Calculate total GDP for this economy given the following components of supply. Round your answer to the nearest tenth and enter the value in trillions of dollars (i.e. $xx.x trillion). Components of GDP on the Supply Side (in trillions of dollars) Durable goods Nondurable goods Services Structures Change in inventories Total 3.8 2.7 12.2 2.1 0 ?
Q: what is the ethical approach in which action results in the most good and least harm and Is…
A: The Right Approch The right approach recommends that the most ethical choice is the one that best…
Q: The amount of exercise that one gets is an important factor in the determination of his general…
A: Introduction Positive statement deals with what is and how the economic problems are actually…
Q: Total population Working-age population Employed A (7,500/75,000) × 100. Unemployed Consider the…
A: Given, Total population = 125,000Working-age population = 75,000Employed = 60,000unempoyed = 7,500…
Q: For the production of part R-193, two operations are being considered. The capital investment…
A: Trade off is defined as the situation where decision is made involving diminishing a quality,…
Q: Re-draw the table above and add two columns one showing the Marginal Physical Product and the other…
A: Marginal Physical Product is the extra output that we get when we increase our labor force by one…
Q: In the simple circular-flow diagram, in which market are households sellers? the factors of…
A: Introduction Circular flow of income refers to the cycle of generation of income in the production…
Q: (a) Find the average rate of change (in $ per unit) of C with respect to x when the production level…
A: Marginal cost addresses the incremental costs caused while producing extra units of a good or…
Q: Questioni 10 Listen The Google Product Category Taxonomy is a great resource if you're not sure…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: The fed funds rate and the discount rate are interest rates banks charge households to borrow money…
A: The fed subsidizes rate is the financing cost at which banks loan to each other. The markdown rate…
Q: Determine the exact simple interest on ₱1,000,000 invested for the period from October 24, 1997 to…
A: Answer: Given, Principal amount=₱1,000,000Period=October 24, 1997 to January 7, 2002Rate of interest…
Q: Fill in the blanks in the following tables: Instructions: If you are entering any negative numbers…
A: In finance and economics, the nominal interest rate or nominal rate of interest is either of two…
Q: Use a standard percentage change formula (“new” minus “old,” divided by “old”) to calculate income…
A: Income Elasticity of Demand measures the percentage change in the quantity demanded for a good or…
Q: Assume that a consumer is faced with a market basket for pizza (P) and burritos (B) with price/unit…
A: We are given: Pp (prize of pizza)= 1 , Pb(price of burritoes) = 2
Q: Assume we have two economies. Economy A has a level of GDP per capita of Ya(0) which is higher than…
A: Gross domestic product (GDP) per capita is a measure of a nation's economic output per person and is…
Q: Write short notes on Mercantilism Absolute Cost advantage theory Leontief Paradox Contract…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first 3 subparts for you. If…
Q: The table below shows the total utility from consuming different quantities of tacos. Use the…
A: In economics utility refers to benefit or enjoyment received from consumption of a good or service.…
Q: Suppose there are two goods, pizza and beverage. Suppose alp=5289, atp=911, alb=2508, atb=2172,…
A: The equilibrium wage is atp/alp + atb/alb. In this case, the equilibrium wage is atp/alp + atb/alb =…
Q: Based on the production possibility curve represented below, calculate the opportunity cost of…
A: Opportunity cost is the benefit that is lost when a different option is chosen. You must balance the…
Q: The demand and supply curves for the Snoopy and Charlie Brown game is given by the following…
A: The demand and supply curves for the Snoopy and Charlie Brown game is given by the following…
Q: Mr. Cruz borrowed P50,000.00 with interest at the rate of 15% payable annually. The debt will be…
A: Present value of annuity factor can be calculated using the following formula: r = interest rate n…
Q: Consumers view cake as an irreplaceable staple of any birthday party. Consumers also like to serve…
A: Demand in economics refers to a consumer's desire to buy products and services as well as their…
Q: 3. Carp, Inc. wants to evaluate two methods of packaging their products. Use an interest rate of 15%…
A: Particular A B First Cost 700000 1700000 O&M Cost 18000 29000 + Cost Gradient 900 750…
Q: er to Figure 9-4. Total surplus in this market after trade is a. B+C+D. b. A+B+C+D. C.A+B+C. d. A+B.…
A: Simply put, trade is a consensual exchange between two parties who are in need of each other's…
Q: A survey was conducted among four consumer-classes as to the relationship between the average price…
A:
Q: What would happen if a product with strong demand had a minimum price that may be charged?
A: The quantity of an item or service that consumers are willing and able to acquire at each price is…
Q: If New Zealand's inflation rate is 5% inflation vs 10% inflation in our trading partners and the $NZ…
A: The real exchange rate formula is given as: Real exchange rate = nominal exchange rate * (domestic…
Q: sa credit card interest rate cap an example of a price ceiling or price floor? A. Price Ceiling OB.…
A: Price ceiling means maximum price or price or rate can rise above this limit. Floor price is minimum…
Q: Explain why economic globalization according to Joseph Stiglitz is a failure.
A: economic globalization alludes to the rising reliance of world economies because of the developing…
Q: The selling price for hamburgers is $5.99, and the daily price-response function is: d(p) = 590 -…
A: The price-response function, [i.e. d(p)] determines the demand for item of a single seller as a…
Q: Econometrics may be defined as the social science in which the tools of economic theory,…
A: When talking about econometrics, it can be said that it is the significant part of economics that is…
Q: Question 8 the present worth analysis for Machine A was -$1,200 and the present worth analysis for B…
A: As per the policy, only Question 8 's answer would be provided If 2 machine options are provided to…
Q: The PPFs below shows how many airplanes and pizzas Country A and Country B can produce with a…
A: Comparative advantage means that a country has an advantage in producing a good relative to the…
Q: Which of the following is a government function that regulates the economy to ensure that it…
A: We know that The government of a country is responsible for fair and smooth functioning in the…
Q: Match each scenario with the panel that best describes what will happen to the market when the…
A: 1) - Panel d : Since it will be more difficult and expensive for businesses to manufacture…
Q: Scenario 9-1 For a small country called Boxland, the equation of the domestic demand curve for…
A: When there is no-trade, the domestic price will be measured at equilibrium between domestic supply…
Q: The maintenance cost for a sewing machine after one year is expected to be P500. The cost will…
A: Given maintenance cost after 1 year = 500 P Constant increase in cost = 50 P Time = 10 years…
Q: a. Draw the production-possibilities frontier (PPF) for pizza and books, being as exact and neat as…
A: Any economy has limited resources but human wants are unlimited. Hence we use the Production…
Q: The Cinema Center consists of four theaters: Cinemas I, II, III, and IV. The admission price for one…
A: # The attendance for the Sunday matinee is given by the matrix. A =…
Q: Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour to produce 1…
A: Both Kayla and Josel would trade based on the comparative advantage theory i.e which one has lower…
Q: Consider a consumer with preferences over two goods X (represented on the horizontal axis) and Y…
A: The utility is the satisfaction which is derived from the consumption of commodities. The utility…
Q: Graph the supply and demand curves and use the midpoint (averages) formula to calculate the…
A: As we know that demand and supply curve is downward and upward sloping curve as per law of demand…
Q: If real GDP is $21 trillion and potential GDP is $20 trillion, how big is the output gap? ____…
A: Real GDP is the value of final goods and services produced in the year within the country, valued at…
Q: Marginal cost is $26, and Average total cost is $33 when 20 units are produced. What will happen to…
A: Introduction Total cost includes all the implicit and explicit expenditures that are made during the…
Q: The table below shows the production possibilities in Mistania between 2014 and 2015. Using the…
A: “Production Possibility Curve is a curve which shows various combination of two goods that can be…
Q: Homework (Ch 09) The nation of Textilia does not allow imports of clothing. In its equilibrium…
A: International trade enables countries to expand their markets and gain access to goods and services…
Q: On the circular flow graph below, identify what is the flow of each blank. Resources (land, labor,…
A: Factor market- It is the market for factors of production like labor and capital. Product Market- It…
Q: Consider the market for chocolate ice cream where the supply and demand are very elastic. In the…
A: Here we are given that both and demand curves are elastic. It means that both the curves are…
Q: what is the formula for calculating consumers net benefit in microeconomics?
A: Answer: For a consumer, the net benefit means consumer surplus. Consumer surplus is the difference…
Q: What is the optimal example to illustrate. K - Distinguishes between positive and normative…
A: Two features of economy are - 1) wants are unlimited 2) resources are scarce so rational decision…
Q: tate-ownership of business firms does not exist in developed Western economies. true or false
A: Answer: State ownership of business firms means government owns the business. Though by definition…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The table below gives some of the items in the U.S. National Income and ProductAccounts in 1995.ItemAmount(trillions ofdollars)Consumption expenditure 4.97Investment 1.14Government expenditures 1.37Net exports 0.08Wages 4.20Interest, rent, and profit 1.68Depreciation 0.89a) Use the expenditure approach to calculate U.S. GDP in 1995.b) Use the income approach to calculate U.S. net domestic product at factor cost inWha t components of GDP (if any) would each of thefollowing tt"a:nsactions affc,: t? Explain.a. Uncle Henry buys a new refrigerator from adomestic manufactu=.b. Aunt Jane buys a new house from a local builder:c. The Jackson famil}' bU}'S an old Victorian housefrom the Walker fan1ily.d. You pay a hairdresser for a haircut.e. Ford sells a Mustang from its inventory to theMartinez family.f. Ford manufactures a Focus and sells il to Avis, thecar rental company.g. Cal.ilornia hires workers to repave Highway JOI.h. The federal government sends your grandmothera Social Securil y check.i. Your parents buy a bo ttle of French wine.j. Honda expands its factory in Ohio.What are the main components of measuring GDP with what is demanded?
- A consumer expenditure survey reports the following information on consumer protein spending: Fish Chicken Beef Multiple Choice Multiple Choice 0.9 percent 1.4 percent Price $ 5.80 1.8 percent $3 $ 3.10 Using 2019 as the base year, by how much does a "cost of protein" index decrease between 2019 and 2020? 3.6 percent 2019 Quantity 5 14 7 Using 2019 as the base year, by how much does a "cost of protein index decrease between 2019 and 2020? Price $7 $ 1.50 $5 2020 Quantity 6 12 10 GHow do i trace this scenario on the circlar flow model, firms inventories unexpectedely rise?EV Text Predictions: On The table below shows some of the expenditure amounts in the economy of Arkinia. The MPC, the MTR, and the MPM are all constant, as are the values of the three injections. a. Complete the table below. W 8 ZIN 200 SAN 400 500 GOO Aggregate expenditures ($billions) 700 HANS 800 600 HOD 200 T GO 1541 100 Accessibility: Investigate YD GB 200 460 620 C 400 130 195 Income (Sbillions) 325 The Economy of Arkinia 455 600 Search 5 800 -3 10 40 100 Tools MAL I se A SB 50 Se 58 50 30 50 Sa Draw a 45° line (labelled Y) and the aggregate expenditure function, labelled AE1. Identify expenditure equilibrium with the letter et. Use the tool "et" to show the expenditure equilibrium. Plot only the endpoints of Y and AE. Once all points have been plotted, click on the line (not individual points) and a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. G 180 AE₁ IMO 180 THIN 13 180 186 tac taid X 50 sa SAMSUNG 50 10 50 50 54 549 50 IM 40…
- Suppose you have the following disposable income and consumption data for a country, as shown in the table below Disposable income and Consumption BENp e e (dllar 13,000 227,000 3,400 E4,300 1,000 AUsing the information in the table, graph the consumption schedule for this country Instructions Use the tool provided C' to plot the consumption line polnt by point points total. Use the tool Equnibrium to indicate where consumption equals disposable income. Consumption Schedule Conumption (dollarn) 21.000 lave 27000 26000 25000 24.000 23,000 22,000 21000 20,000 20,000 22000 26.000 24.000 28,000 Disposable income (dollars) &What is the stope of the consumpton schedule? Instructions Round your answer to 1 decimal placeQUESTION TWOSuppose that the economy of Mwaliteta Republic has the following data for some economic variables. Assume that Mwaliteta Republic has a population of 500,000 people.Variable Amount in million ZMWExpenditure on Non-durable goods 98Non-residential fixed investment 79Central government expenditure 60Local government expenditure 82Expenditure on durable goods 82Expenditure on services 99Export expenditure 60Inventory Investment 5Depreciation 4Property income from abroad 12Indirect taxes 12Residential fixed investment 42Personal income tax…Which of the following components makes up the largest percentage of GDP measured by aggregate spending? O imports O government purchases of goods and services consumer spending investment spending О ехрorts
- hich theory of consumption best explains the consumption behavior of consumers of our economy? Question No: 02 [Marks: 10] If the State Bank started printing large quantities of Pakistani Rupees (Rs), what would happen to the number of Pakistani Rupees a dollar could buy? Why? Question No: 03 [Marks: 10] Deseribe the difference batuuean foreian diract investmet and foraion nortfolie invastment Who is mora likelu toqiven the following aggregeete demand (mD) and Veiggregaté suppry Sns sahedules, ck$ Price level SA) sahedules. Real GDP benan ded Real GDP SUPPPIZED- -Short Ryn 70 80 90 450 400 350 350 400 450 500 100 300 110 250 550 4 potential RGAP is 450 units of us$. a) íf re Aemand Inereases by Us$100. Draw show the new equilibrium Valaues on the Same and graphandfund the new equilisrium. Give possible e this inerease in AD. seplanation for 1alrease in AD. OneImagine that a country produces only three goods: npples, bananas, and cerrots. The quantaies produced and the prices ut the thee goods are fisted below Seve & tah S Onoda Produced Apples Bananas Carrots 12 22 Price $2.00 1.50 1.00 Instructions: Round your answers to 2 decimal places. a. What is this country's GDP? b. Suppose that a drought hits the country, causing the quantity of apples produced to fal to 3. Assuming that ali prices remain constant, what is this country's new level of GDP? E. Assume, once again, that the quantities produced and the prices of the three goods are as listed in the table. Given this situation, carrot sellers decide that the price of carrots is too low and agree to raise the price of carrots. If GDP is $80.00, what will be the new rice of carrots? per carrot