in Lordstown on January 6, 2023. It sells the car at a dealership in Dallas on February 2, 2023. Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 25, 2023. It sells the corn syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2023. (Note: Focus exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the cereal on GDP.) Using wood from a red maple tree on your Michigan property you make a birdhouse in 2023. A similar birdhouse sells for $55 in a craft store. Sleepytown, a…Assume you have the following data for a hypothetical country for a specific year (in billions of ZAR):Wages and Salaries: R2,500Interest: R300Rent: R200Profits: R1,000Taxes (Indirect Taxes Minus Subsidies): R400Depreciation: R500Given the data above, which of the following methods of calculating Gross Domestic Product (GDP) may beused?A. Expenditure approachB. Income approachC. Product approachD. Trade approachThe gross domestic product (GDP) of the United States 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 of the United States in 2018. 2018 GDP Scenario Included Excluded Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2018. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2018. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.) Roadway Motors, a U.S. automobile company, produces a convertible at a plant in Germany on March 27, 2018. Roadway Motors imports the convertible into the United States on May 18, 2018. The Jones family buys an antique silver platter at an auction in upstate New York on March 27, 2018. Zippycar, a U.S.…
- Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2021. Scenario Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 12, 2021. It sells the bed frame to a college student on December 30. Thickburger, a U.S. fast-food company, produces a double cheeseburger at one of its many locations throughout the midwest on January 12, 2021. It sells the double cheeseburger to a customer that same day. Using wood from a red maple tree on your Michigan property you make a birdhouse in 2021. A similar birdhouse sells for $55 in a craft store. Athena's, a U.S. shoe company, produces a pair of basketball shoes at a plant in Honduras on March 22, 2021. Athena's imports the pair of basketball shoes into the United States on May 27, 2021. Cleancutters, a U.S. lumber company, produces wood at a plant in Oregon on September 6, 2021. It sells the wood to Buildit…Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 2010 Price of an automobile $40, 000 $50, 000 Price of a loaf bread $20 $30 Number of ao=utomobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500, 000 loaves Using the year 2000, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed weight price index such as CPI.Which of the following is considered in the consumption component of the United States' GDP? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b GDP.48 Homework Answered Due Mar 17th, 11:59 PM d e Alice buys a shirt made in the U.S. this year. Bill buys a shirt made in the U.S. last year. Cammie buys a new house. Daryl buys a shirt made in Taiwan. The government pays for police protection. X Your answer
