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Home Question Bank Economics Archive 2025 January 19

Economics Questions from Jan 19,2025

Browse the Economics Q&A Archive for Jan 19,2025, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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Question Value: 35 Jabahri is willing to spend up to \( \$ 20 \) of the \( \$ 100 \) he currently has to ride a cable car. If San Francisco sells cable car rides for \( \$ 10 \), then GDP would the economic value of Jabahri riding a cable car by _ underestimate; \( \$ 10 \) since GDP is based on prices and not values. overestimate; \( \$ 90 \) overestimate; \( \$ 10 \) underestimate; \( \$ 90 \) Which scenario would be described as comparing a large number to its past values? An economist calculates when the size of the economy will double given the current growth rate. A politician breaks down the new \( \$ 60 \) billion budget into what that will cost each person. An economist compares the nation's debt to the size of the economy. A lawmaker wants to fund a new park because GDP, and thus taxes, increased by \( 3 \% \) since last year. Carol is deciding whether she should take the bus or drive to work in the morning. Since riding the bus will reduce traffic for everyone, Carol's transportation choice is a decision with consequences. macroeconomic; microeconomic microeconomic; macroeconomic macroeconomic; macroeconomic microeconomic; microeconomic Ziyi is attempting to calculate the GDP of Mexico. She sees that to build a phone in Mexico, a manufacturer spends \( \$ 30 \) on batteries, \( \$ 20 \) on touch screens, and \( \$ 100 \) on computer chips, all to sell the phone for \( \$ 300 \). Ziyi calculates the phone being produced at \( \$ 150 \) for GDP as the difference between the costs to make the phone and the price it is sold at. Is she correct, and why? She is incorrect, as GDP only cares about the end product produced. So the phone would have a \( \$ 300 \) impact on GDP. She is incorrect, as GDP only measures the cost of the product being produced. So the phone should have a \( \$ 150 \) effect on GDP from the cost to produce, not the difference between the selling price and cost. She is correct, as GDP measures the sum of the intermediate goods that are used in the production of the good or service. So the impact on GDP should equal the sum of batteries, touch screens, and computer chips. She is correct, as GDP measures the profit made by the sale of items. If a farmer sells wheat for \( \$ 1 \) a bushel to the baker and the baker can make a loaf of bread with one bushel and sell it for \( \$ 3 \), and then the pastry chef can take a loaf of bread from the baker and make one dessert out of one loaf and sell it for \( \$ 5 \), what is the total contribution to GDP of these actions for one bushel? \( \$ 5 \) \( \$ 2 \) After much debate with his partner, Boris decides to become a stay-home father to raise his family's new set of twins. Now, while his partner works in the office, Boris focuses on raising the children and completing household activities. GDP would fail to measure the work Boris does at home because of what limitation? Leisure doesn't count. It doesn't count environmental degradation. Prices are not values. It doesn't count nonmarket activities. Sharon is getting the tires replaced on her car, and she is paying for the replacement. In this case, the tire is in GDP because it is a(n) counted; intermediate good counted; final good not counted; final good not counted; intermediate good Nominal GDP tracks each year's output by using that same year's prices. This results in difficulties measuring _ years because changing prices_a_ account for changes in quantity or quality. between; don't always between; always within individual; never within individual; always The state of Michigan has two major industries. The auto industry hires 100 repairmen; it pays \( \$ 44,000 \) a year to each repairman and can make \( \$ 10,000 \) in profits. The tourist industry spends \( \$ 5,000 \) on wages and (after wages) makes \( \$ 55,000 \) in profits. What is the contribution to Michigan's GDP from these two industries? \( \$ 4,405,000 \) \( \$ 4,460,000 \) \( \$ 65,000 \) \( \$ 4,470,000 \) Kansas City produced 5,000 trucks in 2018 and sold each for \( \$ 40,000 \). In 2019, Kansas City produced 5,000 of the exact same truck model and sold them for \( \$ 45,000 \) each. In this scenario, growth in nominal GDP would be_than growth in real GDP because _ GDP uses constant prices. lower; real lower; nominal higher; real
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