Suppose that in the year 2020, your income has doubled and prices of all goods have doubled too. In 2020, how much will you be able to buy with your income? * A. More than today B. The same C. Less than today
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Suppose that in the year 2020, your income has doubled and prices of all goods have doubled too. In 2020, how much will you be able to buy with your income?
*
A. More than today
B. The same
C. Less than today
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- 1.Which of the following prices would you expect to rise rapidly over long periods? Why? a. Cable television rates b. Football tickets c. Internet access d. Household cleaning services e. Driving lessonsExplain how each dollar spent by consumers throughout the economy ultimately comes back to people in the form of the following: Rent as it relates to natural resources. . Interest as it relates to loanable funds. . Dividends as it relates to business investment. Wages and salaries.At any given amount of income, an increase in consumption will result in a. A rise in total demand b. A boost in exports c. Decrease in tax revenue d. A reduction in the amount of money spent on imports
- How does the increase in interest rates raise the chances of a recession? How can we expect the increase in interest rates to affect the consumption of the poorest 20% and richest 20% of households?*4. Assume that a country produces only two goods, automobiles and fast PCs. In year 1, automobiles cost $20,000 each and the PCs cost $3,000 each; 1,000 auto- mobiles and 10,000 PCs are produced. In year 2, the price of automobiles has increased to $22,000; because a new, even faster type of PC is about to be intro- duced, the price of fast PCs has fallen to $700. In year 2, 1,000 automobiles and 15,000 PCs are produced. (a) Fill in the following table. Year 1 Year 2 Nominal GDP (Total of current-dollar expenditures) Real GDP (i) at fixed year 1 prices (ii) at fixed year 2 prices (b) Using the technique of chain-weighting, calculate the percentage change in real GDP between year 1 and year 2. (c) Calculate the GDP deflator for year 2.Suppose that the residents of Windhoek spend all of their income on cauliflower, broccoli and carrots. In 2019 they buy 100 heads of cauliflower for N$2000, 50 bunches of broccoli for N$750 and 500 carrots for N$500. In 2020 they buy 75 heads of Cauliflower for N$2250, 80 bunches of broccoli for N$1200 and 500 carrots for N$1000. Suppose that the base year is 2019. (d) Find real growth rate (e) Which do you think has a greater effect on the CPI: a 10 percent increase in the price of chicken or a 10 percent increase in the price of cars? Why?
- 1. The curves showing the various quantities of goods and services that domestic consumers, businesses, the government, and foreign buyers collectively want to buy, at each price level, establish that: a. the higher the price level, the lower the real GDP these buyers will acquire; therefore, the lower the price level, the lower the actual production they buy b. the lower the price level, the greater the real GDP that these buyers will acquire; therefore, the higher the price level, the higher the actual output they buy c. the lower the price level, the greater the real GDP that these buyers will acquire; on the contrary, the higher the price level, the lower the real production they buy d. the higher the price level, the greater the real GDP that these buyers will acquire; therefore, the lower the price level, the lower the actual production they buy 2. The quantity of labor supplied increases when the real wage increases by: a. the increase in the labor force participation rate and…Assume that consumption decreases, when interest rates increase. If there is a technological advance that leads to an increase in investment demand, then: A. investment increases and the interest rate rises. B. investment and the interest rate are both unchanged. C. investment is unchanged and the interest rate rises. D. investment decreases and the interest rate rises.Suppose that the residents of Windhoek spend all of their income on cauliflower, broccoli and carrots. In 2019 they buy 100 heads of cauliflower for N$2000, 50 bunches of broccoli for N$750 and 500 carrots for N$500. In 2020 they buy 75 heads of Cauliflower for N$2250, 80 bunches of broccoli for N$1200 and 500 carrots for N$1000. Suppose that the base year is 2019. (a) Find nominal GDP and real GDP for 2019 and 2020. (4) (b) What is the CPI in both years? (6) (c) What is the inflation rate? ( 4) (d) Find real growth rate (2) (e) Which do you think has a greater effect on the CPI: a 10 percent increase in the price of chicken or a 10 percent increase in the price of cars? Why? (4)
- Price in Quantity in Price in Product Quantity in Price in Quantity in 2009 2009 2019 2019 2020 2020 A 10 8 12 10 13 14 B 6 13 8 9 9 20 C 14 17 17 17 17 21 D 13 11 14 10 13 13 The table above shows the quantities of Goods A-D produced and their prices in 2009, 2019 and 2020. The base year is 2009. Calculate the economic growth rate in 2020. (Enter your answer as a percentage rounded to 2 decimal places. Do not put the percent sign.) Your Answer: Answera. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts a year. The average T‑shirt begins life when a farmer plants seeds she put away last year, waters them, and harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T‑shirt factory for $1.50, which sells its T‑shirts to a wholesaler for $5, who sells it to Nordstrom for $10, which finally sells it to you for $17. Determine the impact of T‑shirts on annual GDP by calculating the value added of the entire production process. b. Now, calculate the amount spent on T‑shirts in a year if 100 million T‑shirts are sold, each for $17. How does this compare to the amount calculated through the value‑added method?Generally, as the proportion of middle-income households in a country __________, the __________ a nation's purchasing power tends to be. A. increases; greater B. increases; less C. decreases; greater D. decreases; less E. There is no relationship at all
