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Chapter 7
Answers to End-of-Chapter Problems and Applications
2. We would prefer working in an industry producing a normal good during an economic expansion, but an industry producing an inferior good during a recession. During an expansion, the increase in incomes would increase the demand for a normal good, which would increase the demand for jobs in the industry. The expansion, however, would decrease the demand for an inferior good and the jobs that produce them. During a recession, the decrease in incomes would decrease the demand for a normal good, which would decrease the demand for jobs in the industry, but would increase the demand an inferior good and the jobs that produce them.
4. b., c., and d. -- the purchase of the aircraft carrier by the federal government, the French wine by a U.S. consumer, and the new machine tool by Ford – represent purchases of final goods. The purchase of wheat from a wheat farmer by a bakery represents the purchase of an intermediate good.
6. The value of the house built in 2000 would not be included in GDP of 2006 because the sale does
not
represent new production. The value of the services of the real estate agent that helped sell or buy the house in 2006 would be included in GDP of 2006 because those services were newly provided in 2006. 8. a.
Real GDP for 2006 = (100 x $50) + (100 x $2) + (50 x $30) = $6,700
Real GDP for 2007 = (100 x $50) + (120 x $2) + (65 x $30) = $7,190
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发表于 2016-10-25 21:01:43