In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. product; financial resource; product product; resource capital; product
Q: Use the following data of a hypothetical economy. Calculate the net Government Purchases $15…
A: Here we calculate the GDP for calculating the NDP , GDP is the production of final goods and…
Q: Distinguish the final goods or services, intermediate goods or services, and capital goods?
A: Intermediate goods are defined as those goods which are a part of the final good as they have been…
Q: Discuss macroeconomic theory and presents what are the variables that determine gross domestic…
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: b. Use the data below to calculate the I. Gross National Product at Market Price II. Gross National…
A: Since you have posted a question with multiple subparts, we will solve the first three sub-parts for…
Q: Artica is a nation with a simple economy that produces only six goods: oranges, bicycles, magazines,…
A:
Q: Check on the table below the factors that measure national income. Choose only three from the list…
A: The term "national income" refers to the entire monetary value of all of a country's final goods and…
Q: A forester chops down 200 trees and sells them @ N$50 each to the coal factory on a farm. The coal…
A: A more natural approach to try not to double count the worth of middle merchandise in total national…
Q: Differentiate between the following: a) b) Expenditure Approach and the Value added Approach Nominal…
A: a) Expenditure approach Value-added approach In this, total spending on the final value of…
Q: Government survey-takers noted the following prices each year for the listed items. Items 2016…
A: Producer price index (PPI) includes only crude oil (an input) and excludes consumer goods like…
Q: Gross domestic product measures the total expenditure on the economy’s input of goods and services.…
A: GDP is the term that measures the value of goods and services that are produced within a country's…
Q: Consider a simple economy that produces two goods: pens and oranges. The following table shows the…
A: nominal GDP = value of goods and services in a given year evaluated at the current year prices real…
Q: Using the expenditure approach, calculate GDP using the following data.
A: GDP refers to the market value of the final production of all the goods and services within the…
Q: With reference to the table given above, calculate: i. Gross Domestic Product at factor cost ii.…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…
Q: Which of the following is not included in the computation of the consumption component of gross…
A: The consumption function does include spending on durable and nondurable goods, and services in the…
Q: In the economy of Kwartengland, the following figures are given for economic activity which was…
A: Equilibrium in economics is a state of stability and balance. Any deviation from this level will…
Q: From the data given below, calculate GDP and consumption of fixed capital. Define GDP. Gross…
A: Here we calculate the GDP and consumption of fixed capital by using the given information , so the…
Q: 2. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and envelopes.…
A: According to the question, it is given that : There is a simple Economy that produces two goods :…
Q: What are the major forms of household income? Contrast the wage and salary share to the profit share…
A: The household income refers to the income which is generated by the people after they work and all…
Q: ) Compute the GDP deflator in 2018. e) Compute the GDP deflator in 2019. f) What caused the increase…
A: d) GDP Deflator for 2018 = Nominal GDPReal GDP*100 Where nominal GDP is based on current prices…
Q: Identify the part of the personal income which is actually available for consumption a. Consumption…
A: Consumption is defined as the services and goods which are used and consumed by the consumers in an…
Q: Suppose the following information was published by the Australian Bureau of Statistics in 2017:…
A: Here, according to the given information, one can compare the Australian GDP in 2017 using the…
Q: What relevant aspects of the economy are not reflected in the national income accounting system?
A: National income accounting is a record-keeping system that records the economic activities of a…
Q: Calculate the four components of expenditure and GDP for the following economy using data from the…
A: Consumption expenditure is given: $600 Investment Exoenditure= Construction of new himes and…
Q: Which of these is not a characteristic of the gross domestic product? a. Includes intermediate goods…
A: GDP is one of the most important indicators for measuring the economic activity, stability, and…
Q: Calculate the four components of expenditure and GDP for the following economy using data from the…
A: The real GDP(RGDP) measures the value of all final goods(g) and services(s) produced within the…
Q: Compute the nominal GDP in 2018. b) Compute the real GDP in 2018? c) Compute the nominal GDP in…
A: Hi! Thank you for the question, as per the honor code, we are allowed to answer three sub-parts at a…
Q: The table below gives some of the items in the U.S. National Income and Product Accounts in 1995.…
A: The gross domestic product(GDP) of an economy or nation is defined as the market value of all the…
Q: Holly has recently graduated from college and has bought a house that was built 50 years ago for…
A: GDP can be understood as the final value of goods and services produced in an economy during a year.…
Q: Define the following i. Gross Domestic Product ii. GDP Deflator iii. National Income iv. Autonomous…
A: A charge for products or services made with money or credit is referred to as an expense.
Q: Question 27 GDP is not a perfect measure of well-being; for example, O GDP incorporates a large…
A: The answer is - Option 2: GDP fails to account for the quality of the environment.
Q: Refer to Table below. A very simple economy produces two goods: cameras and legal services. The…
A: Nominal GDP is defined as GDP who's prices have not been adjusted and is calculated by usingthe…
Q: Assume an economy where there are 2 producers: A Wheat Producer and a Bread Producer. In a given…
A: Product ApproachThere are two producers in the economy. One produces wheat and other produce bread.…
Q: 5) Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute GDP…
A: C) Super M markets made a total of $28 million in sales, with all of it going to consumers. The…
Q: If Mr. Keating quits his job as a teacher to homeschool his own children, GDPa. stays the same…
A: GDP is the total sum of the economic activity inside the nation's territorial limits for a given…
Q: Derive the following: (i) (ii) (iii) (iv) (v) National Income Net Investment Personal Income…
A: As per the guidelines solution is provided to the first 3 sub-parts: (i) National income = GDP at…
Q: Question # 02 Use the information given and show in a table format how value added method is used to…
A: Answer- Need to find - How much coal contributes to the GDP Given in the question- A forester chop…
Q: 11 Personal Consumption Expenditures $ 400 Government Purchases 128 Gross Private Domestic…
A: The measure that depicts the value of services and goods being produced during a financial year by…
Q: Use the information below Consumer spending = $200 million Capital Consumption Allowance = $80…
A: The GDP (gross domestic product) is calculated using either the expenditure approach or the resource…
Q: Describe marilyn waring's assessment of gross domestic product as a measure of economic activity
A: Solution:- She has been outspoken in her criticism of the idea of gross domestic product (GDP), the…
Q: GDP is composed of a number of categories. What category makes up the largest portion of GDP? What…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Given the following information: a. Transfer Payments = $54 %3D b. Interest Income (i) = $150 c.…
A: Nation Income or GDP at Market price Gross private investment = 124 Net export =18 Government…
Q: The following table shows some data for an economy that produces only two goods: milk and honey.…
A: The measure which depicts final value of goods and services within an economy during specified…
Q: Based on the following table Private consumption expenditure (C) Gross private investment…
A: ‘Disposable income’ refers to the money left over from the total income after paying all taxes. It…
Q: 1. Check on the table below the factors that measure national income. Choose only three from the…
A: The total value of goods and services being produced by any country during a financial year is being…
Q: The largest component of GDP is a. private consumption expenditures b. private…
A: People consumption is more than any other component of GDP.
Q: A final good or service is something that retains no value when factored into the GDP is not a…
A: Answer: Option B (is not a component of another good or service) Explanation: A final good or…
In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market.
product; financial
resource; product
product; resource
capital; product
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- In the circular flow diagram, households get their ability to pay for their consumption expenditures from the revenues they receive for their products. costs they incur for resources. incomes they earn for their resources. goods and services they get in the product markets.Draw a diagram clearly illustrating the macroeconomic flow of income and expenditure between households and companies through the goods and factor markets.For each of the following products state if it is a final or intermediate good and explain why? A brick, a cell phone, and a barrel of crude oil.
- Tina walks into Ted’s sporting goods store and buys a punching bag for $100. That $100 payment counts as __________ for Tina and __________ for Ted. A) value added; multiple counting B) rents; profits C) expenditure; income D) income; expenditurePart A: Give a specific example of something a household would buy or sell in the product market. Part B: In the circular flow diagram, what is a specific example of what you would buy or sell in the factor market.OS consumer goods in terms of capital goods in Figure below?
- The part of income which is not consumed is called ________Which of the following isn't one of the eight determinates of the level of consumption? A. Disposable Income B. Keeping up with the Joneses C. The Wealth Effect D. Product QualityDraw a circular flow diagram. Determine the parts of the model that correspond to theflow of goods and services and the flow of dollars for each of the following activities.i. Tupperware Company earns RM10 revenue on average from each water bottlesold.ii. Carmen earns RM6 wages per hour working at Seoul Garden restaurant.iii. Ms. Kek spends RM40 to get a haircut.iv. Ms. Goh earns RM3, 000 rental income from her 10 percent ownership of landproperty.
- How to classify goods as consumption goods and capital goods? Is there any specific way to do so?If household spend $105 billion on goods and $95 billion on services. How much in revenues do businesses receive in the product market?Select the example of macroeconomics. Liechtenstein is a country of about 40,000 people and has a GDP of nearly $6.2 billion. An U.S. computer company has its headquarters in Seattle, six factories in China, and stores in over 100 countries. It has over 30,000 employees and made $88 billion in profit in 2019. The Jackson family is made up of two parents and three young children. Together, the parents make about $120,000 per year. A company making surfboards has a factory in Oregon and has stores in Oregon, Washington, California, and Canada. It has 250 employees and made $12 million in profit in 2019.