Be sure to use 2005 quantities and 1984 prices.) Government purchases 59.4 125. Thus, GDP equals $85 billion for this country (= $50 billion + $25 billion + $20 billion + (- $10 billion)). 5 percent per year: The size of the underground economy is $75 billion. Money spent to clean up a local toxic waste site in Ohio. $100 million, A mathematical approximation called the rule of 70 tells us how long it will take for something to double in size if it grows at a constant rate. 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. \end{array} & \begin{array}{c} Growth Rate a. Jars of peanut butter 2.00 3 6.00 2.00 2 4.00 If it is 11 percent? What is \pi ? b. The Fisher equation relates real (R)(R)(R) and nominal ( iii ) interest rates to the rate of Other things equal, the information suggests that the production capacity in economy. Personal taxes 40.5 In one, she will quit her job to start an organic soap company. She then develops two possible entrepreneurial business opportunities. $15.5 trillion. Five thousand raffle tickets are to be sold at $10\$10$10 each to benefit a local community group. A nation's capital stock was valued at $500 billion at the start of the year and $575 billion at the end. For example, in year 1, the price of a quart of ice cream is $4.00. Rents 14 f. Money received by Josh when he resells his nearly brand-new Honda automobile to Kim: 3. = 343.7-11.8=331.9 Suppose that this year's nominal GDP is $16 trillion. Those accountants will, in fact, have no way of knowing whether this transaction even took place. (c) R=2%,i=6%R=2 \%, i=6 \%R=2%,i=6%. Thus, real GDP = $352,000 (nominal output 2005)/(100/100) (the price index in 2005 scaled to decimal form) = $352,000/1 = $352,000. How many fewer workers will it need if it decides to match production to these lower sales? A similar thing holds true when Roberto gives his daughter $50 for her birthday. $1,600 the market or money value of all final goods and services produced by the economy in a given year, whereas real GDP is adjusted for inflation, In order to compare changes in the standard of living over a series of years, we would use. Suppose that a country's annual growth rates over a 10-year period were as follows: Net exports 11 It outfits each restaurant with an additional $200,000 of equipment and furnishings. NDP = If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie's rate of economic growth? Refer to the figure below and assume that the values for points a, b, and c (the combined value of consumer goods and capital goods) are $10 billion, $20 billion, and $18 billion, respectively. The most at a price of $7? The first step is to find the value of each good consumed. In 2005, real GDP =. this amount should be included in calculating that year's GDP. 4th Row: 17+4+6=27 TQD Dollar value of distribution activity = $80 billion are useful to assess the health of an economy and formulate policies to maintain and improve that health. Pair your accounts. Be sure to locate the equilibrium price and equilibrium quantity. Changes in inventories are included as part of investment spending because. \qquad\text{Unavoidable}&\underline{\text{\hspace{5pt}51,800}}&\underline{\text{\hspace{5pt}12,600}}&\underline{\text{\hspace{10pt}4,200}}&\underline{\text{\hspace{5pt}29,400}}&\underline{\text{\hspace{10pt}9,800}}&\underline{\text{\hspace{5pt}107,800}}\\[5pt] The annual output and prices of a 3-good economy are shown in the table below. Year. What is Upper Mongoose's GDP for the year? T}&\textbf{Total}\\[5pt] a. Note that the purchase of stocks and bonds and sales of secondhand items are not part of GDP. As a result, they will generate no paper trail for the accountants who compile the U.S. GDP statistics. b. P}&\textbf{Dept. All values are in millions. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. All figures are in billions. If, instead, the economy was at point c at the end of the 10-year period, by what percentage did it fall short of its production capacity? $1,000.50 Instructions: Enter your answer as a whole number. Category Personal consumption expenditures Purchases of stocks and bonds Net exports Government purchases Sales of secondhand items Gross investment Billions of Dollars $ 70 30 -10 30 8 25 Instructions: Enter your answer as a whole number. What is the country's GDP for the year? Find common denominators and subtract. Explanation 3 -2 How big is G? they involve no contribution to current production in return. MDept. f. What are the weighted-average number of shares used by Coca-Cola and PepsiCo in 2014, 2013, and 2012 to compute diluted earnings per share? Good Price Year 1 Quantity of Goods Year 1 Nominal Value of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Nominal Value of Goods Year 2 b. 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. 1 5% The table below contains information on three techniques for producing $15 worth of bar soap. What was this economy's GDP in year 1? Controller Michael Bender is surprised by the increase in cost of the deluxe model under ABC. Disney also enjoyed later success with films such as Frozen and Frozen II, Zootopia, and The Lion King (with its computer-animated remake as the highest-grossing animated film ), as well as its Pixar brand, of which Incredibles 2, Toy Story 3 and 4, and Finding Dory have been the best performers. What was the APC before the increase in disposable income? (Last Word) Which of the following is a source of data for the investment component of U.S. GDP? c. NI = $ 334.1 billion 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. In year 2, the total expenditure for the same market basket of goods was $5,500 billion. DI- 291-26= 265, Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. (4,500-3,500), The annual output and prices of a three-good economy are shown in the table below. A version that extends to multiple goods is as follows: First, multiply the buckets of chicken in 2005 by the price of a bucket of chicken in 2005, which gives us a value of $352,000 (= $16 22,000). From these figures, we see that net domestic product equals: Refer to the table. 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. Q12 please help quick. c. When measuring GDP for a particular year, economists exclude the value of the used furniture bought and sold because. Output and price data for a five-year period are shown in the table. Real GDP in year 4 was approximately. Consumption of fixed capital 11.8 Assume that we said "$15 worth of bar soap" because soap cost $3 per bar and all three techniques produce 5 bars of soap ($15 = $3 per bar 3 x 5 bars). a. She has another job offer at a garage that will pay her $13 an hour for up to 5 hours per week. From these figures, we see that net domestic product equals: $17.0 trillion. Would implementing the value engineering recommendation enable Elton to achieve its target cost for the deluxe rim. Jars of peanut butter 2.00 3 2.00 2 8 4 All tutors are evaluated by Course Hero as an expert in their subject area. Corporate profits: $56 "Corporate profits" in the national income accounts consists of the following, except, Suppose a nation's 2010 nominal GDP was $972 billion and the general price index was 90. Journalize the receipt of cash for the maturity value of the note receivable on March 1, 20X2. The nominal value of the goods for year 2 is $30.00 (= $20.00 + $6.00 + $4.00). Net exports must be, Refer to the accompanying national income data (in billions of dollars). 10 3, a. . Assuming stable prices, net investment was, Suppose that inventories were $40 billion in 2015 and $50 billion in 2016. 4594554, Statistics derived from national income accounting. =retailer's income + grower's income The gross domestic product (GDP) concept accounts for society's valuation of the relative worth of goods and services by using. What is the role of the financial system? Proprietors' income: $33 Personal consumption expenditures $50 Assuming that all prices remain constant, what is this country's new level of GDP? Historically, vaccines have taken multiple years to develop, with the fastest previous development spanning four years for Mumps in the 1960s. Bottles of shampoo $3.00 1 $3.00 2 ODept. Quantity Produced: 5 \text{Gift certificate} & 50 & 20\ \text{each} What will be the per-unit cost of the app if it sells 100 units? What is this year's inflation rate? So you know each technique produces 5 bars of soap. 5 \end{array} The market demand and the individual demands of Tex, Dex, and Rex are shown in the following table. 2 Use the table below to solve this problem.Suppose the wealth effect is such that $10 changes in wealth produce $1 changes in consumption at each level of income. Step 3/4. Personal consumption expenditures 219.1 e. Excluded: A private transfer payment; simply a transfer of income from one private individual to another for which no transaction in the market occurs. What is the growth rate of its real GDP?4% Yes \text {Rental} \\ Purchases of stocks and bonds:30 In this case, that comes out to be $10.5 trillion (= $12 trillion in personal income - $1.5 trillion in personal taxes). Which of the following items will be included in official U.S. GDP statistics? So, disposable income is personal income less personal taxes. Which set of years most clearly demonstrates an expansionary phase of the business cycle? Goods 2nd Row: 8+2+2=12 TQD a. The retailer, in turn, brings in $160,000 from selling the bulbs directly to final customers. Provide examples of each: consumer durable goods, consumer nondurable goods, and services. For example, revenue generated by illegal marijuana growers in Oregon will be hidden by the illegal growers so that no data will flow to the accountants who compile the GDP statistics. (B) The reaction catalyzed by luxS in iML1515 and one thermodynamically favorable and one thermodynamically infeasible solution. G equals $20 billion. M$63,0009,80051,80061,600$1,400Dept. Jars of peanut butter $2.00 3 $2.00 2, a. Also suppose that across the whole economy, depreciation (consumption of fixed capital) totals $1 trillion. b. Tina walks into Ted's sporting goods store and buys a punching bag for $100. Income and taxes approach: National income = $223 (compensation of employees) + $14 (rents) + $13 (interest) + $33 (proprietors' income) + $56 (corporate profits) + $18 (taxes on production and imports) = $357 billion. $10.5 trillion: The correct answer to this question is that disposable income will be $10.5 trillion. $1,100,000 Together with the availability of economic freedom data, governing intervals determine the period of analysis for each country. NI:223+14+13+33+56+18= 357 100 140 Gross output (GO) for an economy in a given year. February 3, 2023. Method 2 = $ 357 billion Price increases and quantity decreases Providing logical evidence 15. Gross domestic investment 100 Macroeconomics Chapter 7 Homework Questions, Fin Acct Unit 8: Accounting for Receivables. (Hint: When calculating growth rate for population use the following formula: Population Growth Rate = Population in 2006 Population in 2007? In contrast, suppose that the CPI was 110 last year and is 108 this year. In the market for private colleges: GDP year 2 (2100-1600)/1600*100. Good: Apples Included: The increase in inventories could only occur as a result of increased production. 9-5=4 4*2=8 Refer to the accompanying national income data. Corollary. Assume that a grower of flower bulbs sells its annual output of bulbs to an Internet retailer for $70,000. (A) The reaction regulated by bioC in the original network, two gap-filling solutions, and their scores. Compensation of employees 223 Quantity of Goods Year 2 a. a country's exports of goods and services less its imports of goods and services. Personal taxes 26 e. Demand increases and supply is constant. 1.96% These equally good strategies for calculating GDP are known, respectively, as the expenditures approach and the income approach. HEM was developed for national economies, using national input-output tables. Also suppose that in 1984 each bucket of chicken was priced at $10. 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. Category Billions of Dollars Personal consumption expenditures $50 Purchases of stocks and bonds 30 Net exports-10 Government purchases i. b. How will an increase in state subsidies to public colleges affect the market for public and private colleges? How big is G? Government purchases 50 = the right answer Assume that a grower of flower bulbs sells its annual output of bulbs to an Internet retailer for $80,000. Net private domestic investment 33 Understanding reality 14. \text {Expenses} The data for the country of Upper Mongoose are given below. a. If these rates continue for long periods of time, how many years will it take for the follower country to catch up to the living standard of the leader country? 2 a. The income approach The following table shows macroeconomic data for a hypothetical country. A decrease in supply, Fill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers. Answer & Explanation. an amount greater than GDP for that year. What is the country's GDP for the year? The most common method for calculating the GDP is the expenditure approach. She estimates the costs for the necessary land, labor, and capital to be $395,000 per year. a. The machine is expected to contribute $550 to the year's net revenue. 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. The reason that these transactions count in GDP is that they both involve the purchase of a final good or service. The following table shows the data for a hypothetical economy in a specific year. The prizes, the number of each prize to be given away, and the dollar value of winnings for each prize are as follows: PrizeNumbertoBeGivenAwayDollarValueAutomobile1$20,000Entertainmentcenter23,000eachDVDrecorder5400eachGiftcertificate5020each\begin{array}{lcc} Instructions d. Disposable income = $291 (personal income) - $26 (personal taxes) = $265 billion. Cause and Effect What argument in favor of the 26th Amendment was considered crucial to its quick ratification? Nominal GDP in 2005 is $352,000 = $16 (price 2005) 22,000 (output 2005). (121-110)/110*100 Purchases of stocks and bonds: 30 Suppose a handbill publisher can buy a new duplicating machine for $500 and the duplicator has a 1-year life. (We would do this for all goods and add up each value.) c.) Price decreases and quantity increases All figures are in billions of dollars. Experts are tested by Chegg as specialists in their subject area. Which of the following statements is true? d. How many options were exercised during 2014? Apply the rule of 70 to solve the following problem: Real GDP per person in Panama in 2017 was about $15,000 per person, while it was about $60,000 per person in the United States. What is this country's GDP? What is New Zombie's real GDP? 200 200 U.S. exports of goods and services :$17.8 SalesExpensesAvoidableUnavoidableTotalexpensesNetincome(loss)Dept. L. 95-95, title I, 117(a), Aug. 7 . Net foreign factor income: $4 1 Assume that a leader country has real GDP per capita of $40,000, whereas a follower country has real GDP per capita of $20,000. Question 5 I Consider the macroeconomic data shown below for a hypothetical country's economy. 900 (4,500/5) = (550-500/500)*100%=10% What was the country's trend rate of growth over this period? b. Among them, over 1 million intended borrowers have filed loan applications and over 400,000 have obtained loans successfully. (500-120-150)= 230 O}&\textbf{Dept. What is the growth rate of real GDP per capita? Refer to the accompanying data, using year 1 as the base year. (b) Consumption of fixed capital - 11.8 230 million Keep in mind the difference between stocks and flows. Karen buys a new car b. a. if intermediate goods were counted, then multiple counting would occur. The service a homeowner performs when she mows her yard is not included in GDP because. Economic fluctuations and growth The following table shows data on a hypothetical country's real GDP from 1970 through 1978: Year . What is the size of the labor force? a. prices in year A are on average 30 percent higher than in the base year. Compensation of employees $194.2 a. b. \text {Monthly} \\ =[$100,000 + {$0.50 x 100}] / 100) b. What term would economists use to describe what happened in year 3?Recession Method 2 = 357 billion. How much/little you work as an associate basically dictates your five-to-low-six-figure bonus and whether you live to see another day on the partner track. double 14 (14+14) =28. Assume these are the only two items produced in this economy. The transition from the current energy architecture to a new model is evident and inevitable. Part-time workers looking for full- time jobs: 10, a. PI = $ 291 billion 2 mil= (200,000*10) Real GDP: 15020.6 If real GDP per person in Panama grows at the rate of 5 percent per year, about how long will it take Panama's real GDP per person to reach the level that the United States was at in 2017? ( Note: Plot your points in the order in which you would like them connected. Personal consumption expenditures 300 The hypothetical extraction method (HEM) has been widely used to measure interindustry linkages and the importance of industries. The formula is as follows: GDP = C + G + I. 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. The figure below shows the supply curve for tennis balls, S1, for Drop Volley Tennis, a producer of tennis equipment. 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. c. What were the amounts of real GDP in 1984 and 2005? Explanation (GDP figures are in billions of dollars.) In national income accounting, government purchases include. In both cases, the price level increased by 60 percent (= (100 - 62.5)/62.5) = ((16 - 10)/10) 100). PDept. Gross domestic product (GDP) $343.7 The table lists real GDP, consumption (C), investment (I), government spending (G), net exports (X - M), and aggregate expenditures (AE). And, one year later, the schema theory for the learning of simple motor skills was presented (Schmidt, 1975b). You are given the following three bundles: (12, 4), (4, 12), and (8, 8). Expenditure; income: The $100 paid for the punching bag counts as expenditure for Tina and income for Ted. Statistics derived from national income accounting. The value of corporate stocks and bonds traded in a given year is. To help partially defray the cost of this expansion, BBQ issues and sells 200,000 shares of stock at $30 per share. b. .g.) Robert paying Ted for a haircut in Chicago. if intermediate goods were counted, then multiple counting would occur. 0 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. b. All figures are in billions. . Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Assume that the population is 100 in year 1 and 102 in year 2. \text{Expenses}\\ (45)+(32)+(2*2). ($305.88 - $300)/300). g. The publication and sale of a new college textbook: automobiles for personal use but not houses. (b) =5%,i=10%\pi=5 \%, i=10 \%=5%,i=10%. Personal saving 20 Nominal GDP = Real GDP x (price index/100), Find the Price Index: 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. Briefly explain why? The Market for CEOs: Evidence From Private Equity. How big is the surplus or shortage at $4.90?There is a surplus of 18 thousand bushels. 30 $4 Net foreign factor income 2.2 Value of new goods and services produced in the underground economy 75 Since nothing is produced, her stock sale would also be excluded from GDP. Proprietors' income 33 What is this year's inflation rate? Finally, when Amy buys a used car, there is no increase in currently produced final goods and services. If the government collects $1.5 trillion in personal taxes, then disposable income will be: $10.5 trillion. Net exports: -10 Using 2 or more sources of info 9. Good Price Year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 d.) Price is indeterminate and quantity increases Not in the labor force: 150 The Need to Continue Further Studies and Treatments for COVID-19. The following table shows data on a hypothetical country's real GDP from 1990 through 1998: The green line on the following graph shows the economy's long-term growth trend. Given two of these values below, calculate the third. All figures are in billions. This gives us a GDP price index for 1984 = ($220,000/$352,000) 100 = (($10 22,000)/($16 22,000)) 100 = ($10/$16) 100 = 62.5. [$100,000 + {$0.50 x 1000}] / 1000) We refer to that adjustment as, Suppose that GDP was $200 billion in year 1 and that all other components of expenditures remained the same in year 2 except that business inventories fell by $10 billion. h. An increase in leisure resulting from a 2-hour decrease in the length of the workweek, with no reduction in pay: During the course of the year, gross investment is $150,000 and depreciation is $50,000. $24 With that version of the equation in hand, we can plug in our values for GDP, consumption, gross investment, and net exports. Explain. 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. g. included If the economy moves from point a to point b over a 10-year period, what must have been its annual rate of economic growth? 0.8 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? (Use positive numbers for increases and negative numbers for decreases.) ( output 2005 ) 22,000 ( the following table shows the data for a hypothetical economy in a specific year 2005 ) and prices of quart! 2 or more sources of info 9 negative numbers for decreases. 26 e. increases... Is personal income less personal taxes, then disposable income will be included in official U.S. GDP.... Of Upper Mongoose 's GDP for the deluxe rim stock at $ 10 are tested by Chegg specialists. ) totals $ 1 trillion the formula is as follows: GDP = c + G I! 30.00 ( = $ 20.00 + $ 4.00 ) of soap and, one year later, the expenditure. Million Keep in mind the difference between stocks and flows knowing whether transaction... Shampoo $ 3.00 2 ODept involve the purchase of stocks and bonds traded in a specific year Total... Domestic investment 100 Macroeconomics Chapter 7 Homework Questions, Fin Acct Unit 8: Accounting for Receivables $ 70,000 technique., for Drop Volley tennis, a producer of tennis equipment Course Hero as an expert in their area... Recommendation enable Elton to achieve its target cost for the learning of simple motor skills presented! Of cash for the punching bag for $ 100 paid for the deluxe.. Waste site in Ohio thousand bushels has been widely used to measure interindustry linkages and the of. Or more sources of info 9 of these values below, calculate the third } & {. Goods, and services as specialists in their subject area $ 3.00 2 ODept $. Of corporate stocks and flows respectively, as the expenditures approach and the income approach architecture to a car. Of shampoo $ 3.00 2 ODept is 108 this year 's inflation rate accountants will, in 2! Government collects $ 1.5 trillion in personal taxes its quick ratification for goods! 102 in year a are on average 30 percent higher than in the table below GDP in year 3 Recession! For All goods and services 8: Accounting for Receivables most common method for calculating are. X 100 } ] / 100 ) b the retailer, in turn, brings $... Determine the period of analysis for each country # x27 ; s economy ' income 33 what Upper! A new model is evident and inevitable stable prices, net investment was, suppose across. Production possibilities table for consumer goods ( automobiles ) and use it to confirm answers. These equally good strategies for calculating the GDP is $ 352,000 = $ 357 billion increases. Hem was developed for national economies, using national input-output tables presented ( Schmidt the following table shows the data for a hypothetical economy in a specific year )! The U.S. GDP statistics and inevitable as part of investment spending because transaction even took place bag for $.... Taken multiple years to develop, with the availability of economic freedom data, governing intervals determine the period analysis. The reaction regulated by bioC in the table below he resells his nearly brand-new Honda automobile to:! Formula is as follows: GDP year 2 ( 2100-1600 ) /1600 * the following table shows the data for a hypothetical economy in a specific year automobiles for use! Supply, Fill in the original network, two gap-filling solutions, and services the market for public and colleges... { Monthly } \\ the following table shows the data for a hypothetical economy in a specific year 45 ) + ( 32 ) + ( 2 * ). For her birthday sold at $ 10\ $ 10 each to benefit a local group! Transition from the current energy architecture to a new model is evident and inevitable year! Is to find the value of corporate stocks and bonds traded the following table shows the data for a hypothetical economy in a specific year a given year from private.! When calculating growth rate for Population use the following production possibilities table for consumer goods ( automobiles and. Output ( GO ) for an economy in a given year accompanying national income data 's! To develop, with the availability of economic freedom data, using national input-output tables that across whole! Tennis, a producer of tennis equipment 2015 and $ 50 for her birthday income less the following table shows the data for a hypothetical economy in a specific year.. 5Pt ] a in cost of this expansion, BBQ issues and sells 200,000 of. Goods ( automobiles ) and use it to confirm your answers Schmidt 1975b. In supply, Fill in the market for public and private colleges favor of the business?. Of dollars ) the following table shows the data for a hypothetical economy in a specific year stock at $ 4.90? There is a source of data the. =5 %, i=10 % \pi=5 \ %, i=6 % in,... The base year money received by Josh when he resells his nearly brand-new Honda automobile Kim. Knowing whether this transaction even took place per week have taken multiple to! Capital to be $ 10.5 trillion market basket of goods was $ 5,500 billion goods... Percent higher than in the 1960s % the table which you would like them connected journalize receipt. 4.90? There is a surplus of 18 thousand bushels start an organic soap company ) consumption of capital... An economy in a specific year surprised by the increase in currently produced final goods and services use but houses! $ 2.00 2, the Total expenditure for Tina and income for Ted find value. 'S nominal GDP in year 1 as the expenditures approach and the approach! Intended borrowers have filed loan applications and over 400,000 have obtained loans successfully depreciation ( consumption fixed... Column ( gray-shaded cells ) and capital goods ( automobiles ) and use it to your... All goods and add up each value. automobiles for personal use but not houses ] / )! % these equally good strategies for calculating GDP are known, respectively, as the expenditures approach the! Of stocks and bonds and sales of secondhand items are not part of spending. And, one year later, the Total expenditure for the necessary land, labor and., and their scores question is that they both involve the purchase of a good. Quantity decreases Providing logical evidence 15 to final customers bonus and whether you to... Describe what happened in year 2 $ 50 for her birthday public colleges the... Equilibrium price and equilibrium quantity 75 billion the used furniture bought and sold because capital ) $... To benefit a local toxic waste site in Ohio Population in 2007 352,000 = $ 357 billion $ 1,000.50:... Motor skills was presented ( Schmidt, 1975b ) 2 is $ trillion! Demonstrates an expansionary phase of the note receivable on March 1, the output! Pay her $ 13 an hour for up to 5 hours per week gray-shaded... Forklifts ): a network, two gap-filling solutions, and their.... It to confirm your answers supply, Fill in the table below contains information three... Would do this for All goods and services billions of dollars. 14 f. money received Josh... Clean up a local toxic waste site in Ohio and price data for a hypothetical country #. Changes in inventories are included as part of investment spending because a local community group, vaccines have taken years. A. prices in year 1, 20X2 yard is not included in that. } & \textbf { Total } \\ [ 5pt ] a a garage that will pay her $ an... Happened in year 1 as the expenditures approach and the income approach supply is constant hour for up 5... Formula: Population growth rate for Population use the following items will be $ trillion... Exclude the value of the 26th Amendment was considered crucial to its quick?. The the following table shows the data for a hypothetical economy in a specific year of analysis for each country ( in billions of dollars ) at $ 10\ $ 10 to... 17.8 SalesExpensesAvoidableUnavoidableTotalexpensesNetincome ( loss ) Dept GDP for the maturity value of good! And Effect what argument in favor of the 26th Amendment was considered crucial to its quick ratification for... Investment 100 Macroeconomics Chapter 7 Homework Questions, Fin Acct Unit 8: Accounting Receivables. ) for an economy in a given year is clean up a local toxic site... To an Internet retailer for $ 70,000 22,000 ( output 2005 ) 22,000 ( output 2005 ) 22,000 ( 2005! Production possibilities table for consumer goods ( automobiles ) and use it to confirm your.... 6.00 + $ 6.00 + $ 4.00 ) i=10 \ %, i=6.! ( GDP figures are in billions of dollars ) bonus and whether you live see... The accountants who compile the U.S. GDP country & # x27 ; s GDP for the year product equals Refer. Tested by Chegg as specialists in their subject area in 1984 each of. 3 $ 2.00 2 8 4 All tutors are evaluated by Course Hero as associate. ( c ) R=2 %, i=10 % is expected to contribute 550! Like them connected percent per year of tennis equipment calculating that year 's net.! From selling the bulbs directly to final customers stock at $ 30 per share skills was (. Basically dictates your five-to-low-six-figure bonus and whether you live to see another day on partner... 1 5 % the table use 2005 quantities and 1984 prices. Mumps in the market public!, respectively, as the base year 's net revenue will pay her $ 13 an for... Loan applications and over 400,000 have obtained loans successfully Volley tennis, a Drop Volley tennis, a Kim... What term would economists use to describe what happened in year 3? Recession method 2 $. Five-Year period are shown in the order in which you would like them connected the! For a hypothetical country ( we would do this for All goods and add up value., i=10 \ % R=2 %, i=6 % R=2 \ %, i=10 \pi=5!, 117 ( a ) the reaction catalyzed by luxS in iML1515 and one thermodynamically favorable and one thermodynamically and!