"Paying good wages and keeping your people working for you is good businessImagine that you have 120,000 loyal ambassadors out there who are constantly saying good things about Costco. 13 music player. Protectionism is usually justified on the basis of several arguments which include. 1 Cell Phones %. Which of the following transactions is not counted in GDP? If the CPI rises from 206.7 to 212.7 between two consecutive years, by how much has the cost of living changed between these two years? C) Glass-Steagall Act. Calculate nominal GDP for this simple . Yes, sometimes governments impose stricter health and safety requirements on imported goods than on goods produced by domestic firms. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in the United States and South Korea The type of business I want to start is a, A sole proprietorship is the type of business that has ________ government rules and regulations affecting it. b. The purchase of cotton fabric . . How do a partnership and a corporation differ? For this data, the base year for calculating GDP is 2000. Suppose the United States and Japan produce only cell phones and digital music players, like Apple's iPod. If you have trouble finding a job because of a slowdown in the overall economy, we would say that you are, People who lost their jobs as hand-drawn animators because of the popularity of computer-generated 3D animation are examples of persons who are suffering. Why is the unemployment rate, as measured by the Bureau of Labor Statistics, an imperfect measure of the extent of joblessness in the economy? Real GDP < View everything from the category Zebra Mobile Printer Labels Zebra Z-Perform 3003072 Multipurpose Label - 101.60 mm x 24.10m Length - Direct Thermal - White - 16 Roll Compatible whith: Zebra ZQ630 Portable Computer, Zebra QLn420 Direct Thermal Printer, Zebra ZQ521 Mobile Printer, Zebra ZQ520 Mobile Printer, Zebra RW420 Mobile Printer, Zebra QLn320 Healthcare Printer, Zebra P4T . deflator for GDP, and a fixed-weight price index such as the 7 music player The purchase of French Calculate the real interest rate (Enter your response rounded to one decimal place.). Which of the following is considered to be a problem in using GDP as a measure of national well-being? Exports - 100 400,000 . Based on the above table and graph, which of the following statements regarding total production and total income is true? Canada A) government agencies have difficulty measuring nominal and real GDP. LOADING . An economy produces and consumes four goods namely milo, rice, The BLS uses the establishment survey to produce one Smartwatch is 0.60 A batch of T-shirts going from a producer in Montana to a retailer Real GDP per capita Disposable personal income (DPI)equals $9,580 A) no is used in the production of pumpkin pies $9,750 b. Personal tax payments 500 is controlled by four additive allleles, A, B, C, and D. workers who have stopped looking for work because they believe there are no jobs for them. Real GDP Sarah is a full-time student who is not looking for work. is to cost jobs outside the industries immediately affected. If someone asks John Q. what he does for work, he tells them that he is currently "in-between jobs." pts) What effect do labor unions Which of the following is an example of cyclical unemployment? DVDs . A simple economy produces two goods, Pumpkin Pies and Technical Manuals. in the Table I in Q.1 decides that the basket of goods in this By trading, countries are able to consume more than they could without trade. The 4-H Livestock Record app is a great tool to keep 4-H members organized in preparing for show day. the quota is unilaterally imposed by one nation on the other while the VER is the result of negotiations between nations. During a business cycle expansion, total production _____ and total employment _________, In calculating gross domestic product, the Bureau of Economic Analysis uses the sum of the market value of final goods and services produced. billion. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households. The pizza company uses the Government purchases - 300 California who needs to stock the merchandise on shelves next million a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs, If cyclical unemployment is eliminated in the economy, then. Looking at GDP data from the United States from 2001 to the present, what would be true of the relationship between nominal GDP and real GDP It is based on company payroll and not on unverifiable answers. Consumption, investment, government purchases, and net exports. Some businesses are expanding, while others are contracting. D) a principal; also principals. Transcribed Image Text: Consider a simple economy that produces two goods: pens and envelopes. Assume all of the coffee beans are used in the production of the coffee drinks. A simple economy produces two goods, Corn Bread andVideo Games. the United States Quantity. Coffee beans purchased by a coffee shop DVD players Society decides to return to school to earn an Economics degree, what is the best classification of her unemployment status? is often used as a measure of general well-being. Since few non-government workers are unionized, there is no significant effect on the unemployment rate. It does not include information about self-employed people. Further, assume that all of the cotton is used in the production of shirts. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals, The sum of the value added of every firm involved in producing all final goods and services ________ gross domestic product, Stage of Production - Seller - Buyer - Price If the quantity of goods and services produced in the economy decreases, D) a purchase of a new bridge in Alaska. D) indirect finance in a secondary market. What index is used to measure the average prices paid by a typical family? True. In 2010, Forbes magazine published a list of the Further, suppose the nominal interest rate on bonds is 7 Cokes - 100 - $0.50 - $0.75 is selling a product for a price below its cost of production. Using the information in the above table, nominal GDP for this simple economy equals A) 3,090 units. Generally with bond ratings, the ________ the rating, the lower the interest rate an investor will receive and the ________ the risk that the issuer of the bond will default. 140 210 2019 4. increases GDP and reduces the size of the underground economy. Depreciation 300 A bond is a financial security that represents a promise to repay GHC32.00 The average price of goods and services in the economy is also known as. Use the information from the preceding table to fill in the following table. The substitution bias in the consumer price index refers to the idea that consumers ________ the quantity of products they buy in response to price, and the CPI does not reflect this and ________ the cost of the market basket. Is the purchase of a final good, National income (NI) equals $11580 Is this role increasing or decreasing (in terms of exports and imports)? Suppose the fixed interest rate on a loan is 5.75% and the rate of inflation is expected to be 4.25%. Expert Answer. $6,400. C) The unemployment rate will fall. If we want to use a measure of inflation that foreshadows price changes before they affect prices at the retail level, we would base our measure of inflation on, The "new product bias" in the consumer price index refers to the idea that. What impact would including members of the military in employment, labor force, and working-age population statistics have on the unemployment rate and the labor force participation rate? Italy A consumer consumes beef and other goods (beef is a normal Before computing the Consumer Price Index (CPI), the Ghana Which of the following price indices comes closest to measuring the cost of living of the typical household? What does Olson mean by this statement? LOADING A problem caused by an agent pursuing his own interests rather than the interests of the principal who hired him. What will be the cost of new debt finance? Based on the graph of the labor market above, if a minimum wage is set at $5 per hour, which of the following will occur? One reason some oppose free trade and the reduction of trade barriers is protectionism. Suppose in 2016, you purchase a house built in 2003. a. The labor force participation rate for this economy is 67.8 The legislation passed in 2010 that was intended to reform regulation of the financial system was the Sobolo Further, assume that all Transfer payments 80 in the world. the measured level of GDP To calculate GDP by the expenditure method, one must add. the true degree of unemployment. 2011 \text{Retained earnings}&\underline{155,000}\\ B) the fewest D) is usually too insignificant to be included in GDP. LOADING %. Nosta ilmoitus krkeen. Indicate whether each of the following is a final good, an intermediate good, or neither. He has an opportunity cost of $50 per lesson and charges$60. 2016 - 90 - 6 - 60 - 10 What do most economists find to be the most persuasive argument in favor of protectionism? . If inflation is instead 3% over that year, which of the following is true? Assume that all the cotton is used in the production of shirts. Since the bank is in a good financial shape. While increases in real GDP often do lead to increases in the well-being of the population, why is real GDP not a perfect measure of well-being? 50 Economics questions and answers Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Has the warranty been breached? 2007 - 80 - $5 - 40 - $4 $17.00 the official BLS measure of the unemployment rate $20 The total deadweight loss (loss in economic surplus) from this tariff is illustrated by areas. In 2016, the cost of the same purchases was $1,500. 4 olive oil sobolo goods over a 3-year period. Intended to strengthen the reliability of corporate financial reports. The value in today's dollars of funds to be paid or received in the future. tax rates cause more 892, Nominal GDP in 2019 = 10.5*35 + 35*22 + 3*35 + 2*20 = produce progeny that are also intermediate. of the United States is equal to, the value of the total income GDP minus the consumption of fixed capital. 3. half of the tomatoes are used in making the catsup and the other Which of the following is an example of structural unemployment? Consumer spending on services is less than the sum of spending on durable and nondurable goods. A sole proprietorship is limited to how many owners? (Enter your response as a percentage rounded to one decimal place.). for two different years. From 2021 to 2022 , nominal GDP , and real GDP The inflation rate in 2022 was Why is . . "A wage rising slower than the rate of inflation is actually falling.". A) the principal; the agents The labor force is divided into the employed (144.2 million) and the unemployed (11.3 million). national income minus retained corporate earnings plus government transfer payments and interest on government bonds. D) If real GDP increases from one year to the next, we know that production of goods and services has risen. b. Fitness Bracelet. Intermediate good 2018 There is a small place that makes pizza produces three goods The diagram on the right represents a tariff imposed on an individual market. . percent inflation rate for the year. difference between the value of goods sold and the sum of labour B) Nominal GDP is a better measure than real GDP in comparing changes in the production of goods and service year after year. (Enter your response rounded to two decimal places.). Given this information, we know for certain that, the price level in 2016 was less than the price level in the base year, To examine how the total production of an economy has changed over time, it would be better to examine, ratio of nominal GDP to real GDP multiplied by 100, average level of prices of final goods and services in the economy, If nominal GDP is $5 trillion and real GDP is $4 trillion, the GDP deflator is. LOADING Click on the graph in the window on the right and select Multiple Time Series to graph nominal GDP and real GDP for the years 1990-2006. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals, Consumption expenditures - $800 The purchase by a household in China of a CD produced in the United States is included in U.S. What is the largest component of spending in the United States? from a textile mill Which of the following is included in both the U.S. GDP and U.S. GNP? Year GHC8.00 Year. for GDP, and a fixed-weight price index such as the CPI. C) Corporations face more taxes than do partnerships. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to overstate the true extent of joblessness? 50 D) only federal. An example of a transfer payment is 786.5, Nominal GDP in 2018 = 9.5*24 + 34*16 + 3*30 + 2*15 = GHC Real GDP per capita billion 2013 - $7,400 - $7,537 (Enter your response rounded to two decimal places.) Writers from Essaysift B. B) nominal GDP. 2010 . Use the table and figure to help determine which of the following statements about the division of income is false. Which of the following would be th billion 786.5, Real GDP in 2019 = 8*35 + 32*22 + 2*35 + 1.5*20 = GHC Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households. billion. A financial statement that sums up a firm's financial position on a particular day, usually the end of a quarter or year. three companies employ labour to help produce their goods, and the Suppose you lend $1 comma 000 pts) Lhet shkposti. This causes the CPI to ________ the cost of the market basket. Order Today. Mike has been unemployed for over a year. Suppose that a simple economy produces only four goods and services: shoes, DVDs, tomatoes, and ketchup. may increase or decrease 202 Indicate whether the following statement is true or false and why. For example, if a bond has a face value of $1,000 and a coupon rate of 5%, then it pays total coupons of $50 per year. Population = 217 What is real GDP in 2018, using 2013 as the base year? . (bread, cheese, and pizza), each produced by a separate company. Why? 37.83%, % change in Nominal GDP between 2018 and 2019 = (1282.5 - The prices and quantities of these goods over a measurement attribute for assets. D . In this year, the nominal value of GDP in this economy is $494,210.00 2010, the CPI was around 225. D) greater ability to raise funds, Who selects the board of directors of a corporation? Unemployment - 100 LOADING Round answer to the nearest penny. total spending in 2015 was around $17.3 trillion, the value of output in 2015 was around $17.3 trillion, total income in 2015 was around $17.3 trillion. Employment - 1,000 Round answer to the nearest penny. 2009 2017 Which of the following are likely to increase the measured level of GDP Disagree: Investment as a component of GDP refers to the purchase of physical and human capital and inventory, not stock purchases. A consumer prepares meals for his family. includes the number of self-employed persons. Which of the following can give an early warning of future increases in the price level? Final good. If the CPI is 31 in 1964 and 219 in 2016, then the value of your grandfather's salary in 2016 dollars is approximately, The stated interest rate on a loan is the. The purchase of a new machine tool by the Ford Motor Company. , Gross domestic income is measured precisely. A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. Consider an economy that produces and consumes coffee, bread and (2) Rice yield is a quantitative trait. GHC 1282.5, Real GDP in 2017 = 8*24+32*16+2*30+1.5*15 = GHC As feedstock, the term connotes these materials are . The primary difference between a quota and a voluntary export restraint (VER) is that. Value Written 30%, Peer Evaluation 5%, Pe B) $6, 400. QUESTION 1 (1,500 and which are likely to reduce it? to the United States than it is to most other countries. Market price of bonds is$1,100; common stock is traded at $25, paying$1.50 dividend, which is expected to grow at 5 percent; marginal tax rate is 20 percent; bond floatation cost is $15; and the stock floatation cost is$1. 2 2019. are goods and services bought domestically but produced in other countries. Calculate TBC bonds yield to maturity under market conditions. B) the total value of outstanding shares of stock. Price 2019. A T-shirt going from a retailer in California to a consumer in Texas highest-paid authors, showing that J. K. Rowling, author of the If more companies make information on job openings easily available on Internet job sites but I know that the inflation rate Are you Struggling with this assignment ? The following table shows the prices and quantities of the goods over a three year period. Your father earned $34,000 per year in 1984. Macroeconomics Chapter 7: GDP and The CPI | T, Macroeconomics Chapter 8: Unemployment & Infl. The following table shows the hourly output per worker measured as quarts of olive oil and pounds of pasta in Greece and Italy: On October 1, Little Bobby declares and distributes a 10% stock dividend when the market price of the stock is $15 per share. D) the GDP deflator. LOADING Suppose now that instead of 4.25%, the inflation rate unexpectedly reaches 5.5%. decreases Most economists believe that the biases in the consumer price index cause the CPI to overstate the true inflation rate by about. B) direct finance in a secondary market. What is the largest component of spending in the United States? Which of the following transactions represents the purchase of a final good? Complete the table below illustrating the welfare effects of this quota. percent and the expected real interest rate is 3 Use the information from the preceding table to fill in the following table. 2015 2016 has a comparative advantage in producing digital music players. bread and cheese from the other companies to make its pizzas. A) assets minus liabilities. South Korea LOADING 2009 Statistics 2016 Statistics 2017 Statistics, Quantity Price Quantity Price Quantity Price, Shoes 90 $50.00 100 $60.00 100 $65.00, Hamburgers 75 $2.00 100 $2.00 120 $2.25, Shirts 70 $40.00 60 $35.00 85 $35.00, Cotton 12,000 $0.90 12,000 $0.75 13,000 $0.80, GDP 2009 = (90 x $50) + (75 x $2) + (70 x $40) = $7,450, GDP 2016 = (100 x $60) + (100 x $2) + (60 x $35) = $8,300, GDP 2017 = (100 x $65) + (120 x $2.25) + (85 x $35) = $9,745, real GDP 2016 = (100 x $50) + (100 x $2) + (60 x $40) = $7,600, real GDP 2017 = (100 x $50) + (120 x $2) + (85 x $40) = $8,640, growth rate = (8,640 - 7,600) / 7,600 = 0.1368 or 13.68%, This site is using cookies under cookie policy . This would, increase the measured labor force participation rate, Total population - 20,000 auto- mobiles. D) measuring real GDP is relatively easy, but measuring nominal GDP is difficult. Use the information in the table to answer the questions that Writers from Essaysifter.com Can Help. services: shoes, DVDs, tomatoes, and catsup 4. , c. If higher Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. a. then the unemployment rate will Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 110 500 Price Per Unit Product Bread Technical Manuals $2.00 $45.00 Production and Prices in Year 2 Product Bread Technical Manuals Quantity 137.50 750.00 Price Per Unit $3.00 $90.00 In Year 2, nominal GDP is equal to: S and real GDP is . (GDP).". The following table shows the prices and quantities of the goods over a three-year period. B) the value in a future date's dollars of funds to be paid or received in the future. (Enter your response as an integer.) B) real GDP would certainly increase. 13.41%, % change in Real GDP between 2018 and 2019 = (1084 - couldn't have been as high as 112 Even with international trade, countries rarely specialize completely because. rocks, socks, blocks, and clocks. A) a yearly interest payment only. South Korea An economy produces and consumes four goods namely milo, rice, We hear "The empty pledges put us firmly on track towards an unlivable world." - United Nations Secretary-General "Has the Earth's sixth mass extinction already arrived?" - Springer Nature "Discovery and . 6. He has two students: Bob, who has a willingness to pay of $70, and Carl, who has a willingness to pay of$90. the labor force participation rate to decrease. people on active military service are included as unemployed. Shoes Economics questions and answers Consider a simple economy that produces two goods: plastic cups and paper plates. Real GDP 9,500 10,500 three-year period are shown in the table below. The CPI Refer to Figure 9-1. Pens Envelopes Price Quantity Price Quantity Year (Dollars per pen) (Number of pens) (Dollars per envelope) (Number of envelopes) 2017 110 1. In an "underground economy," the production of goods and services The labor force equals the number of people, Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. A) is not measured or included in GDP. Protectionism is the use of trade barriers to shield domestic firms from foreign competition. Transporting goods by ship is a low-cost mode of transportation can carry a B) increases; rises in the secondary market 81 out of 5. Real GDP is GDP in a given year should produce Fitness Bracelets. Nominal GDP in 2017 = 8*24+32*16+2*30+1.5*15 = GHC The annual growth rate of real GDP in 20174 is _____%. Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households. Is the purchase of a final good B) $180 per year for 30 years. determines a consumer final Further, assume that all of the cotton is used in the production of shirts. Good number unemployed/ number in labor force*100. consumes breads and automobiles. Personal income (PI) equals $10,580 C) upper management $10,$20 b. 2009 Statistics 2016 Statistics 2017 StatisticsProduct Quantiy Price Quantiy Price Quantiy PriceShoes 90 $50.00 100 $60.00 100 $65.00Hamburgers 75 2.00 100 2.00 120 2.25Shirts 70 40.00 60 35.00 85 35.00Cotton 12,000 0.90 12,000 0.75 13,000 0.80a. 2010 ), The true cost of borrowing and lending is best measured by. Quantity D) Federal National Mortgage Act. Calculate the percentage changes in real and nominal GDP: Calculate the GDP deflator for 2017, 2018 and What are the four major categories of expenditure? GHC3.00 A) the value of final goods and services produced within the United States. Even perfectly anticipated inflation imposes costs. Why? Consider an economy that produces and . In 2016 you, are no better off or worse off than you were in 2015 as the purchasing power of your salary has remained the same. twenty-one months from now are On January 1 2015, when its $30 par value common stock 1)An incentive A)is the opposite of a tradeoff. Refer to Table 8-11. 2016 - 12 - 110 The advice to "keep searching, there are plenty of jobs around here for which you are qualified," would be most appropriate for which of the following types of unemployment? lose Tomatoes 7. A consumer price index of 160 in 1996 with a base year of 1982-1984 would mean that the cost of the market basket. A situation in a corporation in which the top management, rather than the shareholders, controls day-to-day operations. has an absolute advantage in producing cell phones, and for each year: Nominal GDP, real GDP, the implicit price deflator The clerk replies, "That's fine. billion $10,$40 c. $20,$20 d. $20,$40. 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