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business
economics 14th global

Questions and Answers of Economics 14th Global

The president proposed cutting capital gains taxes for investors in some small businesses and would have expanded the bill’s proposed write-off for businesses’ equipment purchases. These tax
1. a tax whose rate rises as income rises.Match each term with its corresponding definition by placing the appropriate letter next to the corresponding number.A. crowding out D. progressive tax B.
2. a drop in consumption or investment spending caused by government spending Match each term with its corresponding definition by placing the appropriate letter next to the corresponding number.A.
3. a tax whose rate falls as income rises Match each term with its corresponding definition by placing the appropriate letter next to the corresponding number.A. crowding out D. progressive tax B.
4. an element of fiscal policy that changes automatically as income changes Match each term with its corresponding definition by placing the appropriate letter next to the corresponding number.A.
5. changes in government spending and taxation aimed at achieving a policy goal Match each term with its corresponding definition by placing the appropriate letter next to the corresponding number.A.
6. a general sales tax collected at each stage of production Match each term with its corresponding definition by placing the appropriate letter next to the corresponding number.A. crowding out D.
7. a tax whose rate is constant as income rises Match each term with its corresponding definition by placing the appropriate letter next to the corresponding number.A. crowding out D. progressive tax
What is a household, and what is household income and spending?
What is a business firm, and what is business spending?
How does the international sector affect the economy?
What does government do?
How do the three private sectors—households, businesses, and the international sector—interact in the economy?
How does the government interact with the other sectors of the economy?
How is the total output of an economy measured?
What is the purpose of a price index?
How is money traded internationally?
How do nations record their transactions with the rest of the world?
What is a business cycle?
How is the unemployment rate defined and measured?
What is the cost of unemployed resources?
What is inflation?
Why is inflation a problem?
What is aggregate demand?
What causes the aggregate demand curve to shift?
What is aggregate supply?
Why does the short-run aggregate supply curve become steeper as real GDP increases?
Why is the long-run aggregate supply curve vertical?
What causes the aggregate supply curve to shift?
What determines the equilibrium price level and real GDP?
How can fiscal policy eliminate a GDP gap?
How has U.S. fiscal policy changed over time?
What are the effects of budget deficits?
How does fiscal policy differ across countries?
What is money?
How is the U.S. money supply defined?
How do countries pay for international transactions?
Why are banks considered intermediaries?
How does international banking differ from domestic banking?
Is a family a household? Is a household a family?
Which sector (household, business, or international)spends the most? Which sector spends the least?Which sector, because of volatility, has importance greater than is warranted by its size?
Why does the value of output always equal the income received by the resources that produced the output?
People sometimes argue that imports should be limited by government policy. Suppose a government quota on the quantity of imports causes net exports to rise. Using the circular flow diagram as a
Draw the circular flow diagram linking households, business firms, and the international sector. Use the diagram to explain the effects of a decision by the household sector to increase saving.
The chapter provides data indicating that there are many more sole proprietorships than corporations or partnerships. Why are there so many sole proprietorships?Why is the revenue of the average sole
Using the circular flow diagram, illustrate the effects of an increase in taxes imposed on the household sector.
1 Householders years old have the largest median annual income.■a. 15 to 24■b. 25 to 34■c. 45 to 54■d. 55 to 64■e. over 64
2 Household spending, or consumption, is the component of total spending in the economy.■a. largest■b. second largest■c. third largest■d. fourth largest■e. smallest
3 Which of the following is not a component of household spending?■a. capital goods■b. housing■c. transportation■d. food■e. entertainment
4 In the owner(s) of the business is (are) responsible for all the debts incurred by the business and may have to pay those debts from his/her (their) personal wealth.■a. a sole proprietorship■b.
5 are the most common form of business organization, but account for the largest share of total revenues.■a. Sole proprietorships; partnerships■b. Sole proprietorships; corporations■c.
6 U.S. trade is concentrated with■a. major industrial powers.■b. developing countries.■c. Canada and Mexico.■d. oil exporters.■e. a and c.
7 Low-income countries are concentrated heavily in■a. Central America.■b. South America.■c. North America.■d. Africa.■e. Western Europe.
8 Combined government spending on goods and services is larger than but smaller than .■a. consumption; net exports■b. consumption; investment■c. net exports; investment■d. investment; net
9 Which of the following is a macroeconomic function of government?■a. provision of military protection■b. promotion of competition■c. determining the level of government spending and
10 The is (are) responsible for fiscal policy, and the is (are)responsible for monetary policy.■a. Federal Reserve; Congress■b. Federal Reserve; Congress and the president■c. Congress; Federal
The largest component of total spending in the economy is spending.
is the expenditure by business firms for capital goods.
account for the largest percentage of business revenue.
The is an international organization that makes loans to developing countries.
equal exports minus imports.
net exports signal a trade surplus; net exports signal a trade deficit.
The World Bank groups countries according to.
List three microeconomic functions of government.
What is the purpose of the circular flow diagram?
The circular flow diagram shows that the value of is equal to income.
The Circular Flow Diagram Use the following diagram to see if you understand how the three sectors of the economy are linked together. In the blanks below and on the following page, fill in the
The following table lists the stages required in the production of a personal computer. What is the value of the computer in the GDP?Stage Value Added Components manufacture $ 50 Assembly 250
What is the difference between GDP and each of the following?a. gross national productb. net national productc. national incomed. personal incomee. disposable personal income Use the following
What is the price of 1 U.S. dollar in terms of each of the following currencies, given the following exchange rates?a. 1 European euro $.95b. 1 Chinese yuan $.12c. 1 Israeli shekel $.30d. 1
A bicycle manufactured in the United States costs$100. Using the exchange rates listed in Table 1, what would the bicycle cost in the currency of each of the following countries?a. Australiab.
The U.S. dollar price of a Swedish krona changes from $.1572 to $.1730.a. Has the dollar depreciated or appreciated against the krona?b. Has the krona appreciated or depreciated against the
Did Mexico become a larger international net debtor during this period?
If the U.S. dollar appreciated against the euro, what would you expect to happen to U.S. net exports with Germany?
Suppose the U.S. dollar price of a British pound is$1.50; the dollar price of a euro is $.90; a hotel room in London, England, costs 120 British pounds; and a comparable hotel room in Hanover,
Use the national income accounting definition GDP C I G X to explain what a current account deficit (negative net exports) means in terms of domestic spending, production, and borrowing.
1 Which of the following is counted in GDP?■a. the value of homemaker services ■b. estimated illegal drug transactions ■c. the value of oil used in the production of gasoline ■d. estimated
2 A price index equal to 90 in a given year ■a. indicates that prices were lower than prices in the base year.■b. indicates that the year in question was a year previous to the base year.■c.
3 Social security payments are tied to the ■a. GDP price index.■b. wholesale price index.■c. CPI.■d. nominal GDP.■e. PPI.
4 The foreign exchange market, like the New York Stock Exchange, is located in a specific building in New York City. (true or false?)
5 As a country’s currency depreciates, international demand for its products (rises, falls), all other things being equal.
6 If the U.S. dollar drops to 1.1485 euros from 1.1598 euros, then the dollar has ■a. appreciated against the euro, and the prices of European cars will increase in the United States.■b.
7 If a Japanese investor bought the Epic Center office building in Wichita, Kansas, the transaction would be recorded as a in the account.■a. credit; current ■b. credit; financial ■c. debit;
8 A country with a deficit in its current account ■a. exports more goods and services than it imports.■b. is running a deficit in its financial account.■c. is a net lender to the rest of the
9 Suppose the dollar ended at 1.4165 Swiss francs today, well above yesterday’s 1.4045 francs.■a. The dollar has (appreciated, depreciated) against the franc.■b. Swiss goods are now (more
10 You read in the paper that the Finnish markka is expected to depreciate against the dollar. Therefore, the price of a Finnish sweater sold in the United States will (increase, decrease), and the
2 A lei maker buys flowers from a nursery for $125.She makes 50 leis from the flowers and sells each lei for $3.99. What is the value added for the lei maker?
3 A Kansas farmer sells wheat to a craftsperson to make into decorative ornaments. The farmer sells his wheat to the craftsperson for $300. The craftsperson adds labor, valued at $200, and some
4 Unplanned inventory (is, is not) included in the GDP.
5 Write the formulas for the following:Gross domestic product as expenditures (GDP):Gross domestic product as income (GDP):Gross national product (GNP):Net national product (NNP):National income
6 Use the following information to calculate GDP, GNP, NNP, and NI. All figures are in billions of dollars.Capital consumption 328 Wages and salaries 1,803 allowance Personal taxes 398 Corporate
7 The following table shows nominal GDP and the implicit GDP deflator for three years. Use this information to calculate the real GDP and to answer the following questions.Implicit GDP Year Nominal
8 Why isn’t nominal GDP a good measure of the strength or weakness of the economy? What measure would be better?
9 If the price index in the current year is 212, then prices have (increased, not changed, decreased) by percent from the base year.
10 What is the price of one U.S. dollar given the following exchange rates?a. 1 Canadian dollar $.86610b. 1 euro $.8707c. 1 Japanese yen $.00677d. 1 British pound $1.8155
11 A digital camera manufactured in the United States costs $150. Using the exchange rates listed in the following table, what would the camera cost in each of the following countries?U.S. Dollar
I Understanding Price Indexes Suppose the economy of Strandasville produces only four goods: CDs, pizza, desk chairs, and sweaters. The following tables show the dollar value of output for three
Calculate the total dollar value of output for year 1, year 2, and year 3.
The dollar value of output in year 2 is higher than the dollar value of output in year 1a. entirely because of price changes.b. entirely because of output changes.c. because of both price and output
The dollar value of output in year 3 is higher than the dollar value of output in year 2a. entirely because of price changes.b. entirely because of output changes.c. because of both price and output

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