ECO 1102 Study Guide - Midterm Guide: Gdp Deflator, Market Basket, Consumer Spending

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14 Apr 2015
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ECO 1102 Full Course Notes
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ECO 1102 Full Course Notes
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Answer: a: wheat is the main input in the production of flour. All else equal, if the price of wheat decreases, what would we expect? the supply of flour to decrease the demand for flour to decrease the supply of flour to increase the demand for flour to increase. 1: what is the relationship between income and expenditure for an economy, income is greater than expenditure, income is less than expenditure, income equals expenditure, income could be greater or less than expenditure. Answer: c: which of the following is included in the investment component of gdp, purchases of previously owned homes, purchases of government bonds, purchases of new cars, purchases of new houses. Answer: d: a manitoba farmer buys a new tractor made in alberta by a german company. Answer: b: a firm produces consumer goods and adds some to inventory in the third quarter. In the fourth quarter, the firm sells the goods at a retail outlet.

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