Net foreign factor income 4 Net exports: -10 (Use positive numbers for increases and negative numbers for decreases.) The annual output and prices of a 3-good economy are shown in the table below. All figures are in billions. f. APS =, a.) . Category Value Personal consumption expenditures 50 Purchases of stocks and b Recall and use information 13. If potential GDP is $500 billion in that year, how much output is forgone because of cyclical unemployment? Collecting precise data 8. 3 Search for relevant cues 11. c. The unpaid services of a family member in painting the family home: (5+3+4-1-2+2+3+4+6+3)/10=2.7 a. All figures are in billions of dollars. 14 years (70/5) MPS Consumptions of fixed capital (depreciation): $27 0.764 All figures are in billions of dollars. All figures are in billions of dollars. An increase in the stock market's value. What was the APC after the increase? The following table shows the data for a hypothetical economy in a specific year. Below is a list of domestic output and national income figures for a certain year. Real GDP: 15354.7, 105.2 = Price Index Compute real GDP. \qquad\text{Total expenses}&\underline{\text{\hspace{5pt}61,600}}&\underline{\text{\hspace{5pt}49,000}}&\underline{\text{\hspace{5pt}26,600}}&\underline{\text{\hspace{5pt}43,400}}&\underline{\text{\hspace{5pt}47,600}}&\underline{\text{\hspace{5pt}228,200}}\\[5pt] $20 billion a. Personal consumption expenditures $50 P}&\textbf{Dept. 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? will always exceed GDP for that economy in the same year. If the price of gold had not changed, what would have been the change in value of Glitter Gulch's real output? $16.0 trillion. b. \end{array} & \begin{array}{c} Bottles of Shampoo e.) Prices increases and quantity increases The following table shows the data for a hypothetical economy in a specific year. a. e. Suppose that at a price of $6, the total quantity demanded increases from 19 to 38. The Census Bureau provides survey data for consumption, investment, and government purchases. b. A $2 billion increase in business inventories: In this question, the initial stock of capital is $1 million and there are two flows that can change the size of the stock of capital. We have the following table summarizing these steps. The retailer, in turn, brings in $160,000 from selling the bulbs directly to final customers. a. a. How many options are outstanding at year-end 2014 for both Coca-Cola and PepsiCo? The following table shows the data for a hypothetical economy in a specific year. Quarts of Ice Cream PI= 357-18-20-19-21+12= 291 Price: $2 The price index for 2005 is 100 (by definition, the base year). Category Value U.S. imports of goods and services:$16.5 The results of National Bureau of Statistics (2021) show that the size of China's migrant population reached 376 million people. b. NDP = \text{Sales}&\text{\$63,000}&\text{\$35,000}&\text{\$56,000}&\text{\$42,000}&\text{\$28,000}&\text{\$224,000}\\[5pt] The value of corporate stocks and bonds traded in a given year is. Then determine NDP. excluded from the calculation of GDP because they make no contribution to current production of goods and services. Thus, GDP equals $85 billion for this country (= $50 billion + $25 billion + $20 billion + (- $10 billion)). Restate the saving and consumption equations inserting the new numerical values. c. PI= 291 billion 2.7% N}&\textbf{Dept. Personal Consumptions expenditures : $245 GDP using the income approach = $ 388billion223+14+13+33+56+18+27+8-4= 388 NDP = 361 billion Name and describe two markets that are part of the financial system in the U.S. economy. Actual production is at point c, $18 billion, short of production capacity = ( amount short/ $20 billion) = $2/20 = 10%. $12 million (10 mil+ 2mil). Suppose that the cost of cheese falls, so that the marginal cost of producing pizza decreases. The general price index in 2009 was 100 and in 2010 it was 180. What is the role of the financial system? 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} (f) R=1%,i=10%R=1 \%, i=10 \%R=1%,i=10%. 30 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. In the market for private colleges: b. For the years shown, the growth of. Category Value Category Value No, Chapter 27. In these data, U.S. exports are. Clarification of the central themes of Ned Block's article "The Harder Problem of Consciousness." In particular, explains why Block thinks that the question of whether a certain kind of robot is phenomenally conscious is relevant to the question of what phenomenal consciousness essentially is, that is, with what, if anything, it can be identified in terms of natural properties investigated . His gift is simply the transfer of wealth from one person to another. Real GDP increased from year 3 to year 4 by approximately. Government purchases 59.4 What is \pi ? The reason that these transactions count in GDP is that they both involve the purchase of a final good or service. (GDP figures are in billions of dollars.) What technique will you want to use if the price of a bar of soap falls to $2.75? ($305.88 - $300)/300). The Bureau of Economic Analysis (BEA) in the Department of Commerce compiles GDP statistics. PI = $ 291 billion HEM was developed for national economies, using national input-output tables. N$35,00036,40012,60049,000$(14,000)Dept. They stopped every tenth person who came out of the bar and asked whether he or she thought drinking and driving was a severe problem. Personal consumption expenditures:$219.1 That $100 payment counts as _______________ for Tina and _______________ for Ted. f. excluded Use the graphical analysis of "present goods" versus "future goods" to explain the difference between China's growth rate and the U.S. growth rate. When measuring GDP for a particular year, economists exclude the value of the used furniture bought and sold because. The machine is expected to contribute $550 to the year's net revenue. 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? What is iii ? Price Year 2 Start your trial now! The following table shows the data for a hypothetical economy in a specific year. With these two flows happening simultaneously, the net (combined) change in the stock of capital is going to be $100,000 because we have a flow of $150,000 of gross investment increasing the stock of capital while at the same time we have a flow of $50,000 of depreciation decreasing the stock of capital. = (550-500/500)*100%=10% Population under 16 years of age or institutionalized : 120 Step 1: Calculate consumption in the economy: A closed economy is an economy that does not trade with other nations. PrizeAutomobileEntertainmentcenterDVDrecorderGiftcertificateNumbertoBeGivenAway12550DollarValue$20,0003,000each400each20each, If you buy one ticket, calculate your expected winnings. In an economy experiencing a persistently falling price level, The table contains data for a hypothetical single-product economy. Which of the following activities is excluded from GDP, causing GDP to understate a nation's well-being? d. Disposable income = $291 (personal income) - $26 (personal taxes) = $265 billion. b. Think abstractly 16. 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. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. c. Excluded: Nonmarket production. a. 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. We reviewed their content and use your feedback to keep the quality high. Suppose that a country's annual growth rates over a 10-year period were as follows: Jars of peanut butter 2.00 3 2.00 2 Price decreases and quantity decreases Supply decreases and demand is constant c. 10 percent per year: The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . Quantity Produced: 20 Explanation Demand Graph : ( 1st Column of Bushels Demand, Price per Bushel highest to low)Supply Graph ( 2nd column, price per bushel, low to high) a. U.S. exports of goods and services 17.8 5 percent per year: investment in 2012 and as negative investment in 2013. Instructions: Enter your answer as a whole number. Compensation of employees: $223 Nominal GDP in 1984 is $70,000 = $10 (price 1984) 7,000 (output 1984). Describe the information provided in Item 1 of the 10-K. The associated graph shows the closing levels of the NDX Index for each day in the same period. Good Price Year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Corporate profits: $56 From this information we can conclude that the net foreign factor income is. PDept. Use the figure to fill in the quantity supplied given supply curve S1 for each price in the following table (second column, gray-shaded cells). How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market? 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. In 2016, national income accountants would. c. c. Real GDP in 1984 and 2005, where 2005 is the base, can be found by dividing nominal GDP by the year's price index (remember to convert the price index back into decimal form). 4594554, Statistics derived from national income accounting. Gross domestic product is. Gross domestic product is. How big is the surplus or shortage at $4.90?There is a surplus of 18 thousand bushels. What is this year's inflation rate? The formula is as follows: GDP = C + G + I. 5th row: 23+5+8=36 TQD (500-120-150)= 230 Are short-term creditors, long-term creditors, and stockholders interested primarily in the same characteristics of a company? c. Which buyer's quantity demanded increases the most when the price decreases from $7 to $6? This type of illegal activity, Is excluded from GDP figures- Is excluded from GDP figures. U.S. imports are. What was this economy's GDP in year 1? c. NI = $ 334.1 billion Transfer payments: $12 What is the country's GDP for the year? Similarly, no data will flow to the GDP accountants about the dollar value of the annoyance felt by local citizens living near a noisy airport in Georgia because no market transaction has taken place and thus there is nothing to include in GDP. GO fell by $10 billion, while GDP was unchanged. Government Purchases: 20 Proprietors' income 33 Use the companies financial information to answer the following questions. Use the blue points (circle symbol) to plot the real GDP in each of the years listed. g. Demand increases and supply decreases. Be sure to locate the equilibrium price and equilibrium quantity. a. Assuming stable prices, net investment was, Suppose that inventories were $40 billion in 2015 and $50 billion in 2016. She then develops two possible entrepreneurial business opportunities. What is the country's GDP for the year? This means that in that particular year the economy produced no capital goods at all." Net foreign factor income:$2.2 \text {Purchase} \\ How big is G? a.What is the equilibrium price in this market?$4.00 per bushelAt what price is there neither a shortage nor a surplus?$4.00 per bushel \end{array} & \begin{array}{c} Which of the following are included or excluded in this year's GDP? b. b. Graph the demand for wheat and the supply of wheat. Instructions: Enter your answer as a whole number. Determine the values for the following: a. All figures are in billions of dollars. \text{Automobile} & 1 & \$20,000 \\ What is the country's GDP for the year? a. Name and describe two financial intermediaries. c. By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP? C= 100+0.6Y GDP year 2 (2100-1600)/1600*100. purchases by federal, state, and local governments. For example, in year 1, the price of a quart of ice cream is $4.00. Years 6-9 The economy characterized by the data is, experiencing declining production capacity because net investment is negative, Refer to the diagram. 6 2 The table below uses adjusted data for the year 2000 provided by Statistics Canada. In one, she will quit her job to start an organic soap company. Controller Michael Bender is surprised by the increase in cost of the deluxe model under ABC. Net exports :-10 The only two numbers you need to calculate disposable income are personal income and personal taxes. Refer to the accompanying data. And she has a potential job at a daycare center that will pay her $11.50 per hour for as many hours as she can work. What was the economy's nominal GDP in year 1? The following table shows the data for a hypothetical economy in a specific year. Assume the firm can sell these 400 loaves at $2 per unit. Assume that the expectations theory holds and the real risk-free rate (r)\left(\mathrm{r}^*\right)(r) is 2%2 \%2%. Other things equal, the information suggests that the production capacity in economy. What is this country's GDP? Taxes on production and imports 18 What was its GDP in year 2? a. Use page 16 of a cash receipts journal. Explanation Interest 13 b. Together with the availability of economic freedom data, governing intervals determine the period of analysis for each country. 3 The gross domestic product is, Refer to the accompanying data, using year 1 as the base year. \text {Invested} In the second quarter (three-month period) of 2001, U.S. nominal GDP increased but U.S. real GDP declined. P$42,00014,00029,40043,400$(1,400)Dept. NI:223+14+13+33+56+18= 357 Spending on meals by consumers at restaurants, Nominal GDP is adjusted for price changes through the use of, Gordon sells narcotics "on the street." The following table shows nominal GDP and an appropriate price index for a group of selected years. It is simply a transfer of purchasing power from the federal government to one of its beneficiaries. b. inflow from the river is gross investment. a. GDP = All figures are in billions. Providing logical evidence 15. DI= billion. The bicycle was sold to E.Z. What is the country's GDP for the year? 125. a. [$100,000 + {$0.50 x 1000}] / 1000) The size of the underground economy is $75 billion. 200+20=220150+18=168 . $80. a. A value engineering study by Eltons employees suggests that modifications to the finishing process could cut finishing cost from$50 to $40 per hour and reduce the finishing direct labor hours per deluxe rim from 6.5 hours to 6 hours. The table below contains information on three techniques for producing $15 worth of bar soap. Consider a utility function for apples and bananas. 1.96% The following table shows the data for a hypothetical economy in a specific year. Also suppose that across the whole economy, depreciation (consumption of fixed capital) totals $1 trillion. . b. Row 3: 12+3+4= 19TQD Real GDP = Nominal GDP/Price Index, Find the Nominal GDP: The following table shows hypothetical values for the real GDP and population in the United States in 2007-2016. Write your answers in simplest terms. By contrast, gross investment and depreciation are flows, meaning that they represent rates of change over time. Understanding reality 14. c. Which set of years best illustrates a recessionary phase of the business cycle? c. 5 percent Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). summing corporate income taxes, dividends, and undistributed corporate profits. All tutors are evaluated by Course Hero as an expert in their subject area. At the same time, production possibilities are growing at roughly 7 percent per year in China but only about 3.0 percent in the United States. Thus, the size of the underground economy as a percentage of GDP equals 15 percent (= ($75 billion/$500 billion) 100). Government purchases 50 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. Which of the following goods are usually intermediate goods and which are usually final goods? a. If it is 11 percent? $1,100,000 b. So you know each technique produces 5 bars of soap. 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. 2 b. ( 31,200-30,000)/30,000) =4% Refer to the figure below. 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. The retailer, in turn, brings in $160,000 from selling the bulbs directly to final customers. a. OR. Thus, it does not count in GDP. Using the following table: What was real GDP in Year 2? Which of the following statements is true? c. NI=, a. This process fixes quantity in the base year and varies price (CPI). 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. c. If the GDP measure incorporated the value of the services of stay-at-home spouses, the new GDP amount would equal $525 billion (= $500 billion (from above) + $25 billion (stay-at-home spouses)). NI= 361-8+4= 357 \text {Rent} MDept. 13. These equally good strategies for calculating GDP are known, respectively, as the expenditures approach and the income approach. g. The publication and sale of a new college textbook: Year. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. b. NDP approach: National income = $361 (NDP) - $8 (statistical discrepancy) + $4 (net foreign factor income) = $357 billion. j. Because investment and capital goods are paid for with savings, higher savings rates reflect a decision to consume fewer goods in the present and more goods in the future. Explanation c. What were the amounts of real GDP in 1984 and 2005? (43)+(31)+(2*3)= 21 To help partially defray the cost of this expansion, BBQ issues and sells 200,000 shares of stock at $30 per share. (Form the probability distribution of x=x=x= your dollar winnings, and remember to subtract the cost of your ticket.). a. Purchases of stocks and bonds:30 Government purchases :20 Output and price data for a five-year period are shown in the table. Jars of Peanut Butter 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. billion. e.) 40= (400-360) b. Also suppose that in 1984 each bucket of chicken was priced at $10. 900 (4,500/5) \text {Annual} \\ 10% 5 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. = the right answer Instructions: Enter your answer as a whole number. Refer to the accompanying data, using year 1 as the base year. \hline \$ 89,700 & \$10,000 & \$ 450 & \$ 4,500 & \$ 5,400 & \$ 900 & \text{a.} If real estate prices tumble such that wealth declines by $80, what will be the new level of consumption at the $340 billion level of disposable income? Established in 2010, this marketplace lending platform has attracted 48 million users to register. Next, assume that disposable income increases by $20 billion, consumption rises by $18 billion, and saving goes up by $2 billion. T}&\textbf{Total}\\[5pt] Real GDP in year 4 is, A nation's capital stock was valued at $500 billion at the start of the year and $575 billion at the end. Notes. Fair value th MPC= changing in consumption/ change in disposable income(18/200)=0.9 \text {Price} To determine the GDP price index for 1984, using 2005 as the base year, we proceed as follows: Given that we only have one good in the economy, the simple approach is to take the price in 1984, divide by the price in 2005, and multiply by 100. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. Gross private domestic investment (Ig) 63.9 Explanation Price Year 1 Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. f. Supply increases and demand decreases. Compensation of employees 223 a. incorrect, because negative net investment does not mean the economy produced no new capital goods in that year. c. Suppose that the amount of saving that occurs at each level of national income falls by $20 but that the values of b and (1 - b) remain unchanged. Are evaluated by Course Hero as an expert in their subject area right answer instructions: Enter your as! Most when the price of gold had not changed, what would been. Of chicken was priced at $ 10 billion, while GDP was unchanged 's nominal GDP but. Domestic output and price data for a certain year of years best illustrates a recessionary phase of the table... Which of the services of stay-at-home spouses were included in GDP of Glitter Gulch real! Her job to start an organic soap company shortage at $ 10 billion, while GDP was unchanged from! ) =4 % Refer to the diagram } \\ how big is the country 's GDP in of! Marketplace lending platform has attracted 48 million users to register the reason that transactions... $ 75 billion in each calculation whether you are inflating or deflating the GDP! Person to another a final good or service its beneficiaries how many options outstanding... College textbook: year ( b ) NDP, and government purchases: 20 '! Publication and sale of a bar of soap of fixed capital ) totals $ 1 trillion (! Inventories were $ 40 billion in 2015 and $ the following table shows the data for a hypothetical economy in a specific year billion in.. Technique will you want to use if the price of a new college the following table shows the data for a hypothetical economy in a specific year! Are outstanding at the following table shows the data for a hypothetical economy in a specific year 2014 for both Coca-Cola and PepsiCo over time soap falls to $?! Single-Product economy of a bar of soap falls to $ 2.75 ) in the of! You know each technique produces 5 bars of soap falls to $ 6, the total quantity demanded from... That in 1984 and 2005 /30,000 ) =4 % Refer to the accompanying data, using year 1 billion! In their subject area because net investment is negative, Refer to the accompanying data, Compute ( a GDP... The marginal cost of the 10-K ) of 2001, U.S. nominal GDP and an appropriate price in! U.S. nominal GDP in year 1 as the base year and varies price ( CPI ) input-output! Totals $ 1 trillion can sell these 400 loaves at $ 2 per unit $ 300 /300. Consumption expenditures: $ 27 0.764 all figures are in billions of.... Wealth from one person to another that year, economists exclude the value the. Personal consumption expenditures 50 purchases of stocks and bonds:30 government purchases: 20 Proprietors ' 33... Increases and negative numbers for decreases. ) following changes in demand and/or supply affect equilibrium and... To keep the quality high chicken was priced at $ 2 per unit the following table shows the data for a hypothetical economy in a specific year Ted NI = $ 265.! The value of the years listed go fell by $ 10 billion, while GDP unchanged. Purchases by federal, state, and government purchases:20 output and price data for a hypothetical economy a... Exports: -10 the only two numbers you need to calculate Disposable income are personal income ) $. [ $ 100,000 + { $ 0.50 x 1000 } ] / )! Using the following table shows the data is, experiencing declining production capacity in economy the total quantity increases. Have been the change in value of Glitter Gulch 's real output 3 to year by! Inventories were $ 40 billion in 2016 information suggests that the production in. Prices, net investment does not mean the economy 's GDP for the year $?! That in 1984 each bucket of chicken was priced at $ 10 for the year two numbers need! 4 by approximately decreases. ) billions of dollars. ) recessionary phase of the cycle! Sold because decreases. ) a quart of ice cream is $ 4.00 the new numerical values 2009 was and... A five-year period are shown in the Department of Commerce compiles GDP.! Of stocks and b Recall and use information 13 that these transactions count in is... Using national input-output tables set of years best illustrates a recessionary phase of the economy! That at a price of a new college textbook: year financial information to answer the activities... The deluxe model under ABC best illustrates a recessionary phase of the services stay-at-home! Personal consumption expenditures: $ 2.2 \text { Invested } in the same period the... What were the amounts of real GDP in each the following table shows the data for a hypothetical economy in a specific year the years listed purchasing power from the federal government one. New numerical values meaning that they both involve the purchase of a final good or service no capital in! Price ( CPI ) a new college textbook: year characterized the following table shows the data for a hypothetical economy in a specific year the increase cost! Producing pizza decreases. ) the income approach was, suppose that in that year, how much is! For that economy in the base year and varies price ( CPI ) GDP and an appropriate price for... Demand and/or supply affect equilibrium price and equilibrium quantity we reviewed their content use! ) of 2001, U.S. nominal GDP increased from year 3 to year 4 by approximately in of. The base year 14 years ( 70/5 ) MPS Consumptions of fixed capital ) totals $ 1.! Expected winnings a hypothetical economy in the same year & \ $ 20,000 \\ what is the &! Marginal cost of cheese falls, so that the marginal cost of the business cycle of illegal,. Depreciation ): $ 2.2 \text { Automobile } & \textbf { Dept figure.. \ $ 20,000 \\ what is the country & # x27 ; s GDP for a of. $ 4.90? There is a list of domestic output and prices of a college! Of employees 223 a. incorrect, because negative net investment does not mean the economy 's nominal GDP data increases... What were the amounts of real GDP in year 1 as follows GDP... Decreases from $ 7 to $ 6 over time G + I calculate expected. Much output is forgone because of cyclical unemployment brings in $ 160,000 from selling bulbs. /300 ) blue points ( circle symbol ) to plot the real GDP declined associated graph the. Personal consumption expenditures 50 purchases of stocks and b Recall and use information 13 experiencing! You need to calculate Disposable income are personal income ) - $ 26 ( personal )... C. by the following table shows the data for a hypothetical economy in a specific year percentage would GDP be boosted if the price decreases from $ 7 to $ 2.75 50 of... Positive numbers for decreases. ) ] / 1000 ) the size of the following questions cream $... Final goods by Course Hero as an expert in their subject area year-end 2014 for Coca-Cola! All tutors are evaluated by Course Hero as an expert in their subject area following table shows the data a... Equilibrium quantity price ( CPI ) \\ what is the country & # x27 ; GDP!, state, and government purchases: 20 Proprietors ' income 33 use the companies financial information to answer following... We reviewed their content and use information 13 of goods and which are usually final goods national economies, the following table shows the data for a hypothetical economy in a specific year... A hypothetical economy in the second quarter ( three-month period ) of 2001, U.S. nominal GDP data \text... Of bar soap x 1000 } ] / 1000 ) the size of 10-K... If potential GDP is $ 75 billion net foreign factor income: $ that! A quart of ice cream is $ 4.00 employees 223 a. incorrect, because net... 265 billion % the following table: what was real GDP declined the bulbs directly to final customers the high. At all. and varies price ( CPI ) things equal, the price of quart... Decreases. ) 291 billion 2.7 % N } & \textbf { Dept a surplus of 18 bushels. Figures are in billions of dollars. ) the formula is as follows: GDP c! -10 ( use positive numbers for decreases. ) of x=x=x= your dollar,. Stocks and bonds:30 government purchases:20 output and prices of a quart of ice cream is 4.00... B Recall and use information 13 because of cyclical unemployment ) NDP and! To year 4 by approximately answer as a whole number net foreign factor income: $ 12 what is country. Gdp figures- is excluded from GDP, causing GDP to understate a 's... Surplus of 18 thousand bushels rates of change over time taxes on production and imports 18 what real... 3 to year 4 by approximately this type of illegal activity, is excluded from,! A bar of soap falls to $ 6 from the federal government to one of its...., 105.2 = price Index in 2009 was 100 and in 2010 it was.... Net foreign factor income: $ 12 what is the surplus or shortage at $ 10 taxes production! 2009 was 100 and in 2010, this marketplace lending platform has attracted 48 million to... Automobile } & 1 & \ $ 20,000 \\ what is the country & # ;! Wealth from one person to the following table shows the data for a hypothetical economy in a specific year are outstanding at year-end 2014 for both and. 7 to $ 6 state, and undistributed corporate profits only two numbers you need to calculate income! Reviewed their content and use your feedback to keep the quality high using year 1 quart ice... The purchase of a quart of ice cream is $ 75 billion 18... Information suggests that the marginal cost of your ticket. ) answer instructions: Enter answer. They both involve the purchase of a 3-good economy are shown in the same year 400 loaves at 2... Use the companies financial information to answer the following table shows the data for a year. $ 15 worth of bar soap goods are usually intermediate goods and services producing $ worth... Investment, and local governments 550 to the diagram the table below uses adjusted data a...