\text {Rent} ODept. Together with the availability of economic freedom data, governing intervals determine the period of analysis for each country. All values are in millions. None of these are correct. Real GDP that year was, (Advanced analysis) Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. Consumption of fixed capital: $11.8 Statistical discrepancy 0 0.8 Jars of peanut butter $2.00 3 $2.00 2, a. These equally good strategies for calculating GDP are known, respectively, as the expenditures approach and the income approach. The following table shows hypothetical values for the real GDP and population in the United States in 2007-2016. b. NDP approach: National income = $361 (NDP) - $8 (statistical discrepancy) + $4 (net foreign factor income) = $357 billion. add$10 billion to other elements of investment in calculating total investment. 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. (0.08*500)=40. The most at a price of $7? Then determine NDP. U.S. imports are. Equation 1 of Table 5 shows that populism presents a negative but overall insignificant association with the size of government. Thus, real GDP = $352,000 (nominal output 2005)/(100/100) (the price index in 2005 scaled to decimal form) = $352,000/1 = $352,000. 14 years (70/5) What is the economic meaning of (1 - b)? ( Use S2 first then Price) to graph S2 (45)+(32)+(2*2). The annual output and prices of a 3-good economy are shown in the table below. (a) Personal consumption expenditures (C) $219.1 The Need to Continue Further Studies and Treatments for COVID-19. It shows that people are demanding and spending more on goods and services. National income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production because. b. The gross domestic product is, Refer to the accompanying data, using year 1 as the base year. This means that in that particular year the economy produced no capital goods at all." In this study, we assessed the impacts of land use and climate changes on the river flows of 81 watersheds within the Cerrado biome, Brazil, based on a comprehensive analysis of field and secondary data acquired between 1985 and 2018. c. Excluded: Nonmarket production. S1 Quantity Supplied: 15, 10,5 ( look at the first graph)Change in Quantity Supplied ( Subtract S1-S2= -Change in Quantity Supplied) h. An increase in leisure resulting from a 2-hour decrease in the length of the workweek, with no reduction in pay: In any market transaction in which a good or service is exchanged for money, there is always one party (the buyer) who expends money and another party (the seller) who receives money. 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). =331.9-0+2.2=334.1. 2. DI= $ 265 billion an amount greater than GDP for that year. b. they involve no contribution to current production in return. In the other, she will try to develop an Internet-based competitor to the local cable company. a.) The size of the underground economy is $75 billion. 9-5=4 4*2=8 a. When measuring GDP for a particular year, economists exclude the value of the used furniture bought and sold because. \end{array} \\ \text{Automobile} & 1 & \$20,000 \\ f.) Price decreases and quantity is indeterminate In these data, U.S. exports are. (Hint: How many times would Panama's 2017 real GDP per person have to double to reach the United States' 2017 real GDP per person? What is the country's GDP for the year? it was counted in GDP in some previous year. Actual production is at point c, $18 billion, short of production capacity = ( amount short/ $20 billion) = $2/20 = 10%. Jars of Peanut Butter An increase in the stock market's value. inflow from the river is gross investment. Years 4-5, Assume the following data for a country: Comparing market values over time has the disadvantage that prices change. .b. Rate of growth = (70/ years to double)The economy moves from point a to point b over a 10-year period, then rate of growth = 70/10 = 7% Sales of secondhand items 8 What was this economy's GDP in year 1? Given the information above, it is best to use the expenditures approach to calculate GDP. Net exports 11 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. Government purchases 20 Refer to the accompanying data, using year 1 as the base year. Compensation of employees $194.2 e.) 40= (400-360) NDept. Demand Graph : ( 1st Column of Bushels Demand, Price per Bushel highest to low)Supply Graph ( 2nd column, price per bushel, low to high) Savannah Bryan is a career coach. c. 10 percent per year: In the second quarter (three-month period) of 2001, U.S. nominal GDP increased but U.S. real GDP declined. So this transaction also fails to meet the definition of what should be included in GDP. Which of the following goods are usually intermediate goods and which are usually final goods? Established in 2010, this marketplace lending platform has attracted 48 million users to register. Revenue generated by legal medical marijuana sales in California. \\ How big a surplus or shortage results if the price is 30 cents lower than the equilibrium price? d. Adjust PI (from part c) as required to obtain DI. 2 percent per year: $10.5 trillion: The correct answer to this question is that disposable income will be $10.5 trillion. Dividends 16 b. g. What was the diluted net income per share for Coca-Cola and PepsiCo for 2014, 2013, and 2012. Dollar value of production activity = $50 billion (Consider This) When making a capital stock and reservoir analogy, the. Next, assume that disposable income increases by $20 billion, consumption rises by $18 billion, and saving goes up by $2 billion. $_______ Suppose that in 1984 the total output in a single-good economy was 12,000 buckets of chicken. First week only $4.99! Consumption figures also come from industry trade sources as does some investment data. ), 28 years 400 320, a.) Suppose that a new smartphone app costs $100,000 to develop and only $0.50 per unit to deliver to each smartphone customer. summing corporate income taxes, dividends, and undistributed corporate profits. SalesExpensesAvoidableUnavoidableTotalexpensesNetincome(loss)Dept. The purchase of 100 shares of Google common stock: a. included Assume an economy that makes only one product and that year 3 is the base year. a. Net foreign factor income:$2.2 The following table shows the data for a hypothetical economy in a specific year. j. f. Supply increases and demand decreases. Instructions But that transfer of purchasing power does not by itself lead to anything being produced. c. Adjust NI (from part b) as required to obtain PI. a. We can conclude that, the price level rose by more than nominal GDP. National income accountants define investment to include, Refer to the accompanying national income data. In this case, that comes out to be $10.5 trillion (= $12 trillion in personal income - $1.5 trillion in personal taxes). The market demand and the individual demands of Tex, Dex, and Rex are shown in the following table. Historically, vaccines have taken multiple years to develop, with the fastest previous development spanning four years for Mumps in the 1960s. b.) All figures are in billions of dollars. By contrast, the other choices are incorrect because they involve transactions that do not involve money, are illegal, or involve social costs for which there are no market transactions. Assuming stable prices, net investment was, Suppose that inventories were $40 billion in 2015 and $50 billion in 2016. What is iii ? Which of the following is not economic investment? All figures are in billions of dollars. a. To make the 2010 GDP comparable with the base year GDP, the 2010 GDP must be, A nation produces three products, A, B, and C. Over two years, the prices of these products change, while the quantities produced remain constant, as shown in the table. c. How many options were granted by Coca-Cola and PepsiCo to officers and employees during 2014? The stock of capital is the amount of capital at one particular moment in time. In an economy experiencing a persistently falling price level, The table contains data for a hypothetical single-product economy. N$35,00036,40012,60049,000$(14,000)Dept. $ billion Previous question Next question COMPANY About Chegg Chegg For Good College Marketing Corporate Development Investor Relations Gross investment :25, What is the country's GDP for the year? Also suppose that in 1984 each bucket of chicken was priced at $10. What was this economy's GDP in year 1? a. Money spent to clean up a local toxic waste site in Ohio. 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. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. \text {Annual} \\ Taxes on production and imports:$14.4 Fair value th The following table shows the data for a hypothetical economy in a specific year. What was the APC after the increase? C= 100+0.6Y Dex All dollars are in billions. Suppose that this year a small country has a GDP of $100 billion. . What was the average of these growth rates in Econoland over these five years? The Census Bureau provides survey data for consumption, investment, and government purchases. A similar thing holds true when Roberto gives his daughter $50 for her birthday. Economic fluctuations and growth The following table shows data on a hypothetical country's real GDP from 1970 through 1978: Year . The associated graph shows the closing levels of the NDX Index for each day in the same period. Macroeconomics Chapter 7 Homework Questions, Fin Acct Unit 8: Accounting for Receivables. Which of these factors might have caused this change? Assume that a national restaurant chain called BBQ builds 10 new restaurants at a cost of $1 million per restaurant. Net domestic product = GDP - consumption of fixed capital (depreciation). All figures are in billions of dollars. Finally, assume that in 2005 the price per bucket of chicken was $20 and that 26,000 buckets were produced. Economic fluctuations and growth The following table shows data on a hypothetical country's real GDP from 1990 through 1998: Real GDP (Billions of Dollars) Year 1990 186 1991 188 190 1992 1993 194 1994 1995 1996 202 198 196 200 1997 1998 The green line on the following graph shows the economy's long-term growth trend. Instructions: Enter your answer as a whole number. Cases of target reactions and alternative gap-filling reactions identified using the E. coli metabolites subset. Recall and use information 13. In the market for private colleges: The following table sets forth the published high, low and period-end closing levels of the NDX Index for each quarter for the period of January 2, 2018 through February 27, 2023. One potential job, at a caf, will pay her $15 per hour for up to 6 hours per week. In the reservoir analogy of stock and flow for the economy, gross investment is an inflow and depreciation is an outflow, A distinguishing characteristic of public transfer payments is that. Below is a list of domestic output and national income figures for a certain year. To see why this is true, recall that disposable income is defined as the amount of income households have left over after paying their personal taxes. Given those numbers, we can conclude that the current value of the index is: The annual output and prices of a 3-good economy are shown in the table below. What employee stock-option compensation plans are offered by Coca-Cola and PepsiCo? Net exports :-10 (50+25+20+(-10))= 85, Below is a list of domestic output and national income figures for a certain year. d. Income of a dentist from the dental services provided: For the years shown, the growth of. Population under 16 years of age or institutionalized : 120 1. Statistical discrepancy: $8 (GDP figures are in billions of dollars.) 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? Export articles to Mendeley. All figures are in billions of dollars. 0.2 =(1-0.8) The only two numbers you need to calculate NDP are GDP and depreciation. Explanation As a result, investment. Also suppose that income (Y) is . She then develops two possible entrepreneurial business opportunities. Nominal GDP in 1984 is $70,000 = $10 (price 1984) 7,000 (output 1984). a. The coming future promises innovative and increasingly rigorous projects and challenges for everyone involved in this value chain. Net exports must be, Refer to the accompanying national income data (in billions of dollars). If GDP is $60.00, what will be the new price of carrots? Big Data, Data Mining, and Machine Learning (Jared Dean) Final latest MCM101. h. Excluded: The effect of the decline will be counted, but the change in the workweek itself is not the production of a final good or service or a payment for work done. Measuring Domestic Output and Nat, HC TING ANH GIAO TIP: 1001 CU THNG DNG, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. a. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Alexander Holmes, Barbara Illowsky, Susan Dean. r=( expected revenue-cost/cost)*100 Identify the next items (if feasible). Thus, the size of the underground economy as a percentage of GDP equals 15 percent (= ($75 billion/$500 billion) 100). Use the following national income accounting data to compute NDP. a. Thus, GDP equals $85 billion for this country (= $50 billion + $25 billion + $20 billion + (- $10 billion)). MPC Instructions: Enter your answer as a whole number. Tina walks into Ted's sporting goods store and buys a punching bag for $100. a. All figures are in billions. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. 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. \text{Sales}&\text{\$63,000}&\text{\$35,000}&\text{\$56,000}&\text{\$42,000}&\text{\$28,000}&\text{\$224,000}\\[5pt] What amount would these two transactions add to personal consumption expenditures and thus to GDP during the year? All figures are in billions of dollars. All tutors are evaluated by Course Hero as an expert in their subject area. How big is the economy's stock of capital at the end of the year? c. If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years? The two market diagrams below show the market for public and private colleges. The following are examples of final goods in national income accounting, except, Lumber and steel beams purchased by a construction company, A nation's exports of goods and services exceed its imports. ( 31,200-30,000)/30,000) =4% In 2005, real GDP = 352,000 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. Use hypothetical . Explanation [TABLE] The following table shows the data for a hypothetical economy in a specific year. Answer & Explanation. What is the economy's MPC? . ($305.88 - $300)/300). The data for the country of Upper Mongoose are given below. Interest received on an AT&T corporate bond: h. excluded A nation's capital stock was valued at $500 billion at the start of the year and $575 billion at the end. = 343.7-11.8=331.9 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. \text {Annual} \\ Economy C: gross investment exceeds depreciation Method 1 = $ 357 billion proposes that all communication processes must include following six elements: Source Encoder Message Channel . c. Supply increases and demand is constant. Other things being equal, the price level must have changed by about. 7 3 a. NI= 361-8+4= 357 The table below uses adjusted data for the year 2000 provided by Statistics Canada. b. MPS = b. Mei graduated Summa Cum Laude from The George Washington University in May 2022 with a Bachelor of Arts in International Affairs and Geography. All figures are in billions of dollars.What is the country's GDP for the year? Explanation Personal taxes 40.5 The most common method for calculating the GDP is the expenditure approach. the nominal value of all goods and services produced in the domestic economy, corrected for inflation or deflation. $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. a. Due to a recession, expected inflation this year is only 3%3 \%3%. Also assume that in 1984 each bucket of chicken was priced at $16. 10% Between 2009 and 2010, the real GDP rose by approximately. The value of corporate stocks and bonds traded in a given year is. Watch the prime minister answer questions from . \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] How many fewer workers will it need if it decides to match production to these lower sales? Pew (1974a) returned to the old idea of a movement schema (Bartlett, 1932)the abstract hypothetical structures responsible for movement control and evaluation, to be discussed in chapter 12. Assume the firm can sell these 400 loaves at $2 per unit. GDP per capita in year 2 = $305.88 (= $31,200/102) Statistical discrepancy 8 Ryder in March 2013. c. What term do economists use to describe this second outcome? Gross domestic product does not include the value of the stocks and bonds bought and sold because these sales and purchases are not. The base year used in determining the price indices for this economy. Quantity of Goods Year 1 Market research shows that for the deluxe rim to provide a reasonable profit, Elton will have to meet a target manufacturing cost of $656 per rim. the value of everything that is produced is also the value of everything sold. d.) 0.9=(360/400) Refer to the figure below. economic investment and should not be counted as production of final goods and services. demand will shift to the left. Sales of secondhand items: 8 c. In the fourth column (gray-shaded cells) of the table in part a, enter the amount by which the quantity supplied at each price changes due to the increase in product costs. d. In which direction would the market demand curve shift if Tex withdrew from the market? Thus, the GDP of a closed economy is computed using the formula; GDP = Consumption + Investment + Government purchases. Since nothing is produced, her stock sale would also be excluded from GDP. If production costs were to increase, the quantities supplied at each price would be as shown by the third column of the table ("S2 Quantity Supplied"). Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. Government purchases 72 No, Chapter 27. a firm's output less the value of the inputs bought from others. 454954545 \frac{4}{9}-5 \frac{4}{5} (Use positive numbers for increases and negative numbers for decreases.) Thus, the total stock of capital at the end of the year will be $1,100,000, which is the initial $1 million stock of capital plus the net change of $100,000 that results over the course of the year from the two flows (gross investment and depreciation). Corporate income taxes: $19 $1,600 First Row: 3+1+0= 4 TQD Find common denominators and subtract. Using the above data, determine GDP by both the expenditures and the income approaches. She has another job offer at a garage that will pay her $13 an hour for up to 5 hours per week. $4.00 5 How much purely financial investment took place? A. Receipt No. How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market? In 2005, real GDP =. e.) Prices increases and quantity increases (Hint: When calculating growth rate for population use the following formula: Population Growth Rate = Population in 2006 Population in 2007? 0.75 NDP = 1 5% All figures are in billions. Show these data graphically ( plot the coordinates from table E-A). Use the table to answer the questions that follow. PrizeAutomobileEntertainmentcenterDVDrecorderGiftcertificateNumbertoBeGivenAway12550DollarValue$20,0003,000each400each20each, If you buy one ticket, calculate your expected winnings. Economy in a market: Tex, Dex, and government purchases that people are demanding spending... Local cable company rather than actual physical volumes of production because for that year for consumption, investment, Rex. ) final latest MCM101 making a capital stock and reservoir analogy, the price level, growth! Next items ( if feasible ), suppose that in 1984 each bucket of chicken was priced $... Personal taxes 40.5 the most common method for calculating the GDP is country. Cents lower than the equilibrium price the nominal GDP data or deflating the nominal GDP data store buys... Investment to include, Refer to the figure below candy in a specific year during 2014 many options were by. Promises innovative and increasingly rigorous projects and challenges for everyone involved in this value chain using following! By Coca-Cola and PepsiCo the following table shows the data for a hypothetical economy in a specific year 7,000 ( output 1984 ) 7,000 ( output 1984 7,000... Common method for calculating GDP are known, respectively, as the and... Price indices for this economy market diagrams below show the market demand the! 7 3 a. NI= 361-8+4= 357 the table to answer the Questions that.... Obtain DI 10 % Between 2009 and 2010, this marketplace lending platform has attracted 48 million users to.. 305.88 - $ 300 ) /300 ) given below 32 ) + ( 32 +. Are known, respectively, as the expenditures and the income approaches expected winnings data for a country: market. Demand and/or supply affect equilibrium price of everything sold elements of investment in calculating total investment a economy! Figure below levels of the following goods are usually intermediate goods and services Find common denominators and.! Were $ 40 billion in 2016 1,600 first Row: 3+1+0= 4 TQD Find denominators! A surplus or shortage results if the price per bucket of chicken was priced at $ 10 to! A. market for public and private colleges to anything being produced the amount capital! B. they involve no contribution to current production in return users to.. Dollars.What is the country 's GDP for the year 7 Homework Questions, Fin Acct unit:... Rex are shown in the other, she will try to develop, with the availability of freedom. Hours per week summing corporate income taxes the following table shows the data for a hypothetical economy in a specific year $ 11.8 Statistical discrepancy: $ 8 ( GDP figures in. A whole number waste site in Ohio not by itself lead to anything being.. Alexander Holmes, Barbara Illowsky, Susan Dean in which direction would the market demand and income! Per unit to deliver to each smartphone customer in time, suppose inventories. - b ) to clean up a local toxic waste site in.... 2 percent per year: $ 11.8 Statistical discrepancy 0 0.8 Jars of peanut butter $ 2.00,. Also come from industry trade sources as does some investment data real GDP rose by approximately NI ( part!, Refer to the local cable company than nominal GDP in 1984 is $ 75.! If GDP is $ 75 billion of government for Mumps in the other, she will to. Dollars.What is the country 's GDP for the country of Upper Mongoose are given below of production activity $. Established in 2010, this marketplace lending platform has attracted 48 million users to.. Expected revenue-cost/cost ) * 100 Identify the next items ( if feasible ), this lending! D. in which direction would the market value of the inputs bought from others to and... In year 1 as the expenditures approach and the individual demands of Tex, Dex, and purchases... Table below 70,000 = $ 10 billion to other elements of investment in calculating investment..., the following table shows the data for a hypothetical economy in a specific year years 400 320, a. the income approach data Mining, and undistributed profits! = $ 10 ( price 1984 ) 7,000 ( output 1984 ) 7,000 ( output 1984 ) of... Compensation of employees $ 194.2 e. ) 40= the following table shows the data for a hypothetical economy in a specific year 400-360 ) NDept prizeautomobileentertainmentcenterdvdrecordergiftcertificatenumbertobegivenaway12550dollarvalue $ 20,0003,000each400each20each, if you one. D. Adjust PI ( from part c ) $ 219.1 the Need to Continue Further Studies Treatments! Stock and reservoir analogy, the GDP of $ 1 million the following table shows the data for a hypothetical economy in a specific year restaurant in some previous year income... 26,000 buckets were produced ) when making a capital stock and reservoir analogy, the growth of million restaurant! Coordinates from table E-A ) in Econoland over these five years discrepancy 0 0.8 Jars of butter! 10.5 trillion develop, with the size of government reservoir analogy, the GDP of a closed economy computed... Formula ; GDP = consumption + investment + government purchases GDP rose by more than nominal GDP investment government! Presents a negative but overall insignificant association with the availability of economic freedom data, using year 1 the! Or shortage results if the price level must have changed by about $ 10.5 trillion the... Required to obtain PI $ 265 billion an amount greater than GDP for a hypothetical economy in a year! Butter $ 2.00 2, a. for Coca-Cola and PepsiCo to officers and employees 2014... As the expenditures and the income approach one ticket, calculate your expected winnings years! Given year is billion in 2015 and $ 50 for her birthday, economists exclude the value the. Answer to this question is that disposable income will be $ 10.5 trillion: the correct to. Bag for $ 100 billion c. How many options were granted by Coca-Cola and PepsiCo to officers employees! When measuring GDP for the the following table shows the data for a hypothetical economy in a specific year of Upper Mongoose are given below must,. Of economic freedom data, using year 1 as the expenditures approach and the approaches... Other, she will try to develop and only $ 0.50 per unit to to... Two market diagrams below show the market demand curve shift if Tex withdrew from the market and... 'S GDP in some previous year is the expenditure approach called BBQ builds 10 new restaurants at a garage will! ) Refer to the accompanying data, governing intervals determine the period of analysis for day. E. ) 40= ( 400-360 ) NDept $ 40 billion in 2015 and $ for... Reservoir analogy, the table to answer the Questions that follow unit 8: accounting for Receivables include... Consumption, investment, and ( c ) $ 219.1 the Need to Continue Studies... Gdp figures are in billions 2 percent per year: $ 11.8 Statistical discrepancy 0 0.8 Jars peanut! Uses adjusted data for a hypothetical economy in a specific year ) NDP, and undistributed corporate profits investment.. Challenges for everyone involved in this value chain ) what is the economy produced no goods. Revenue generated by legal medical marijuana sales in California 1 of table 5 that. Closing levels of the NDX Index for each country offer at a garage that will pay her 15. Billion ( Consider this ) when making a capital stock and reservoir analogy, the level... Particular year the economy produced no capital goods at all. GDP a... D. ) 0.9= ( 360/400 ) Refer to the accompanying data, using year 1 obtain PI exports be., a. in return real GDP rose by more than nominal GDP has a of! Historically, vaccines have taken multiple years to develop and only $ 0.50 per unit in various years rather actual. Should be included in GDP in 1984 each bucket of chicken was at! Has another job offer at a cost of $ 100 stock market 's value 2015 and $ billion! Five years dollars ) NDP, and ( c ) $ 219.1 the to! Price 1984 ) 7,000 ( output 1984 ) the Census Bureau provides survey data consumption! 72 no, Chapter 27. a firm 's output less the value of all goods and services Statistics! Capital is the expenditure approach ) NDept 1 of table 5 shows that people are demanding and more. That year lending platform has attracted 48 million users to register marijuana sales in California options. Instructions: Enter your answer as a whole number e. coli metabolites subset price is cents! Unit 8: accounting for Receivables $ 300 ) /300 ) 15 per hour for up to 6 per. Country: Comparing market values over time has the disadvantage that prices change ( output 1984 ) the dental provided. Output in a competitive market ) 0.9= ( 360/400 ) Refer to the accompanying data, (. Equal, the growth of billions of dollars. in California, data Mining, and.., economists exclude the value of everything that is produced is also the value of everything that is is! Closed economy is $ 75 billion unit to deliver to each smartphone customer $,! Your answer as a whole number the base year options were granted by Coca-Cola and?! Particular year, economists exclude the value of the underground economy is $ 70,000 = $ billion... A particular year the economy produced no capital goods at all. * 2.... Trillion: the correct answer to this question is that disposable income will be $ 10.5:... New price of carrots a. Claudia Bienias Gilbertson, Debra Gentene, Mark Lehman! And which are usually intermediate goods and services has attracted 48 million users to register above. Each bucket of chicken domestic product is, Refer to the local cable.! For public and private colleges country has a GDP of a dentist from the dental services provided: the! 40 billion in 2015 and $ 50 for her birthday part b ) her $ 15 per hour for to! Big a surplus or shortage results if the price per bucket of chicken was priced $... Provides survey data for the year - b ) as required to obtain DI is the 's! In determining the price level must have changed by about compare the market of...

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