Question : Table 8-3 Consumption expenditures $800 Investment expenditures : 1388279

 

Table 8-3

 

Consumption expenditures

$800

Investment expenditures

  200

Government purchases

  300

Exports

  100

Imports

  200

Wages

  800

 

39) Refer to Table 8-3. Consider the data above (in billions of dollars) for an economy:  Gross domestic product (in billions of dollars) for this economy equals

A) $2,200.

B) $1,600.

C) $1,400.

D) $1,200.

 

 

Table 8-4

 

Consumption expenditures

$800

Investment expenditures

  300

Government purchases

  300

Government transfer payments

  400

Exports

  300

Imports

  100

 

40) Refer to Table 8-4.  Consider the data above (in billions of dollars) for an economy:  Gross domestic product (in billions of dollars) for this economy equals

A) $2,200.

B) $2,100.

C) $1,600.

D) $1,400.

 

41) Which of the following is not true about the composition of GDP in 2012?

A) The majority of consumer spending is on durable goods.

B) Purchases made by state and local governments are greater than purchases made by the federal government.

C) Imports are greater than exports.

D) Business fixed investment is the largest component of investment.

 

 

42) The sum of the value added of every firm involved in producing all final goods and services ________ gross domestic product.

A) equals

B) is greater than

C) is less than

D) is sometimes greater than and other times less than

 

 

Table 8-5

 

Stage of Production

Seller

Buyer

Price

1

Steel mill

Auto manufacturer

$10,000

2

Auto manufacturer

Auto dealer

  18,000

3

Auto dealer

Consumer

  25,000

 

Consider the table above showing three stages of production of an automobile.

 

43) Refer to Table 8-5. The value added by the automobile dealer equals

A) $7,000.

B) $15,000.

C) $18,000.

D) $25,000.

 

44) Refer to Table 8-5.  The value of each automobile in gross domestic product equals

A) $7,000.

B) $15,000.

C) $18,000.

D) $25,000.

 

 

Scenario 8-1

 

CANOES-R-US makes canoes. It buys the shell of the canoe from another firm for $300 and uses its labor and intermediate goods to make the canoe. It sells the finished canoe to a retail canoe store for $800. The retail canoe store then sells the canoe to a consumer for $1,200.

 

45) Refer to Scenario 8-1. The value added of CANOES-R-US for each canoe equals

A) $1,200.

B) $800.

C) $500.

D) $400.

 

 

46) Refer to Scenario 8-1.  The value of each canoe in gross domestic product equals

A) $1,200.

B) $800.

C) $500.

D) $400.

 

 

47) Gross domestic product in the economy is measured by the

A) total number of goods and services produced in the economy.

B) dollar value of all final goods and services produced in the economy.

C) total number of goods produced in the economy.

D) total number of services produced in the economy.

 

48) In comparing China to Canada, China’s relatively ________ growth rate in GDP would make you more likely to take a job in China, and China’s relatively ________ level of GDP would make you less likely to take a job in China.

A) high; low

B) high; high

C) low; low

D) low; high

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more