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Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Value Compensation of employees $196.2 U.S. exports of goods and services 19.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign income 2.2 Personal consumption expenditures 219.1 Statistical discrepancy 0.0 Instructions: Round your answers to one decimal place. a. GDP = $ billion b. NDP = $ billion c. National Income = $ billion
What is meant by an open market purchase? It is the purchase of goods and services by the federal government in open markets. Even though this does not happen often, if the Fed reduces the required reserve ratio, the supply of money will increase. Wh..
Describe when you have experienced diminishing marginal utility. Also discuss opportunity costs you have had to pay in order to attend school
The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Calculate the price elasticity of demand. Compute the inc..
Which of the following tools has not yet been used to constrain growth in hospital costs? Economies of scale. Payments to hospitals from private insurers can be characterized as having reached which stage of a typical financial reimbursement cycle? ..
Illustrate what evidence does GI present to support the view that Canada had entered a recession
The special demand structure that induces a firm to use a cross-subsidization strategy is:
Suppose the current price of oil is $120 per barrel. At its next meeting, OPEC decides to increase crude oil production by 10%. Assume that OPEC accounts for 40% of the world's supply of crude oil and no other nation changes its oil production during..
A fast food restaurant currently pays $5 per hour for servers and $50 per hour to rent ovens and other kitchen machinery. The restaurant uses seven hours of server time per unit of machinery time. Write down the isocost equation for the restaurant.
What is the impact of the shrinking world on whether small to medium sized businesses should engage in international trade.
The aggregate supply curve shifts is
A faculty member sells Gatorade at UNC Charlotte football games. He finds that if he raises his selling price by $1, he sells 5 less bottles each week. He turns over the operation to a Managerial Economics student for a week. What price did the stude..
Elucidate why from an economic point of view towing a car illegally parked rather than just ticketing it provides a better incentive.
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