ECON 312 WEEK 5 HOMEWORK LATEST

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ECON 312 Week 5 Homework Latest

ECON312

ECON 312 Week 5 Homework Latest

Questions 1

The figure shows the flows of expenditure and income on Lotus Island.

In 2013, R was $1515 billion; W was $31 billion; U was $15 billion; X was $19 billion; and Z was $3 billion.

Calculate total expenditure and total income.

Total expenditure is $68 billion.

Total income is $68 billion.

Question 2

Categorize the following items as a final good, an intermediate good, or neither.

Type “F’ for a final good, “I” for an intermediate good, and “N” for neither.

The garbage can you bought when you moved into residence

Sugar purchased by Angelo’s bakery to make pies and cakes

Concrete purchased by Your Swimming Pool Inc.

Shares in Ford Motor Company

Question 3

In 2010, U.S. exports of goods and services were $1,844 billion and imports of goods and services were $2,356 billion.

What was the value of net exports?

The value of net exports in 2010 was ____________ billion dollars.

Question 4

The table shows some of the items in the U.S. National Income and Product Accounts in 2010.

Use the expenditure approach to calculate U.S. GDP in 2010.

U.S. GDP in 2010 using the expenditure approach was

$___________ trillion.

Item	Amount (trillions of dollars)
Consumption expenditure	10.2
Government expenditure	3.1
Indirect taxes less subsidies	1.0
Depreciation	1.9
Net factor income from abroad	0.2
Investment	1.7
Net exports	0.5
Statistical discrepancy	0

Question 5

The table shows an economy’s total production and the prices of the final goods it produced in 2013 and 2014.

Calculate nominal GDP in 2013 and nominal GDP in 2014.

Nominal GDP in 2013 is $_____

Nominal GDP in 2014 is $_______

In 2013

Item	Quantity	Price
Fish	130	$2
Berries	30	$6

In 2014

Item	Quantity	Price
Fish	90	$5
Berries	70	$8

Question 6

Which of the following are included in the income approach to measuring GDP

A. wages; investment; consumption expenditure

B .profit; wages; government expenditure on goods and services

C. interest; profit; investment

D. interest; profit; wages

Question 7

The table gives data about Northland’s economyin 2010.

What is the value of GDP in Northland in 2010

A. $1,371 billion

B. $1,032 billion

C. $2,403 billion

D. $1,526 billion

Item	Amount (billions)
Consumption expenditure	760
Wages	688
Indirect taxes less subsidies	155
Investment	261
Net exports of goods and services	52
Profit	189
Government expenditure on goods and services	298

Question 8

Real GDP ______.

A. accurately measures leisure time and life expectancy but does not accurately measure the general health of the population

B. accurately measures environment quality and political freedom, but it does not accurately measure underground economic activity

C. does not accurately measure household production comma underground economic activity comma or life expectancy

D. accurately measures household production, but does not accurately measure catastrophic weather such as hurricanes and ice storms

Question 9

A. The underground economy is difficult to describe but easy to measure.

B. Preparing meals comma cleaning the kitchen comma and cutting the grass are household activities that are not included in GDP.

C. Leisure time is an economic good.

D. The underground economy is the part of the economy that is hidden from the view of the government.

Question 10

The business cycle is a _____ but _____up-and-down movement of total _____ and other measures of economic activity.

A. occasional; regular; consumption

B. periodic; irregular; production

C. periodic; irregular; consumption

D. occasional; regular; production