Economics 1022A/B Study Guide - Midterm Guide: Government Budget Balance, Loanable Funds, Nominal Interest Rate

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ECON 1022A/B Full Course Notes

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Use the table below to answer the following question. (cid:55)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:20) Government payments to support unemployed, sick, & aged. Iv. the working age population: i and iii, i, ii and iii, i, ii and iv, i and ii, all of the above. Use the table below to answer the following question. Suppose a simple economy produces three goods only. The price and output data for some selected years are shown below. (cid:55)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:21) The cpi in 2012 is: 153, 100, 64, 129, 157, if real gdp per person is growing at 4 percent per year, it will double in, 4 years, 25 years, 17. 5 years, 56 years, 8 years. Use the figure below to answer the following question. (cid:41)(cid:76)(cid:74)(cid:88)(cid:85)(cid:72)(cid:3)(cid:20: refer to figure 1. As a result of the rightward shift in the demand curve for labour from ld0 to. Refer to the figure below to answer the following question. (cid:41)(cid:76)(cid:74)(cid:88)(cid:85)(cid:72)(cid:3)(cid:21: refer to figure 2.

Related Questions

Calculate the missing data.

Calculate missing data from the table.

Income/Expenditure Flows	Amount (in billions)
Consumption expenditure	$7
Government expenditure	$5
Depreciation	$3
Net taxes	$2
Investment	$4
Net exports	$1
Expenditures
Income
GDP

Calculate the following.

Using the data from a partial set of national income and expenditure data, address the following:

Calculate gross domestic product (GDP) using the expenditure approach.

Determine net domestic product, gross national product (GNP), and statistical discrepancy.

Item	Amount in 2010 (in billions)
Government expenditure (G) =	$8
Consumption expenditure (C) =	$20
Investment (I) =	$5
Net exports (NX) =	$1.5
GDP (expenditure approach)=
Total wages =	$21
Net operating surplus =	$11
Net domestic product =
Indirect taxes minus subsidies =	$3.5
Capital consumption =	$2
GDP (income approach)=
Statistical discrepancy =
Net factor income from abroad =	$5.5
GNP =

Consider the tables.

Given production and price data below, address the following:

Calculate an economy's nominal GDP and real GDP.

In 2000:

Item	Quantity (millions)	Price ($/unit)	Expenditure (millions of $)
Socks	15	5	75
SIM cards	20	2	40
Defense Budget	9	5	45

Real/Nominal GDP = 160

In 2003:

Item	Quantity (millions)	Price ($/unit)	Expenditure (millions of $)
Socks	15	5	75
SIM cards	20	5	100
Defense Budget	20	10	200

Nominal GDP =

2003 Quantities valued at 2000 prices:

Item	Quantity (millions)	Price ($/unit)	Expenditure (millions of $)
Socks
SIM cards
Defense Budget

Real GDP =

Answer the following questions.

How do you measure GDP?

How do you measure real and nominal GDP?

How do you determine Consumer Price Index and what are its limitations?

Which of the following expenditures will be included in GDP which will be excluded from the calculation? Explain your answers.

Spare tires bought by Across America, a car rental company

Textbooks bought by college students

Cabinets purchased by a furniture store

A new car purchased by an NFL player

A cruise ship bought by Carnival

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Specify the following using the information in table 6.4. (Quantities are given in millions of dollars)

Gross private domestic investment = 586.1

Inventory investment = 30.9

Compensation of employees = 5,178.6

Corporate taxes = 215.9

Macro via exports of good and services = 380.4

Depreciation = 643.5

Personal taxes = 600.0

Personal consumption expenditures = 3,514.8

Government purchases of goods and services = 1,589.7

Indirect business taxes minus subsidies = 489.6

Net factor payments to the rest of the world = -17.3

Residential construction = 453.7

Corporate profits minus dividends = 45.7

Government transfer payments and interest = 337.1

Macro via import of goods = 285.0

Social transfer payments = 441.7

Specify:

Private investment, GDP, GNP, NNP, national income, and personal income.

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Economics 1022A/B Study Guide - Midterm Guide: Government Budget Balance, Loanable Funds, Nominal Interest Rate

ECON 1022A/B Full Course Notes

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