Reference no: EM131169387
Economics
Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.
Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.
The value of baby-sitting services, when the babysitter is paid in cash and the transaction isn't reported to the government
The costs of air and water pollution
Funds spent by city governments to renovate their buildings
The leisure time they have
When a US company purchases and imports wood from Brazil to use to build new houses, within the United States, this purchase increases the INVESTMENT / CONSUMPTION / GOVERNMENT PURCHASES component of GDP, while also DECREASING / INCREASING net exports by the same amount. Therefore, the purchase of wood from Brazil AN OVERALL DECREASE / NO OVERALL CHANGE / AN OVERALL INCREASE in US GDP.
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What is the opportunity cost between tanks and noodles
: Imagine the country of Zed, which has the following production possibilities curve: What is the opportunity cost between tanks and noodles? Is it constant? What is the opportunity cost between tanks and noodles? Is it constant? Graph the ppc. True, f..
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Suppose changes in autonomous consumption affect investment
: Suppose changes in autonomous consumption affect investment while changes in autonomous government spending do not. In this case, identical changes in autonomous consumption and autonomous government spending:
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Explain why giving numerical calculations
: You’ve been hired as an economic consultant to a price-taking firm that produces shirts. The firm already has a shirt factory, so it is operating in the short run. The price of shirts is $5, the hourly wage is $12, and each shirt requires $1 worth of..
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Obtain the monopolist marginal revenue curve
: Suppose there are 100 firms in a perfectly competitive industry. Each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10 at an output level of 8 units. Marginal costs are given by MC(q)= q+2 and market demand is given by Q..
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Although gdp is reasonably good measure of nation output
: Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the inco..
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Bank can safely reduce its amount of reserves
: A bank can safely reduce its amount of reserves if: congress passed the Credit Card Accountability and Responsibility, and Disclousure Act in order to: Banks often have to sell their loans at fire-sale prices. With the decline in commercial and inves..
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Spending enough on fighting pollution
: “Pollution is causing $100 million worth of damage to the environment and we are only spending $1 million to reduce pollution. We are clearly not spending enough on fighting pollution.” Is this statement true? How can marginal analysis needed to answ..
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Good definition of public good and free riders
: When people decide to buy cars, they have to decide between fuel economy and other features. It is argued that there is a "public good" issue involved in this decision. Why might that be? How the existence of public-good characteristics affect the pr..
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Divided between capital expenditures and labor
: A company has 6800 dollars to invest, which must be divided between capital expenditures and labor. Each unit of labor costs the company 10 dollars, and each unit of capital costs 10 dollars. Therefore 10L+40K=6800, where L and K are the units of lab..
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