Question 1

Suppose that investment in the United States was about $130 billion and the trade deficit was $10 billion. How much was national saving in the United States? If the government budget surplus was $2 billion, how much total saving by consumers and businesses in the United States occurred?

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The answer of Suppose that investment in the United States...

Question 2

There is no correlation between the decline in certain forms of pollution over the past 40 years and the increase in real GDP per capita.

Accepted Answer

Studies have shown that as economies grow and real GDP per capita increases, investments in cleaner technologies and more stringent environmental regulations often lead to a reduction in certain forms of pollution, indicating a correlation between economic growth and environmental improvement in many developed countries.

Question 3

Consider the following two scenarios for monthly inventories and sales for a company producing cereal. In both scenarios, the company's sales are the same.   In scenario A, the company maintains production at a constant level. In scenario B, the company adjusts production from month to month to try to match sales.

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Question 4

Determine whether each of the following would be included in GDP, and explain why or why not.

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Question 5

Can real GDP per capita serve, by itself, as an adequate measure of individual well-being?

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Question 6

Examine the following data for a hypothetical centrally planned economy that subsequently freezes prices so that they are not allowed to change:

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Question 7

The state of individual well-being affects the production of goods and services in the economy.

Accepted Answer

Individual well-being can have an impact on productivity and efficiency in the workplace. When individuals are healthy, happy, and motivated, they tend to perform better at their jobs, leading to increased productivity and output. On the other hand, if individuals are struggling with mental or physical health problems, they may have difficulty focusing on tasks, meeting deadlines, or working collaboratively, which can lead to decreased productivity and output. Therefore, there is a connection between individual well-being and economic performance.

Question 8

Determine in which spending category, if any, each of the following transactions would be recorded.

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The answer of Determine in which spending category, if any,...

Question 9

Given the information in the table below for three consecutive years in the U.S. economy, calculate the missing data.

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The answer of Given the information in the table below...

Question 10

List three points that need to be kept in mind when reading news stories about GDP.

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Question 11

Suppose there are only three goods in an economy:

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The answer of Suppose there are only three goods in...

Question 12

Please answer true or false and explain.

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The answer of Please answer true or false and explain.
...

Question 13

Answer the questions below:

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The answer of Answer the questions below:
 
...

Question 14

Suppose that the following data explain the economic activity in a country in the year 2010.  Given these data, calculate the following:

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The answer of Suppose that the following data explain the...

Question 15

Use the following data for an ice-cream vendor at a local fair:

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Question 16

Suppose that, in response to a new government policy, some businesses are forced to go underground.

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Question 17

Why are revisions of GDP inevitable? Why does it matter?

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Quiz 18: Measuring the Production, Income, and Spending of Nations