The level of economic activity is calculated using the income method by O A. tracking the flow of funds from firms to the owners of the factors of production O B. summing labor income and capital income O C. adding together the income payments received by the various agents in the economy! O D. all of the above. O E. A and C only.
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- The largest component of gross domestic income is Select one: a. interest payments. O b. wages. O C. profits. O d. taxes.Assume an economy where there are two producers: a wheat producer and a bread producer. In agiven year, the wheat producer grows 3 million tonnes of wheat, of which 2.5 million tonnes aresold to the bread producer at $30 per bushel, and 0.5 million tonnes are stored by the wheatproducer to use as seed for next years crop. The bread producer produces and sells 100 millionloaves of bread to consumers for $3.50 per loaf. Determine GDP in this economy during this yearusing the product and expenditure approaches.Households receive a total income of $5 million. Of this, $3.5 milion are wages received for labor services, $1 million are renta payments, and S250,000 are interest payments received What are the costs of production and profits equal to respectively? OA $5 million; $250,000 OB. $4.75 milion, $250.000 OC. $4.75 million; 0 OD. $5 milion; $500,000
- O C. Production = ExpenditureF Income O D. Y= C+1+G+X+M Classify the following individuals according to the types of incomes they receive in the following examples, Example Type of income Rebecca enjoys the benefits of living in her apartment in central London. Daryl gets free refreshments and lunch allowances at work. Luke received Amazon gift cards from his office at Christmas. Capital income Kelly earns rent on the 1 hectare of land she inherited from her mother. Labor income Click to select your answer. 出Question 14 Payments to households not in exchange for goods and services currently produced are: O a consumption expenditures O b.investment expenditures Oc transfer payments. Od government purchases.Artica is a nation with a simple economy that produces onlysix goods: oranges, bicycles, magazines, paper, orange juice, and hats. Assume that half of all the oranges are used to produce orange juice and one-third of all the paper is used to produce magazines. 2009 2010 2011 PRODUCT QUANTITY PRICE QUANTITY PRICE QUANTITY PRICE 180 $ 0.90 200 $ 1.00 200 $ 1.25 Oranges Bicycles 20 85.00 25 90.00 30 95.00 Magazines Paper 175 3.50 150 3,50 150 3.25 675 0.60 600 0.50 630 0.50 Orange juice 40 3.50 50 4.00 60 4.50 Hats 70 10.00 80 12.50 100 15.00 a. Use the production and price information in the table to calculate nominal GDP for 2011. b. Use the production and price information in the table to calculate real GDP for 2009, 2010, and 2011 using 2009 as the base year. What is the growth rate of real GDP from 2009 to 2010 and from 2010 to 2011?
- Intrepreneursdometrik.ta e.only succes In economics, when discussing the factors of production, the term land refers to A) farmland. B) real estate. capital goods. D) all natural resources. Which term would be used to describe the wood that is used when building a house1. How does an increase in labor-productivity increase income? a. An increase in productivity, increases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases. b. An increase in productivity, decreases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases. c. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate increases. d. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate decreases.AMoving to the next question prevents changes to this answer. Question 3 of Question 3 1 points Save Answ The branch of economics that analyses the market behaviour of individual consumers and firms in an attemp to understand the decision-making process of firms and households. a)Gross Domestic Product O b)Micro Economics c)Macro Economics d)Logistics e)Gross National Product O0000