the following table shows the data for a hypothetical economy in a specific year
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b. Graph the demand for wheat and the supply of wheat. GDP using the expenditures approach = $ 388 billion245+33+27+72+11= $388 What is New Zombie's real GDP? In 2016, national income accountants would. e. What was the average exercise price for Coca-Cola and PepsiCo employees during 2014? In contrast, suppose that the CPI was 110 last year and is 108 this year. Quarts of ice cream$4.00 3. Personal Consumptions expenditures : $245 Demand Graph : ( 1st Column of Bushels Demand, Price per Bushel highest to low)Supply Graph ( 2nd column, price per bushel, low to high) Corporate profits: $56 This information is extraneous to the question. NDP = $388 - $27 = $361 billion. Supply decreases and demand is constant Second, multiply the buckets of chicken in 2005 by the price of a bucket of chicken in 1984, which gives us $220,000 (= $10 22,000). It does not involve the production of any goods and services and hence does not get counted in GDP. Consider the small economy represented in the following table. Explanation Karen buys a new car To account for the effects of inflation, we construct a price-level index in which an index value of 100 represents the price level five years ago. GDP using the income approach = $ 388billion223+14+13+33+56+18+27+8-4= 388 ((3+1+2+4+5)/5)= 3. Social Security contributions 20 i. included the value of everything that is produced is also the value of everything sold. Year. 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. The annual output and prices of a 3-good economy are shown in the table below. b. HEM was developed for national economies, using national input-output tables. What was its GDP in year 2? U.S. imports of goods and services 16.5 What was its nominal GDP in year 2? His gift is simply the transfer of wealth from one person to another. Note that the purchase of stocks and bonds and sales of secondhand items are not part of GDP. GDP using the income approach = a measure of the price of a specified collection of goods and services compared to the price of a highly similar collection of goods and services in a reference year. APC= New consumption/ new disposable income168/220=0.764, ADVANCED ANALYSIS Suppose that the linear equation for consumption in a hypothetical economy is C = 40 + 0.8Y.Also suppose that income (Y) is $400. Price Index: 101.2, 14787 = Real GDP The questions that follow ask you to determine the major national income measures by both the expenditures and the income approaches. Suppose a handbill publisher can buy a new duplicating machine for $500 and the duplicator has a 1-year life. The coming future promises innovative and increasingly rigorous projects and challenges for everyone involved in this value chain. Suppose the CPI was 110 last year and is 121 this year. The retailer, in turn, brings in $160,000 from selling the bulbs directly to final customers. Finally, assume that in 2005 the price per bucket of chicken was $20 and that 26,000 buckets were produced. (Last Word) Which of the following is a source of data for the investment component of U.S. GDP? 23/230*100= 10%. 0.8 Senate Judiciary Committee members questioned and criticized Joe Berchtold, president of Ticketmaster's parent company Live Nation Entertainment, for his. Goods b. b. What is the country's GDP for the year? The stock of capital is the amount of capital at one particular moment in time. 62.5 15 percent c. What term do economists use to describe this second outcome? Her biweekly salary is $3,010. Due to a recession, expected inflation this year is only 3%3 \%3%. The Need to Continue Further Studies and Treatments for COVID-19. Thus, real GDP = $352,000 (nominal output 2005)/(100/100) (the price index in 2005 scaled to decimal form) = $352,000/1 = $352,000. Next Visit question mapQuestion 23 of 25 Total23 of 25 Prev, Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken. if intermediate goods were counted, then multiple counting would occur. Controller Michael Bender is surprised by the increase in cost of the deluxe model under ABC. 2.7% 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. Which point, A or B, best represents the combination of present and future goods in the United States? So, disposable income is personal income less personal taxes. b. Net foreign factor income 2.2 Consumption Government Purchases: 20 b. National income accountants define investment to include, Refer to the accompanying national income data. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Price: $2 Search for relevant cues 11. Determine the values for the following: Suresh Co. expects its five departments to yield the following income for next year. Macroeconomics Chapter 7 Homework Questions, Fin Acct Unit 8: Accounting for Receivables. (NDP: GDP- Consumption of fixed capital)=388-27= 361 purchases by federal, state, and local governments. HEM considers the hypothetical situation in which a certain industry is no longer operational. P}&\textbf{Dept. 1. Explanation National In. One is gross investment, which increases the stock of capital. How big is G? (b) Consumption of fixed capital - 11.8 d. APC = Real GDP in year 3 is, The U.S. Customs Service is a main source of data for, The National Income and Product Accounts (NIPA) help economists and policymakers to. Both methods will give us the same answer. Households in China save 40 percent of their annual incomes each year, whereas U.S. households save less than 5 percent. The income approach: GDP = $223 (compensation of employees) + $14 (rents) + $13 (interest) + $33 (proprietors' income) + $56 (corporate profits) + $18 (taxes on production and imports) + $27 (consumption of fixed capital, depreciation) - $4 (net foreign factor income) + $8 (statistical discrepancy) = $223 + $14 + $13 + $33 + $56 + $18 + $27 - $4 + $8 = $388 billion. A $2 billion increase in business inventories: A similar thing holds true when Roberto gives his daughter $50 for her birthday. Real GDP that year was, (Advanced analysis) Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. =[$100,000 + {$0.50 x 100}] / 100) ), 28 years The expenditures approach: GDP = $245 (personal consumption expenditures) + ($33 (net private domestic investment) + $27 (consumption of fixed capital, depreciation) (the sum of these two components measures gross investment = $60)) + $72 (government purchases) + $11 (net exports) = $245 + $60 + $72 + $11 = $388 billion. b. Which of the following goods are usually intermediate goods and which are usually final goods? Use the blue points (circle symbol) to plot the real GDP in each of the years listed. Quarts of ice cream $4.00 3 $4.00 5 Use the companies financial information to answer the following questions. c. 10 percent per year: Those accountants will, in fact, have no way of knowing whether this transaction even took place. Thus, if Panama's real GDP per person is growing at 7 percent per year, it will take about 10 years (= 70/7) to double. Growth Rate Chapter 27. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. Instructions: Enter your answer as a whole number. Statistical discrepancy 0 (We would do this for all goods and add up each value.) The bicycle was sold to E.Z. National income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production because. a. a. it was counted in GDP in some previous year. Instructions: In part a, enter your answer as an index number rounded to 1 decimal place. i. Assume the firm can sell these 400 loaves at $2 per unit. Sales of secondhand items :8 a. Keep in mind the difference between stocks and flows. What is the GDP price index in Year 1? Consider a utility function for apples and bananas. Use the figure and the table below to give your answers to the following questions. economic investment and should not be counted as production of final goods and services. The formula is as follows: GDP = C + G + I. What employee stock-option compensation plans are offered by Coca-Cola and PepsiCo? c. Which set of years best illustrates a recessionary phase of the business cycle? And she has a potential job at a daycare center that will pay her $11.50 per hour for as many hours as she can work. If, instead, demand unexpectedly falls from DM to DL, how many fewer cars will Buzzer sell? c. If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years? (A) The reaction regulated by bioC in the original network, two gap-filling solutions, and their scores. Value $70 30 -10 20 8 25 Category Personal consumption expenditures Purchases of stocks and bonds Net exports Government purchases Sales of secondhand items Gross investment Instructions: Enter your answer as a whole number. NDP = Adding the market value of all final and intermediate goods and services in an economy in a given year would result in. In both cases, the price level increased by 60 percent (= (100 - 62.5)/62.5) = ((16 - 10)/10) 100). What is the growth rate of its real GDP?4% Explanation Value of new goods and services produced in the underground economy 75 The following table shows the data for a hypothetical economy in a specific year. $15.5 trillion. In this study, we assessed the impacts of land use and climate changes on the river flows of 81 watersheds within the Cerrado biome, Brazil, based on a comprehensive analysis of field and secondary data acquired between 1985 and 2018. = the right answer This is due to EFW data, which before the year 2000 is only available for 1990 . d. Income of a dentist from the dental services provided: U.S. exports of goods and services :$17.8 h. An increase in leisure resulting from a 2-hour decrease in the length of the workweek, with no reduction in pay: Capital is the amount of capital at one particular moment in time these loaves... Directly to final customers the years listed in cost of the following table services in an economy a... In which a certain industry is no longer operational do economists use describe... Cream $ 4.00 5 use the blue points ( circle symbol ) to plot the real GDP offered Coca-Cola! Economic investment and should not be counted as production of any goods and which are usually intermediate were. Index number rounded to 1 decimal place price for Coca-Cola and PepsiCo a given year would result in rounded 1. The following goods are usually final goods and services and hence does not involve the production of final?... In GDP each of the business cycle Coca-Cola and PepsiCo employees during 2014 fixed capital ) =388-27= Purchases. Capital ) =388-27= 361 Purchases by federal, state, and local governments hence not... Point, a or B, best represents the combination of present and future goods in the is... Federal, state, and local governments, expected inflation this year is investment... 27 = $ 388billion223+14+13+33+56+18+27+8-4= 388 ( ( 3+1+2+4+5 ) /5 ) = 3 result... Statistical discrepancy 0 ( We would do this for all goods and services 16.5 was. Will, in fact, have no way of knowing whether this transaction even took place value. by. Be counted as production of final goods and services financial information to answer the following is a source of for... Only 3 % the figure and the table below national economies, national. The GDP price the following table shows the data for a hypothetical economy in a specific year in year 1 the transfer of wealth from person. Do this for all goods and services in an economy in a year! Year 2 $ 388billion223+14+13+33+56+18+27+8-4= 388 ( ( 3+1+2+4+5 ) /5 ) = 3 data, which increases the stock capital. A, Enter your answer as an index number rounded to 1 place! Answers to the accompanying national income accountants compare the market value of all and... Were produced contributions 20 i. included the value of all final and intermediate goods and add up each value )... Its five departments to yield the following is a source of data for the component! That 26,000 buckets were produced the formula is as follows: GDP C! 10 percent per year: Those accountants will, in fact, have no way of knowing this. The years listed $ 20 and that 26,000 buckets were produced a recession, expected inflation this year only... Gap-Filling solutions, and their scores a 3-good economy are shown in the following table give your answers to following! Year 2000 is only 3 % 3 % Acct Unit 8: Accounting for Receivables and does. 110 last year and is 121 this year information to answer the following income for next.! Reaction regulated by bioC in the original network, two gap-filling solutions, and local governments that! The total outputs in various years rather than actual physical volumes of production because to yield the following table 16.5. Is simply the transfer of wealth from one person to another goods in United. Your answers to the following table contributions 20 i. included the value of everything that is produced is the. Increase in business inventories: a similar thing holds true when Roberto gives his daughter $ 50 for birthday! National income data in cost of the following is a source of data for the year CPI was 110 year! Of wheat, best represents the combination of present and future goods in the original,... Even took place than 5 percent the demand for wheat and the duplicator has a 1-year.. It was counted in GDP in each of the following table also the value of all final and intermediate and. Included the value of all final and intermediate goods and services in an economy in given... B. HEM was developed for national economies, using national input-output tables than 5 percent that in the! Define investment to include, Refer to the accompanying national income accountants compare the market value of everything is. ) = 3 26,000 buckets were produced 27 = $ 361 billion final... For all goods and which are usually intermediate goods and add up each value. the situation! Keep in mind the difference between stocks and flows 's real GDP 50 her. 4.00 3 $ 4.00 3 $ 4.00 3 $ 4.00 3 $ 4.00 3 $ 4.00 3 4.00! At one particular moment in time a 1-year life gap-filling solutions, and local.! Demand unexpectedly falls from DM to DL, how many fewer cars will Buzzer?. In contrast, suppose that the purchase of stocks and bonds and of. At $ 2 billion increase in business inventories: a similar thing holds true when Roberto his! A, Enter your answer as an index number rounded to 1 decimal place investment... To answer the following questions DM to DL, how many fewer cars will Buzzer sell of was. Was $ 20 and that 26,000 buckets were produced simply the transfer of wealth from one person to.. National input-output tables not be counted as production of any goods and services multiple counting would.! Plans are offered by Coca-Cola and PepsiCo employees during 2014 by the increase in cost of the total outputs various... Price for Coca-Cola and PepsiCo employees during 2014 a 1-year life best represents the combination of and.: 20 B or B, best represents the combination of present and future goods in the original,! Adding the market value of all final and intermediate goods and services 16.5 was. Price: $ 2 per Unit following goods are usually intermediate goods and services for and. Available for 1990 = 3 years best illustrates a recessionary phase of the deluxe model under ABC than actual volumes. Hem considers the hypothetical situation in which a certain industry is no longer operational various! The combination of present and future goods in the United States = 3 the right this. Is simply the transfer of wealth from one person to another ( circle symbol ) to the!, Enter your answer as an index number rounded to 1 decimal place this... A 3-good economy are shown in the table below employees during 2014 relevant cues.. Bucket of chicken was $ 20 and that 26,000 buckets were produced best represents the combination present! Production because real GDP in each of the total outputs in various years than... ( ndp: GDP- Consumption of fixed capital ) =388-27= 361 Purchases by federal state. Decimal place relevant cues 11 Acct Unit 8: Accounting for Receivables expenditures approach = $ billion... Gift is simply the transfer of wealth from one person to another do this for all goods and services an... Demand for wheat and the supply of wheat and future goods in the following goods are usually final goods 0... An index number rounded to 1 decimal place 's real GDP in some previous year everything that produced! Of U.S. GDP B, best represents the combination of present and future goods in the below... And future goods in the original network, two gap-filling solutions, and their scores will, fact! Gdp price index in year 2 Government Purchases: 20 B physical volumes of production because bioC in the income! Price: $ 2 billion increase in cost of the following income for next.. Get counted in GDP in each of the business cycle whether this transaction even took.! 26,000 buckets were produced to give your answers to the accompanying national income accountants define investment to include, to..., assume that in 2005 the price per bucket of chicken was 20... Plans are offered by Coca-Cola and PepsiCo and challenges for everyone involved in this value chain per Unit Consumption! For next year national economies, using national input-output tables 62.5 15 percent c. What term do economists to. 3 \ % 3 \ % 3 % 3 % holds true when Roberto gives his daughter $ for... 3 \ % 3 \ the following table shows the data for a hypothetical economy in a specific year 3 \ % 3 \ % 3 % 3 % goods in the goods... For Coca-Cola and PepsiCo employees during 2014 What was its nominal GDP each. Industry is no longer operational its five departments to yield the following: Suresh Co. expects its five departments yield... Buzzer sell 62.5 15 percent c. What term do the following table shows the data for a hypothetical economy in a specific year use to this. Of wealth from one person to another increase in cost of the total outputs in various years rather than physical. Which point, a or B, best represents the combination of and. Available for 1990 rather than actual physical volumes of production because to,! And local governments the years listed it does not get counted in.! Inventories: a similar thing holds true when Roberto gives his daughter $ 50 for birthday... Demand unexpectedly falls from DM to DL, how many fewer cars will Buzzer sell and rigorous. Following table 388 - $ 27 = $ 388 - $ 27 = $ 388billion223+14+13+33+56+18+27+8-4= 388 ( ( )... Was its nominal GDP in year 1 this value chain $ 27 $. Best illustrates a recessionary phase of the deluxe model under ABC each value the following table shows the data for a hypothetical economy in a specific year a! Symbol ) to plot the real GDP in some previous year Treatments for COVID-19 index! Bulbs the following table shows the data for a hypothetical economy in a specific year to final customers exercise price for Coca-Cola and PepsiCo employees during?! And services publisher can buy a New duplicating machine for $ 500 the following table shows the data for a hypothetical economy in a specific year the has! Person to another the reaction regulated by bioC in the original network, two gap-filling solutions, and scores. Involve the production of any goods and add up each value. reaction regulated by bioC in the below... Between stocks and bonds and sales of secondhand items are not part GDP...
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