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- What does the positive and statistically significant correlation suggest about real income per capita as a measure of welfare? O A. Since correlation does not mean causality, real income per capita should not be used to measure welfare O B. Real income per capita is a reliablethough not perfect-indicator of human welfare within and across countries. O C. Correlation is a statistical quirk and suggests nothing about the use of real income per capita as a measure of welfare O D. Real income per capita can be trusted to give unquestionable assessments of human welfare within and across countriesSuppose hat 25 yean ago a country had nomunai GDP of 1000, a GDP deflator of 200, and a population of 100 Today, that country has a nominal GDP of 3000, a deflator of 400, and a population of 150 What happeted to the real GDP per person? O roe, but less than doubled Oa did net change O ct more than doubledUse the graph below to determine which of the following statements is true: -Real gross domestic product per capita FRED 40,000 Chained 2012 Dollars 5,000 40.000 30,000 10,000 1950 1000 1970 1000 1000 shaded rindate US recens Source U.S. Bureau of Economic Analysis 2000 2010 2030 fredstiouifed.org Real GDP per capita has increased every year during the time period shown. O The average American in the year 2021 could buy about four times as many goods and services as the average American in 1947. O The average American in 2021 is both four times better off and can buy four times as much as the average American in 1947. O The average american in the year 2021 is four times better off as the average American in 1947.
- Suppose that there are two individuals in an economy, Person 1 and Person 2. Person 1 buys asecond-hand car from Person 2 for $12,000.10. What is the change in GDP according to the Income Approach here? What is the changeof each person’s contribution to GDP according to the Income Approach? Suppose now instead that an individual was buying $400 of wine from a domestic producer ofwine. Now suppose that this individual decides to import $400 of wine instead.11. What is the change of Consumption (C), Investment (I), Government Spending (G), NetExports (NX), and GDP as calculated by the Expenditure Approach in this example?Finally, now consider the following table:Government Purchases of Goods andServices$58.5Indirect Taxes Less Subsidies $29Personal Income Taxes $41.5Wages and Compensation $165.5Interest on Public Debt $15.5Consumption Expenditure $168.4Exports $90.9Depreciation $33.5Imports $93.3Gross Investment $67.2Net Interest Income $19.0Business Profits Before Taxes $45.512. What is…The Human Development Index measures O A. living standards across various countries. O B. the amount of ethnic welfare and disease in third-world countries. O C. how fairly income is distributed across countries. O D. the relative lifespan and education in third-world countries. The correlation between this index and real income per capita in a country is O A. the correlation between this index and real income per capita is weakly negative. B. countries with higher real income per capita tend to have higher levels of this index. C. no discernable association exists between this index and income per capita. D. a positive association is apparent but only for high-income economies.Muintiie oT 1st 3rd 2nd 4th Population Quintile's % of Income, Ecuador, 2000 Quintile's % of Income, Ecuador, 2010 Quintile's % of Income, United States, 2010 Sth 7 11 18 61 9. 12 21 54 10 14 20 51 United States data from the Congressional Budget Office at CBO.gov Before-tax income, rounded to whole s. Data for other countries from WorldBank.org, rounded to whole %s. Report your answers to two decimal places. According to these data, the Gini coefficient for Ecuador in 2000 is 0.48 The Gini coefficient for Ecuador in 2010 is 0.44 These Gini coefficients indicate that in Ecuador, the income distribution was in 2000 compared to 2010. In 2010, the income distribution was in the United States compared to Ecuador. 3.
- Why do you mink the U.S. experience with inflation over the last 50 years has been so much milder than in many other countries?Which of these statements is not true when we discuss GDP calculation? O a. GDP includes earnings of both the citizens and non-citizens but are residing inside the country. Ob. Incomes made by a citizen outside of his country will be included in the calculation of GDP O c. Expenditures of citizens and non-citizens made inside the country is included in GDP calculation O d. Incomes made by expatriates are included in the calculation of GDPUse the information in the table to answar the foilowing questions Alnumbers are in bilions of 2012 dol Plarned Investment $2.000 Governnent Purshas pert Raal GDP (Y) Conaumptien (C) $12,000 $13,000 $14,000 50,100 S7,000 $7.500 $5.000 $5.000 $5000 S5.000 $5000 $2.000 $2.000 $2.000 12000 $15,000 $8,000 $10,000 The equiibrium level of GDPSDlon The MPC (onter your reponse to two decimal places) Suppose that net epons ioese by 5400 bilion Using the mutipler formua detemine the w leval of GOP A S400 blion increase in net expota ads to a charge in spendng of illion. se the new level of GDP w be blion
- Why is per capita gross domestic product (per capita GDP) better than gross domestic product (GDP) as a measure of a country's wealth? O Location and land mass have a large effect on GDP and must be considered in assessing a country's economy. O Because per capita GDP takes population into account, it is more useful for comparing the standard of living in different countries. O Per capita GDP provides information on income, while GDP only provides information on investment. O Per capita GDP includes the value of land, minerals, and crops not counted by normal GDP. The advantages of the sole proprietorship include O ease of start-up © full control ob business decisions © exclusive rights to profits © all of the above. Why is real GNP/GNI per capita considered a better measure of Irish living standards in recent decadesCompute the GNP using the Income Approach and Expenditure Approach. Personal Consumption ExpendituresP 1,059,000 Compensation of employees and entrepreneurial & propertyIncome of persons980,000 Government Income31,000 Indirect Taxes132,500 Exports of goods and non-factor services648,200 Fixed Capital Formation232,400 Government Services116,000 Imports of goods and non-factor services648,100 Subsidies3,900 Trade237,000 Increase in Stocks7,200 Corporate Income16,000 Depreciation Allowance176,000 General Government Consumption Expenditures86,500 Net Factor Income From Abroad20,600