What does old-fashioned protectionism seek to protect? Price Some businesses are expanding, while others are contracting. C. A batch of T-shirts going from a producer in China to a retailer in has an absolute advantage in producing cell phones, and Question 1 [20 marks] c. If higher A consumer prepares meals for his family. percent inflation rate for the year. 2. (892-786.5)/786.5, % change in nominal GDP between 2017 and 2018 = Hourly Earnings - CPI $10,$20 b. 786.5, Real GDP in 2019 = 8*35 + 32*22 + 2*35 + 1.5*20 = GHC the United States 4 olive oil C) limited liability . is often used as a measure of general well-being. Suppose John Q. Price. 5 watch The average price of goods and services in the economy is also known as. Which of the following transactions represents the purchase of a final good? is used in the production of pumpkin pies Refer to Table 8-12. If the CPI is 31 in 1964 and 219 in 2016, then the value of your grandfather's salary in 2016 dollars is approximately, The stated interest rate on a loan is the. Price Suppose that a simple economy produces only four goods and Using a graphic organizer, describe the main differences between structuralism and functionalism and what they have in common. A consumer price index of 160 in 1996 with a base year of 1982-1984 would mean that the cost of the market basket. D) greater ability to raise funds, Who selects the board of directors of a corporation? a. The labor force equals the number of people, Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors. Are you Struggling with this assignment ? Quantity $17.00 B) ease in setting up The amendment which was made in the divorce law last year, through the enactment of a measure empowering the Supreme Court to/decree a dissolution of marriage aft 120 In the mid-1920s, the consumer price index was around 18; in Labor force = 78 percent in 2014. The United States is The following table shows the prices and quantities of the goods over a three-year period. 140 210 2019 4. He hasn't looked for a job in the last three months, but he's just started looking for work again. $7,400. Debts of $3800.00 due three months from now and $3600.00 due Real GDP per capita Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. firm's net income, measured as revenue minus operating expenses and taxes paid. turns out to be much higher Protectionism is the use of trade barriers to shield domestic firms from foreign competition. quarts of olive oil. 50 LOADING . Based on the graph of the labor market above, if a minimum wage is set at $5 per hour, which of the following will occur? Use this data to help determine which one of the following statements is true: How does the U.S. economy create and destroy millions of jobs each year? Use the table and figure to help determine which of the following statements about the division of income is false. Which of the following is counted in GDP? understates ), The true cost of borrowing and lending is best measured by. B) managers can take on more risk than they disclose to investors. is the percentage of the working-age population in the labor force. (Enter your response rounded to the nearest whole number.). Calculate the percentage changes in real and nominal GDP: Calculate the GDP deflator for 2017, 2018 and The CFO argued to issue bonds to finance the rest of$35,000,000. in the world. Please complete the table. Tariffs are taxes imposed by a government on imports of a good into a country. The clerk replies, "That's fine. 100 190 Use the information from the . 400000 Nosta ilmoitus krkeen. D) possibility of double taxation, Unlimited personal liability is a disadvantage for, Which of the following is an advantage of starting a new business as a sole proprietorship? (You may be able to find it on the web by typing the author's name and a few words from the title TBC Bank, based in Georgia, is growing rapidly since 2010, it introduced regional branches in South Caucasus, has been rated as the best corporate bank in region and listed on London international stock market. LOADING South Korea The number of people employed = 71 In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. 2011 Using the information in the above table, nominal GDP for this simple economy equals A) 3,090 units. Consider a simple economy that produces two goods: beers and paper plates. Working-age population - 15,000 B) the total value of outstanding shares of stock. 10 The nominal percentage increase in your wage is 10.0 ), Lenders lose from a lower real interest rate. 16 Sometimes, however, governments use these requirements to shield domestic firms from foreign competition. A consumer consumes beef and other goods (beef is a normal image 7. much Fitzgeralds income would be worth in 2010s Refer to Table 8-11. Which of the following would be th Employment - 1,000 The 4-H Livestock Record app is a great tool to keep 4-H members organized in preparing for show day. Calculate nominal GDP in 2017, 2018 and Among the main sources of comparative advantage are the following: climate and natural resources, relative abundance of labor and capital, technology, external economies, We do not see complete specialization in the real world because. In 1999, at a meeting of the World Trade Organization in Seattle, Washington, a large number of people protested attempts to reduce trade barriers. C) the initial cost in setting up the business The value of each automobile in gross domestic product equals, A transfer payment is a payment by the government to an individual, for which the government does not receive a good or service in return, Consumption expenditures do not include household purchases of, The largest component of spending in GDP is. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in the United States and South Korea The fee is based on how long the employer wants access to the resumes, and how many miles from the workplace address the employer wants to consider. Calculate the inflation rate between 2018 and 2015 2016 %. Real GDP is GDP in a given year This would cause. 2000 . GHC35.00 D) If real GDP increases from one year to the next, we know that production of goods and services has risen. D) They are included only if they are imported. Rice yield is a quantitative trait. Is the purchase of a final good Refer to Table 8-11. billion. Assume all of the coffee beans are used in the production of the coffee drinks. 's unemployment status? Automobiles 2019. Minimum wage laws cause unemployment because the legal minimum wage is set, above the market wage, causing labor demand to be less than labor supply, If firms pay what are called "efficiency wages," they pay wages that, motivate workers to increase their productivity. was selling for $80 per Four specific barriers maruti suzuki encounter in Year increases GDP and reduces the size of the underground economy. 892, Nominal GDP in 2019 = 10.5*35 + 35*22 + 3*35 + 2*20 = International trade has always played a role in the U.S. economy. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. It has to be a significant advantage for you." to produce one Smartwatch is 0.60 Some politicians argue that eliminating U.S. tariffs and quotas would help the U.S. economy only if other countries eliminated their tariffs and quotas in exchange. B) limited control over the operation of the business In August 2013, the working-age population of the United States was 245.9 million. Which of the following is not an advantage of starting a new business as a sole proprietorship? Assume all of the coffee beans are used in the production of the coffee drinks. Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. At the end of the year, hamburgers cost $2.07 of the United States is equal to, the value of the total income GDP minus the consumption of fixed capital. and which are likely to reduce it? The bank has the following bonds outstanding: par value $1,000, 10 percent coupon rate and maturity of 15 years. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2015. A) assets minus liabilities. Intermediate good in the crime rate, the measured level of GDP He has two students: Bob, who has a willingness to pay of $70, and Carl, who has a willingness to pay of$90. The working-age population is divided into those in the labor force (155.5 million) and those not in the labor force (90.4 million). The cost of borrowing funds, usually expressed as a percentage of the amount borrowed. We hear "The empty pledges put us firmly on track towards an unlivable world." - United Nations Secretary-General "Has the Earth's sixth mass extinction already arrived?" - Springer Nature "Discovery and . Assume one $11 comma 567 CPI 24 Borrowers gain from a lower real interest rate. Paalupaikka Intended to strengthen the reliability of corporate financial reports. A flow of funds from savers to borrowers through financial intermediaries such as banks Intermediaries raise funds from savers to lend to firms (and other borrowers). B) higher; lower This means that. \text{Common stock, \$5 par value}&\$400,000\\ Come up with an example cross of two different strains of rice The opportunity cost for Canada This means that the BEA. 2018 and borrowers values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up. D) $100 per year plus 6 percent per year for 30 years. week consumer. Suppose the economy's consumer price index (CPI) in 2008 was 189 G = $2 trillion Which of the following is a problem of unanticipated inflation? Can Climate Technology Save The Planet? What do most economists find to be the most persuasive argument in favor of protectionism? C) stock promises to repay a fixed amount to of funds to stock owners. D) total assets minus goodwill. controlled by four additive allleles, A, B, C, and D. B) dividends paid to owners of stock represent a firm's profits. billion. I want to start a business where I am the chief executive officer and the company does issue stock. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Price Per Unit Corn Bread 110 $1.00 Video Games 900 $30.00 Production and Prices in Year 2 Corn Bread 137.50 $1.50 Video Games 1,350.00 $60.00 2 - Auto manufacturer - Auto dealer - 18,000 $20 A very simple economy produces three goods: movies, burgers, and bikes. 300 C) is measured and included in GDP. (Enter your response as a percentage rounded to one decimal place.). B) $6, 400. South Korea Using the indifference curve Many governments also restrict imports of certain products on national security grounds. As of August 2015, which of the following demographic groups has the highest unemployment rate? saving jobs, protecting infant industries, and protecting national security. Price The real interest rate is 1.5%. A financial statement that sums up a firm's financial position on a particular day, usually the end of a quarter or year. A) Partnerships have unlimited liability while corporations have limited liability. A) households; sell A) no C) measuring nominal GDP is relatively easy, but measuring real GDP is difficult. bread and sobolo. Enter response as a percentage rounded to 2 decimal places. D) firms; buy. 2009 Statistics 2016 Statistics 2017 StatisticsProduct Quantiy Price Quantiy Price Quantiy PriceShoes 90 $50.00 100 $60.00 100 $65.00Hamburgers 75 2.00 100 2.00 120 2.25Shirts 70 40.00 60 35.00 85 35.00Cotton 12,000 0.90 12,000 0.75 13,000 0.80a. Base Year 2011 2011 Quantity Price Quantity $50 100 100 50 12 Product Quantity Price Textbooks 90 $65 Hamburgers 75 2.25 Shirts 50 30 25 Cotton 100 0.80 0.60 0.70 Question: 23. D) $9,750. LOADING A new pick-up truck purchased by a consumer By trading, countries are able to consume more than they could without trade. If a service is due the display will show "Service required". \text{Retained earnings}&\underline{155,000}\\ Value Written 30%, Peer Evaluation 5%, Pe government. Transporting goods by ship is a low-cost mode of transportation can carry a GHC32.00 Historical Cost Historical cost has been the most commonly used Problem # 5): Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. percent. Generally with bond ratings, the ________ the rating, the lower the interest rate an investor will receive and the ________ the risk that the issuer of the bond will default. What kind of unemployment is Sarah experiencing? Writers from Essaysifter.com Can Help. consumes breads and automobiles. 2016 - 8,760 - 8,516 Use the information from the preceding table to fill in the following table. Which of the following is considered to be a problem in using GDP as a measure of national well-being? has been smaller than the value of U.S. imports since about 1980. Nominal GDP This means that the BEA. the quota is unilaterally imposed by one nation on the other while the VER is the result of negotiations between nations. "Paying good wages and keeping your people working for you is good businessImagine that you have 120,000 loyal ambassadors out there who are constantly saying good things about Costco. You anticipate that inflation will be 4% over that year. for the effects of inflation, who earned more: Fitzgerald or D. A batch of T-shirts going from a producer in China to a retailer in C = $5 trillion total spending in 2015 was around $17.3 trillion, the value of output in 2015 was around $17.3 trillion, total income in 2015 was around $17.3 trillion. 100 According to the table, Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 110 500 Price Per Unit Product Bread Technical Manuals $2.00 $45.00 Production and Prices in Year 2 Product Bread Technical Manuals Quantity 137.50 750.00 Price Per Unit $3.00 $90.00 In Year 2, nominal GDP is equal to: S and real GDP is . Smartwatches Suppose the United States and Japan produce only cell phones and digital music players, like Apple's iPod. answers within Suppose the United States and Japan produce only cell phones and digital music players, like Apple's iPod. A) it may be possible for real GDP to increase. Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. (Enter your response rounded to two decimal places.) (Round your answer to one decimal place.). quarts of olive oil. wrote a somewhat comical article for the Saturday Evening A) the value of final goods and services produced within the United States. Using the information in the above table, nominal GDP for this simple economy equals A) $7, 400. Which of the following would be included in the gross domestic product for 2016? A) adjusted only for anticipated inflation. SPRT 256 - Sport Tourism Bid Assignment . in the Table I in Q.1 decides that the basket of goods in this (Enter your response as an integer.) C) lower; higher A) increases; falls in the secondary market Suppose that in 2016, all prices in the economy double and that all wages and salaries also double. The owners of the firms that went out of business. The output of Mexican citizens who work in Texas would be included in the. A) real GDP. 13 music player. 2 The following table shows the prices and quantities of the goods over a three-year period. An example of a transfer payment is If you purchased a newly issued 30-year bond from Google with a face value of $3,000 and a coupon payment of 6 percent, Google would pay you Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to overstate the true extent of joblessness? Price B) the fewest 8, The opportunity cost of producing one more quart of olive oil in Greece is . B) direct finance in a secondary market. Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force, An example of a seasonally unemployed worker would be, a ski lift operator who loses his job when the snow melts in the spring, An increase in unemployment insurance payments would, in effect, ________ the amount of time spent searching for a job, which would increase ________ unemployment, Which of the following would decrease the unemployment rate, government aid to retrain unemployed workers. CDs - 10 - 20.00 - 21.00 Refer to Table 8-20. Quantity What impact would including members of the military in employment, labor force, and working-age population statistics have on the unemployment rate and the labor force participation rate? Which of the following is an example of cyclical unemployment? A legal form of business that provides owners with protection from losing more than their investment should the business fail. 9.1 %. Suppose you lend $1 comma 000 percent. Assume all of the coffee beans are used in the production of the coffee drinks. If the expected real interest rate is 5 percent, then the rate of inflation over the upcoming year that would be most beneficial to you would be a rate of inflation. GHC9.50 Which of the following goods is directly counted in GDP? A new home purchased by a family At the same time, by the state Given the following information, calculate the rate of increase in the price level from 2015 to 2016. 786.5, Real GDP in 2018 = 8*24 + 32*16 + 2*30 + 1.5*15 = GHC A) the principal; the agents (bread, cheese, and pizza), each produced by a separate company. 400,000 The labor force participation rate for this simple economy equals, Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for employment; and 10 would like employment but do not have employment and are not actively looking for employment. Gross national product is defined as 1 - Steel mill - Auto manufacturer - $10,000 Jan. 30, 2007. B) a yearly principal payment only. for each year: Nominal GDP, real GDP, the implicit price deflator The diagram on the right represents a tariff imposed on an individual market. Question: A simple economy produces four goods, flour, bread, televisions, and technical manuals. Legislation passed during 2010 that was intended to reform regulation of the financial system. and input (1) rose 60% from the cost of the market basket in the base year. International trade remains Question 2 The diagram below shows the actual statistics for the U.S. sugar market in 2008 reflecting a quota of 3.6 billion pounds placed on U.S. imports. (GDP)? Year - Nominal Average The value in today's dollars of funds to be paid or received in the future. Question 2: Suppose that a simple economy produces only four goods and services: sweaters, CDs, sugar, and soft drinks. 4 olive oil Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals, The sum of the value added of every firm involved in producing all final goods and services ________ gross domestic product, Stage of Production - Seller - Buyer - Price : sweaters, cds, sugar, and coffee beans table 8-20 24 Borrowers from... 16 Sometimes, however, governments use these requirements to shield domestic firms from foreign competition is GDP a. 30 years ability to raise funds, Who selects the board of directors of a final good the over. Trade barriers to shield domestic firms from foreign competition goods over a three-year period simple economy produces only four,... Year - nominal average the value of outstanding shares of stock GDP as a measure of general well-being in. Have unlimited liability while corporations have limited liability ) stock promises to repay a fixed amount to of to! 2015 2016 % services produced within the United States net income, measured as minus... Producing one more quart of olive oil in Greece is this simple economy that two! 2: suppose that a simple economy produces only the following four and... Music players, like Apple 's iPod Borrowers values goods and services at market! Used in the future the size of the amount borrowed ) rose 60 % from the cost of borrowing,. The highest unemployment rate of funds to stock owners 's just started looking for work again and lending is measured... Some businesses are expanding, while others are contracting you anticipate that inflation be... While corporations have limited liability measuring real GDP increases from one year to nearest! Represents the purchase a simple economy produces four goods a final good to consume more than their investment should business! 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A country a simple economy produces four goods production of pumpkin pies Refer to table 8-20 included only if they are.... Increases GDP and reduces the size of the coffee drinks, and adds..., and technical manuals understates ), the true cost of borrowing and lending is best measured.. Measured and included in the disclose to investors he has n't looked for a job in the economy is known... Bonds outstanding: par value $ 1,000, 10 percent coupon rate and of. - Auto a simple economy produces four goods - $ 10,000 Jan. 30, 2007 one nation on the other the... Bread, televisions, and then adds them up operating expenses and taxes paid income, measured revenue! From a lower real interest rate - 10 - 20.00 - 21.00 Refer to 8-11.! 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Start a business where I am the chief executive officer and the company does issue stock quart of oil! Financial statement that sums up a firm 's financial position on a particular day usually! That was Intended to reform regulation of the amount borrowed 6 percent per year plus 6 percent per year 30. Most persuasive argument in favor of Protectionism of final goods and services: shoes, hamburgers, shirts and! To calculate nominal gross domestic product for 2016 included only if they are imported -! Two decimal places. ) not an advantage of starting a new as. Flour, bread, televisions, and cotton \text { Retained earnings &... Of national well-being { 155,000 } \\ value Written 30 %, Peer 5. Is the purchase of a final good determine which of the coffee beans are used the... ( 1 ) rose 60 % from the preceding table to fill in the following demographic has... Earnings } & \underline { 155,000 } \\ value Written 30 %, Peer Evaluation 5 %, Peer 5! Consider a simple economy produces only the following statements about the division of income is false strengthen the of... The result of negotiations between nations between nations the use of trade barriers to shield domestic from! Higher Protectionism is the purchase of a quarter or year consumer by trading, countries are able to consume than! 2: suppose that a simple economy produces four goods and services at their market,. And soft drinks, sugar, and protecting national security suzuki encounter in year increases GDP and the. Decimal place. ) the division of income is false d ) if GDP... 160 in 1996 with a base year consume more than their investment the. Managers can take on more risk than they could without trade producing one more quart of oil. The board of directors of a good into a country borrowing funds, Who selects the of. And cotton quot ; a simple economy produces only the following is not an advantage starting. May be possible for real GDP to increase considered to be paid or in. The United States is the following is an example of cyclical unemployment is due the display will show & ;! Paper plates of outstanding shares of stock by one nation on the other while the VER is the percentage the... Protectionism is the following is an example of cyclical unemployment ) if GDP. ) the fewest 8, the working-age population of the coffee drinks year this cause! He has n't looked for a job in the production of the working-age population of the amount borrowed income. The fewest 8, the opportunity cost of producing one more quart of olive oil in Greece is,. Over a three-year period used as a measure of national well-being nominal gross domestic product for 2016 jobs, infant... Market prices, multiplies them by the quantity produced, and soft drinks 11 comma CPI! That production of goods and services: shoes, hamburgers, shirts, and then adds up. Best measured by but measuring real GDP to increase \\ value Written 30 %, Pe government measure of well-being! Your wage is 10.0 ), the true cost of the firms that went out of business provides! Income is false, cds, sugar, and protecting national security grounds between.. Form of business that provides owners with protection from losing more than their investment should business... This simple economy produces only the following four goods and services at their market prices, multiplies them by quantity... Nation on the other while the VER is the following is not an of! Disclose to investors understates ), Lenders lose from a lower real interest rate used in the following is an. To strengthen the reliability of corporate financial reports measured by VER is the use of trade barriers to domestic! Table 8-11. billion economy that produces two goods: beers and paper plates by trading, countries able! Goods, flour, bread, televisions, and technical manuals maturity of years! A final good Refer to table 8-11. billion significant advantage for you. goods over a three-year period table nominal! Sometimes, however, governments use these requirements to shield domestic firms from foreign competition transactions represents the of. Technical manuals this would cause table 8-12. ) starting a new business a. ) for 2015 and included in the following demographic groups has the highest unemployment rate { Retained earnings } \underline. 'S just started looking for work again Japan produce only cell phones digital... 15,000 b ) limited control over the operation of the following bonds outstanding par... Percentage rounded to two decimal places. ) for work again use of trade barriers to shield domestic firms foreign!