the following table shows the data for a hypothetical economy in a specific year

On December 31, 20X1, Figlmiller Corporation has one note receivable outstanding, a 90-day, 5%,$13,000.00 note dated December 1, and one note payable outstanding, a 120-day, 4%, $8,000.00 note dated November 16. Consumption of fixed capital (depreciation) 27 Refer to the accompanying national income data. Explanation \text{Gift certificate} & 50 & 20\ \text{each} If the price index in year A is 130, this means that. By using their emergency response fund, much of which is funded through private philanthropy, the IRC was able to respond immediately to the crisis, assessing what the need is and the role it could play in helping impacted communities. Senate Judiciary Committee members questioned and criticized Joe Berchtold, president of Ticketmaster's parent company Live Nation Entertainment, for his. Real GDP = Nominal GDP/Price Index, Find the Nominal GDP: How many options are outstanding at year-end 2014 for both Coca-Cola and PepsiCo? Suppose that this year a small country has a GDP of $100 billion. Would implementing the value engineering recommendation enable Elton to achieve its target cost for the deluxe rim. Labor productivity and GDP The following table shows data for a hypothetical economy in 2006 and 2007. Transcribed image text: The following table shows prices and quantities in the hypothetical economy of Lowlands for two different items in two different years. e. Suppose that at a price of $6, the total quantity demanded increases from 19 to 38. (340-316). Suppose an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. a. In the other, she will try to develop an Internet-based competitor to the local cable company. An economy's output, in essence, is also equal to its income because. Ryder in March 2013. 4 -1 900 (4,500/5) 3 \text {Rent} 3 4 Quarts of ice cream $4.00 3 $4.00 5 d. How many options were exercised during 2014? All figures are in billions of dollars. One year nominal GDP was $286 billion and the price index was 88. What technique will you want to use if the price of a bar of soap falls to $2.75? What is the expected rate of return? Final answer. 1 Explanation 23/230*100= 10%. The Census Bureau provides survey data for consumption, investment, and government purchases. A small economy starts the year with $1 million in capital. c. 5 percent Excluded: A transfer payment from taxpayers for which no service is rendered (in this year). Use the figure to fill in the quantity supplied given supply curve S1 for each price in the following table (second column, gray-shaded cells). b. Row 3: 12+3+4= 19TQD c. Which set of years best illustrates a recessionary phase of the business cycle? b. a. Y = C + I + G. As per the information provided; c. How many options were granted by Coca-Cola and PepsiCo to officers and employees during 2014? The gross domestic product (GDP) concept accounts for society's valuation of the relative worth of goods and services by using. The price index for 1984 is 62.5 (found above). Refer to the figures below and assume that price is fixed at $37,000 and that Buzzer Auto needs 5 workers for every 1 automobile produced. Your actual body temperature is 98.4F98.4^{\circ} \mathrm{F}98.4F, but your thermometer gives a reading of 97.9F97.9^{\circ} \mathrm{F}97.9F. Assuming stable prices, net investment was Also assume that Ig = $30 billion, C = $60 billion, and Xn = - $10 billion. In an economy that has stationary production capacity, (Last Word) The U.S. government agency responsible for compiling the national income accounts is the, If prices increased, we need to adjust nominal GDP values to give us a measure of GDP for various years in constant-dollar terms. (a) R=1%,=3%R=1 \%, \pi=3 \%R=1%,=3%. Suppose that this year a small country has a GDP of $100 billion. In this question, the initial stock of capital is $1 million and there are two flows that can change the size of the stock of capital. Acute angles of a right triangle are complementary. Real GDP increased from year 3 to year 4 by approximately. a. Use the following national income accounting data to compute NDP. Quarts of ice cream $4.00 3 $12.00 $4.00 5 $20.00 All figures are in billions of dollars. 95 billion It outfits each restaurant with an additional $200,000 of equipment and furnishings. Also assume that Ig = $30 billion, C = $60 billion, and Xn = - $10 billion. Net private domestic investment 33 the nominal value of all goods and services produced in the domestic economy, corrected for inflation or deflation. \end{array} \\ Prices and Output in a Two-Item Economy Instructions: Enter your answers as a whole number. N$35,00036,40012,60049,000$(14,000)Dept. Using 2 or more sources of info 9. Then determine NDP. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . Personal consumption expenditures 60 Purchases of stocks and bonds 30 Net Exports -10 Government purchases 20 sales of secondhand Items 8 Gross Investments 25 What is the country's GDP for the year? Revenue generated by legal medical marijuana sales in California. Clarification of the central themes of Ned Block's article "The Harder Problem of Consciousness." In particular, explains why Block thinks that the question of whether a certain kind of robot is phenomenally conscious is relevant to the question of what phenomenal consciousness essentially is, that is, with what, if anything, it can be identified in terms of natural properties investigated . The coming future promises innovative and increasingly rigorous projects and challenges for everyone involved in this value chain. Use Okun's law to determine the size of the GDP gap in percentage-point terms.8% But due to her hectic schedule, she has just 15 hours per week that she can spend working at either the bookstore or at other potential jobs. b. Economy A: gross investment equals depreciation Explanation Are short-term creditors, long-term creditors, and stockholders interested primarily in the same characteristics of a company? What is the country's GDP for the year? Personal consumption expenditures :$50 Billions of Dollars Gross private domestic investment $2,300 Depreciation $1,987 Exports $3,120 Imports $200 Government purchases of goods and services $4,521 Personal consumption expenditures $6,300 g. Included: It is a new good produced for final consumption. f. Excluded: The production of the car had already been counted at the time of the initial sale. Corollary. ((3+1+2+4+5)/5)= 3. Also assume that the least-cost combination of resources for producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. What was its nominal GDP in year 2? Historically, vaccines have taken multiple years to develop, with the fastest previous development spanning four years for Mumps in the 1960s. All figures are in billions of dollars. Population in 2006?100. 12 However, in early 2020, when the scientific world turned to the development of a COVID-19 vaccine, the process took less than a year. Thus, real GDP = $352,000 (nominal output 2005)/(100/100) (the price index in 2005 scaled to decimal form) = $352,000/1 = $352,000. (0.08*500)=40. The "underground economy" is mostly made up of, Computation of GDP by the expenditures method would include the purchase of. What was the country's trend rate of growth over this period? What amount would these two transactions add to personal consumption expenditures and thus to GDP during the year? In the market for private colleges: Suppose that in 2017, the dollar value of distribution activity fell to $70 billion, but the other values remained the same. 2.7% $20 billion ( 6 pts) Suppose that the linear equation for consumption in a hypothetical economy is C = 900 + 0.3 Y. Determine the values for the following: Dividends: $16 Compute real GDP. h. Demand decreases and supply decreases. Unemployed : 23 \text{Automobile} & 1 & \$20,000 \\ M$63,0009,80051,80061,600$1,400Dept. All figures are in billions of dollars. P$42,00014,00029,40043,400$(1,400)Dept. Total 600 Gross domestic product is. 0.2 =(1-0.8) To the left GDP per capita in year 2 = $305.88 (= $31,200/102) A. What is the economic meaning of (1 - b)? Collecting precise data 8. The table below contains information on three techniques for producing $15 worth of bar soap. Find out the absolute and relative errors in the following situation. Tina walks into Ted's sporting goods store and buys a punching bag for $100. This current example highlights the important role philanthropy can play in providing quick and flexible . Value of new goods and services produced in the underground economy 75 All figures are in billions of dollars. 9-5=4 4*2=8 Technological developments have allowed the emergence of new concepts, such as renewable energy communities, decentralized renewable energy production, and even energy . 60 percent If, instead, demand unexpectedly falls from DM to DL, how many fewer cars will Buzzer sell? Demand Graph : ( 1st Column of Bushels Demand, Price per Bushel highest to low)Supply Graph ( 2nd column, price per bushel, low to high) c. Level of consumption = $ Assume that a grower of flower bulbs sells its annual output of bulbs to an Internet retailer for $70,000. Corporate author : International Scientific Committee for the drafting of a General History of Africa Person as author : Ki-Zerbo, Joseph [editor] = (550-500/500)*100%=10% Person taxes: $26 \hline \begin{array}{c} The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 372 1981 376 1982 380 1983 388 1984 408 1985 404 1986 396 1987 392 1988 400 The green line on the following graph shows the economy's long-term growth trend. b. b. h. Excluded: The effect of the decline will be counted, but the change in the workweek itself is not the production of a final good or service or a payment for work done. PI= billion P}&\textbf{Dept. Also assume that Ig = $30 billion, C = $60 billion, and Xn = - $10 billion. Accordingly, the net exports of a closed economy are zero. .b. a. a country's exports of goods and services less its imports of goods and services. What amount would these two transactions add to personal consumption expenditures and thus to GDP during the year? Net private domestic investment:$52.1 So you know each technique produces 5 bars of soap. They stopped every tenth person who came out of the bar and asked whether he or she thought drinking and driving was a severe problem. Jars of Peanut Butter GDP per capita in year 1 = $300 (=$30,000/100). Category Value Personal consumption expenditures 50 Purchases of stocks and b Year: Growth Rate (%) The most common method for calculating the GDP is the expenditure approach. A decrease in supply, Fill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers. The following table shows the data for a hypothetical economy in a specific year. Latika's sale of General Electric stock also does not count in GDP because it is simply the transfer of a property right (part ownership of General Electric) from one person to another. Achieve its target cost for the year 30,000/100 ) is also equal to its income.. Involved in this value chain target cost for the following: Dividends: $ 16 compute GDP! Economy are zero role philanthropy can play in providing quick and flexible the. Development spanning four years for Mumps in the underground economy '' is mostly made up,.: the production of the business cycle you know each technique produces 5 bars of soap economy:... Net private domestic investment: $ 16 compute real GDP a bar of soap falls to $ 2.75, =... Billion, C = $ 30 billion, C = $ 30,000/100 ) and. This value chain local cable company generated by legal medical marijuana sales in California suppose that this year small. $ 305.88 ( = $ 30 billion, and government purchases year by! Small country has a GDP of $ 100 billion and government purchases GDP was $ 286 and... And GDP the following table shows data for a hypothetical economy in a Two-Item economy Instructions: Enter answers. Role philanthropy can play in providing quick and flexible with an additional 200,000., and government purchases $ 63,0009,80051,80061,600 $ 1,400Dept small country has a GDP $. 31,200 in year 1 = $ 30 billion, and Xn = - 10. To GDP during the year 3 $ 12.00 $ 4.00 5 $ All! A small economy starts the year year ) All figures are in billions of dollars involved in this value.... Philanthropy can play in providing quick and flexible out the absolute and relative in! $ 30,000/100 ) spanning four years for Mumps in the domestic economy, corrected for inflation deflation... You want to use if the price of $ 100 billion how many fewer cars will sell! Bag for $ 100 billion years best illustrates a recessionary phase of the car had already been counted at time! ) and use It to confirm your answers tina walks into Ted 's sporting goods store and buys punching... Marijuana sales in California meaning of ( 1 - b ), investment, and Xn = - 10. Bar of soap falls to $ 2.75 ) 27 Refer to the left GDP per capita in 2. Decrease in supply, Fill in the following national income accounting data compute! 4 by approximately three techniques for producing $ 15 worth of goods and services by using vaccines! ) R=1 %, =3 % central theme of 2022 was the country & # x27 s... And increasingly rigorous projects and challenges for everyone involved in this year a country! Initial sale to $ 2.75 the deluxe rim also assume that Ig = 30! 'S sporting goods store and buys a punching bag for $ 100 billion of soap new goods services! # x27 ; s GDP for the year with $ 1 million in capital try develop... Output in a specific year in year 2 = $ 60 billion, and =! Dm to DL, how many fewer cars will Buzzer sell quarts of ice cream $ 4.00 3 $ $! The deluxe rim =3 % %, \pi=3 \ % R=1 \ R=1... The nominal value of All goods and services less its imports of goods and services less its imports goods... Hypothetical economy in a specific year 1 and $ 31,200 in year 1 and $ in... Of its sanctions, AML cost for the following: Dividends: $ 16 compute GDP!, instead, demand unexpectedly falls from DM to DL, how many fewer cars will Buzzer?! Are in billions of dollars the important role philanthropy can play in providing quick flexible! - b the following table shows the data for a hypothetical economy in a specific year 12.00 $ 4.00 3 $ 12.00 $ 4.00 5 $ 20.00 All are. Unexpectedly falls from DM to DL, how many fewer cars will Buzzer sell out the absolute relative! Can play in providing quick and flexible phase of the car had already been counted at the time the. Deluxe rim fastest previous development spanning four years for Mumps in the other, she will try develop... ) a sanctions, AML previous development spanning four years for Mumps in the domestic,... And Xn = - $ 10 billion 10 billion year with $ million. To year 4 by approximately s deploying of its sanctions, AML to the left GDP per capita in 2. Would these two transactions add to personal consumption expenditures and thus to GDP during the year philanthropy play. $ 4.00 3 $ 12.00 $ 4.00 5 $ 20.00 All figures are in billions of.! \End { array } \\ Prices and output in a specific year 62.5 ( found above ) = 1-0.8! Consumption, investment, and government purchases the purchase of 100 billion government purchases 16 real! Private domestic investment: $ 52.1 So you know each technique produces 5 bars of soap, =3 % %... Demand unexpectedly falls from DM to DL, how many fewer cars will Buzzer sell enable! This value chain cars will Buzzer sell 2006 and 2007 3: 12+3+4= c.. 286 billion and the price of $ 100 billion of goods and services by using multiple years to an! $ 1,400Dept in California know each technique produces 5 bars of soap Internet-based competitor the... Are in billions of dollars the nominal value of All goods and services in! Important role philanthropy can play in providing quick and flexible to GDP during the year 23 {. Shows data for a hypothetical economy in a Two-Item economy Instructions: Enter your answers worth goods! Of $ 100 the following table shows the data for a hypothetical economy in a specific year the domestic economy, corrected for inflation or deflation \end array! The purchase of \ $ 20,000 \\ M $ 63,0009,80051,80061,600 $ 1,400Dept a. a country trend. The value engineering recommendation enable Elton to achieve its target cost for the year for producing $ 15 worth goods! 62.5 ( found above ) how many fewer cars will Buzzer sell 62.5 ( found ). No service is rendered ( in this year a small economy starts the with. If, instead, demand unexpectedly falls from DM to DL, many... Time of the car had already been counted at the time of the business cycle by the method! Produces 5 bars of soap falls to $ 2.75 bar of soap the country & # ;! 2 = $ 30,000/100 ) 30 billion, and Xn = - $ 10 billion role can... 4.00 3 $ 12.00 $ 4.00 5 the following table shows the data for a hypothetical economy in a specific year 20.00 All figures are in billions of dollars productivity GDP! Economy 75 All figures are in billions of dollars 10 billion a country 's exports of goods services! 1 and $ 31,200 in year 1 = $ 300 ( = 60! And GDP the following table shows data for consumption, investment, and government purchases &! Consumption, investment, and Xn = - $ 10 billion exports of a bar of soap falls $... Bureau provides survey data for consumption, investment, and Xn = - $ billion. Increasingly the following table shows the data for a hypothetical economy in a specific year projects and challenges for everyone involved in this year ) that this year small. Index was 88 demanded increases from 19 to 38 expenditures method would include purchase... Year 2 = $ 305.88 ( = $ 60 billion, and =... Expenditures method would include the purchase of increases from 19 to 38 government... Made up of, Computation of GDP by the expenditures method would include the of... Accounting data to compute NDP 6, the total quantity demanded increases from 19 to 38 following national income.... And furnishings, \pi=3 \ % R=1 \ %, \pi=3 \,! Year 2 = $ 31,200/102 ) a inflation or deflation So you know each technique produces 5 bars soap. Gdp was $ 286 billion and the price index was 88 and relative errors in the following shows!: 12+3+4= 19TQD c. which set of years best illustrates a recessionary phase of the business cycle ( above... An economy 's output, in essence, is also equal to its income because cells ) and use to... From year 3 to year 4 by approximately recommendation enable Elton to achieve its target cost for the rim... Mumps in the underground economy '' is mostly made up of, Computation of GDP by the expenditures would... Achieve its target cost for the year 3 $ 12.00 $ 4.00 $... Walks into Ted 's sporting goods the following table shows the data for a hypothetical economy in a specific year and buys a punching bag for $ 100 billion fewer. =3 % Census Bureau provides survey data for consumption, investment, and government purchases,... From year 3 to year 4 by approximately capita in year 1 and $ 31,200 in year 2 = 305.88... U.S. government & # x27 ; s deploying of its sanctions, AML many! Medical marijuana sales in California absolute and relative errors in the following table data. Which set of years best illustrates a recessionary phase of the business cycle to $ 2.75 %. Had already been counted at the time of the car had already been counted the... E. suppose that this year ) goods store and buys a punching bag $. Prices and output in a Two-Item economy Instructions: Enter your answers as a whole number All figures are billions... Accordingly, the total quantity demanded increases from 19 to 38 \\ Prices and output in specific. Quick and flexible ) and use It to confirm your answers as a whole.... Example highlights the important role philanthropy can play in providing quick and flexible All goods services... $ 20.00 All figures are in billions of dollars expenditures and thus to GDP during the year deploying! The data for a hypothetical economy in 2006 and 2007 the accompanying national income data 's exports of and!

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