Consider the following data on U.S. GDP: GDP Year (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,899.8 2015 18,219.3 17,386.7 2016 18,707.2 17,659.2 2017 19,485.4 18,050.7 2018 20,494.1 18,566.4
Q: n 2019, 360,000 electric vehicles (EVs) were sold in the United States. Show your formula and…
A: Price elasticity of demand Refers to the responsive change in quantity demanded to the change in the…
Q: Country X is a small open economy operating a fixed exchange rate system and imperfect capital…
A: Fixed exchange rate is the rate where it is controlled and managed by the central bank through…
Q: 5. Efficiency in the production possibilities model Suppose France produces only two goods: wheat…
A: The maximum pair of items that may be produced with a particular mix of resources and technology is…
Q: Approximately, what is the value of (P) if A=420, n=13 years, and i= 12% per year? O a. 2240 Ob.…
A:
Q: 8. Shifts in supply or demand I The following graph plots the market for electric guitars in…
A: For a normal good there is a positive relationship between consumer's income and demand for the…
Q: Suppose the long-run production function for a competitive firm is f(x1,x2)= min {x1,2x2}. The cost…
A: Disclaimer: - Since you asked multipart question, we are solving only 3 subparts as per guidelines.…
Q: Suppose the economy begins at full employment. Label this starting point as point "1." Then,…
A: The term macroeconomic policy refers to economic policy that focuses on accomplishing specific…
Q: 3.8. PROFIT MAXIMIZATION. Explain not reasonable? 3.9. CAR PARTS. Two parts in an automobile…
A: A joint venture is defined as a business agreement with multiple members to accomplish the goals.…
Q: Answer: Investment #2 is better by $7,855.88!, You have to choose between 2 investments. The first…
A: According to a set number of years and a certain discount rate, present value represents the value…
Q: Consider a Cournot duopoly with a demand function of p=10-Q(where Q=q1+q2) and a constant marginal…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Consider the perfectly competitive market for steel. Assume that, regardless of how many firms are…
A: Supply refers to the quantity that a producer wishes to sell at a given price in given period of…
Q: . what is economic growth? 2. Give some of the ways that economic growth can be achieved and…
A: Economic growth is the gradual rise in a country's output of goods and services over time. The Gross…
Q: II. Profit and Loss Analysis At a price of PHP p per unit, the marketing department in a company…
A: Profit is when the total revenue exceeds the total cost. Loss is when the total cost exceeds the…
Q: A lindahl equilibrium is a Nash equilibrium. Discuss
A: Introduction to Lindahl equilibrium A quasi-market in which there is no competition is said to be in…
Q: Suppose that Candonia and Lamponia agree to trade. Each country focuses its resources on producing…
A: Opportunity cost shows the cost of producing one good in terms of other. Opportunity cost shows the…
Q: the closed economy of temasik has the following characteristics: autonomous consumption is rm 100…
A: Given information: Autonomous consumption is 100 i.e., Ca = 100 Marginal propensity to consume is…
Q: Is the people in a country more important to save than its economy?
A: A society's or nation's economy can be defined as the system of production, distribution, exchange,…
Q: Many advertising slogans seem to be asserting something about people's preferences. How would you…
A: Introduction The utility is a concept used in economics to describe the pleasure or satisfaction…
Q: You buy 2000 shares of XYZ for $50 with 55% margin. Three months later the price is $60. What is the…
A: Investment buying power refers to the amount of money that an investor has available to purchase…
Q: 1. Opportunity cost
A: It is the value of the best alternative that must be given up in order to pursue a certain action.…
Q: 4. Assume Megan has preferences represented by utility function U (x₁, x2) = (x₁)¹/4 (x2)³/4 Good 1…
A: Budget constraints shows the relationship between the prices of two goods, their quantities and the…
Q: In the Solow growth model, what happens in an economy when technological progress results in the…
A: The Solow growth model is an economic model that explains long-term economic growth through the…
Q: ack sells 40 widgets when it charges a price of $40 per widget, and 10 widgets when it charges a…
A: The inverse demand function represents the relationship between the price of a product and the…
Q: The accompanying graphs represent the soy bean market, a competitive market and Roy's Soys, an…
A: Market equilibrium under perfect competition is the point where market demand is equal to the market…
Q: Assume that both the U.S. and Canadian demand curves for lumber are linear. The Canadian demand…
A:
Q: Using examples to frame your discussion, critically evaluate the impact of income taxes on labour…
A: Tax refers to the revenue that is earned by the government and is used by the government for the…
Q: Eric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the…
A: Opportunity cost is the cost of producing one good in terms of other. Opportunity cost shows the…
Q: You are a Canadian exporter expecting a payment of USD 1M in three months. You want to hedge your…
A: Hedging currency risk refers to taking steps to reduce or eliminate the potential financial impact…
Q: The cost of upgrading a section of Grand Loop Road in Yellowstone National Park is $1.5 million.…
A: Capitalized cost is the cost that needs to be added to the fixed asset's cost basis and is…
Q: Discuss how indifference applies to how we consume goods and services.
A: The study of how people spend their money based on their own preferences and economic constraints is…
Q: Consider a perfectly competitive market for wheat in New York City. There are 110 firms in the…
A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…
Q: 1. The three major actors in terms of economic activity are A. governments, businesses, and…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 1. Assuming that the current interest rate is 3 percent, compute the present value (or price) of a…
A: The present value of the face value added to the present value of the coupon payments equals the…
Q: The following production table gives estimates of the maximum amounts of output possible with…
A: The marginal product of Y measures the change in the total product due to the change in input Y,…
Q: 1. One German worker can produce either 5 cars or 10 tons of grain a year. One Japanese worker can…
A: A country has a comparative advantage in producing that good if the opportunity cost of producing…
Q: 1. What is the profile of the respondents in terms of: age, sex, and strand
A: In economics when we do research then we need to find the data and to collect the data by using…
Q: 1. What is entrepreneurship. Cite a situational example to justify your answer. 2. Debunk 3 myths…
A: 1) A person who decides to launch a new business, accepts any risks, and enjoys the benefits is an…
Q: Suppose you run a regression with quantity as your dependent variable and advertising as one of your…
A: Regression modelling is a statistical method for analyzing the connection between a dependent…
Q: True/ False There is a price discrimination in the monopoly market.
A: Price discrimination is the practice of charging different prices for the same product or service to…
Q: Which of the following tends to be observed if a country increases its tariffs on imports? a. The…
A: Protectionism is the practice of defending domestic industries against foreign competition by the…
Q: AAA Agricultural Machinery decides to invest in new robots. The cost of a robot is $1000. Suppose…
A: The term "tax-adjusted" refers to taking into account the effect of taxes when calculating a…
Q: Since what happens at the macro level is different than what happens at the micro level…
A: The Keynesian theory explains the necessity of government intervention because the economy runs…
Q: Suppose that i's preferences over goods x and y are represented by the following utility function…
A: Utility function shows the relationship between goods and utility. U =x4/5y1/5
Q: Using the information in Question 4 and Figure 4 above, complete the following table to depict the…
A: Oligopoly is a kind of market structure in which the market does not have a large number of small…
Q: The demand and supply curves for a product are given by q=1500-10p and q=40p-1200, respectively,…
A: The word "equilibrium" refers to a circumstance wherein the demand for products or services equals…
Q: discuss the main features of a perfect competitive markett in an economy
A: In economics, a market is defined as a place where buyers and sellers exchange goods and services…
Q: A small strip-mining coal company is trying to decide whether it should purchase or lease a new…
A: Future worth determines the value of an investment at a future date based on the given interest…
Q: (a) The cost to produce the Rolls-Royce can be estimated at $200 million of fixed costs (factory…
A: Disclaimer: - since you asked multipart question, we are solving only first 3 subparts as per…
Q: If the consumer's income decreases to l'=100, then the budget line wi✔ shift inward (parallel to the…
A: Budget line shows the relationship between the two goods, their prices and the income of consumer.…
Q: A consumer faces prices p₁=1.p₂=3. The Marginal Rate of Substitution has the following expression:…
A: Utility refers to the satisfaction. Given the income and prices of goods, the rational consumer aims…
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
- Calculate GDP deflator from the following table: Year Nominal Real GDP GDP 2000 8952 8952 2001 9200 9050 2002 10,000 9500 2003 10,030 9330 2004 11,100 10,000Real GDP is a useful measurement because: it helps us to track actual variations in economic activity/production from year to year regardless of changes to average prices it accounts for deoreciation it shows us the real difference between domestic economy and foreign economiesIf a country produces the following items during the year, calculate GDP.Item Quantity Price Market Value(Quantity x Price)Cars 10 $20,000Computers 100 $1, 000Books 1,000 $10GDP =
- Question # 5 a: Calculate Nominal and Real GDP for each year. Consider the base year is 2013. YearBottles of Diet Coke (units)Price by Bottle in Rs 2013100,00010.25 2014400,00030.50 2015500,00030.75 2016800,00040.25 b: Analyze how much Pakistan’s GDP and each of its components is affected by the following transactions? Explain your answers (Maximum 200 words). i) Toyota Motors issues new shares to finance the construction of an automobile plant in Pakistan.ii) Your friend wins Rs.2 million in the lottery in Dubai iii) Rabia spends Rs.1500 to buy her husband dinner at the finest restaurant in Karachiiv) General Motors builds Rs.40 million worth of cars, but consumers only buy Rs. 38 million worth of them.v) Sadia spends 50000 on a computer to use in her editing business in Karachi. She got last year’s model on sale for a great price from a local manufacturer. (Sub parts to solved).Homework The Aggregate Economy Revenues Expenditures GDP Year (Billions of dollars) (Billions of dollars) (Billions of dollars) 2000 2,025 1,789 9,817 2001 1,991 1,863 10,128 2002 1,853 2,011 10,470 2003 1,783 2,160 10,961 2004 1,880 2,293 11,686 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for expenditures and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 EXPENDITURES AND REVENUES (Percent of GDP) 15 10 0 2003 > Expenditures 2004 2005 1999 2000 2001 2002 YEAR In which years was the government's budget in deficit? Check all that apply. 2000 2001 2002 U 2003 2004 In 2001, the national debt by 4 Revenues X A-Z हेUse the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: Show all calculations and formulae Calculate the value of the country’s GDE (Gross Domestic Expenditure).
- The following table reports 2018 transactions that occurred in the United States. Prices in 2018 and 2016 (base year) are also given. Use the worksheet to answer questions below. Please make sure to show any formulas you used, calculations and your work. i. Which of the listed transactions should not be used in U.S. GDP calculation? Please include one reason for each transaction you think should not be included in U.S. GDP calculation. ii. Based on the transactions you decided to include in U.S. GDP, calculate nominal GDP in 2018. ii. Based on the transactions you decided to include in U.S. GDP, calculate real GDP in 2018. iii. Calculate the GDP Deflator in 2018. Price per Unit in Price per Unit Quantity in Item 2016 in 2018 2018 (Base Year) Bottles Wine from France $15 $20 10 Boxes of Cereal produced in Battle Creek, MI $5 $4 20 Used Tires $12 $15 5 Shares of Twitter Stock $8 $10 15 Hours of Swimming Lessons at the Y in $4 $6 8 Kalamazoo, MI GDP deflator in 2018 was... Answer:Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.18 The growth rate of nominal GDP between 1996 and 2016 was , and the growth rate of the GDP deflator between 1996 and 2016 was . (Hint: The growth rate of a variable XX over an NN-year period is calculated as 100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1) Measured in 2009 prices, real GDP was billion in 1996 and billion in 2016. (Note: Select the answers closest to the values you compute.) The growth rate of real GDP between 1996 and 2016 was . The growth rate of nominal GDP between 1996 and 2016 was than the growth rate of real GDP.I Consider a country that produces only wheat and corn. Based on the data in the table, calculate the country's real GDP for year 2008 (assume 2005 as the base year) is: Price of Wheat (per bushel) $56 Quantity of Wheat (million bushels) 1.250 1,360 1,420 1,500 Price of Corn Quantity of Corn Year 2005 2006 2007 2008 (per bushel) $44 (million tons) 910 64 1,050 1,120 1,260 52 72 55 62
- The following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t. t = Year 2004 2010 2014 G = GDP(trillions of dollars) 11.87 14.66 17.42 (a) Explain in practical terms what G(2010) means. The expression G(2010) is the year when the U.S. gross domestic product had a value of 11.87 trillion dollars.The expression G(2010) is the gross domestic product in trillions of dollars, multiplied by 2010. The expression G(2010) is the average of G(2004) and G(2010).The expression G(2010) is the U.S. gross domestic product in trillions of dollars in the year 2010. Find G(2010).$ trillion(b) Use functional notation to express the gross domestic product in 2012, and estimate that value. (Round the estimated value to two decimal places.) G = $ trillion(c) What is the average yearly rate of change in G from 2010 to 2014? (Round your answer to two decimal places.)$ trillion(d) Use your answer from part (c) to…Use the following table to find the missing values: GDP Chart.pdf For each of the following determine if the item is counted in GDP: (a) Eggs you buy at the supermarket to make pancakes with for your kids for breakfast. (b) Eggs the local diner buys to make pancakes with to sell to customers. (c) A motherboard that Dell buys to put in the laptops they make. (d) A used car that a salesman sells off the lot at a car dealership. (e) A tow bar that the county airport buys to move airplanes around on the ramp.Calculate GDP using the Income and Expenditure Approach.(all figures are in billions of dollars): Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world…