Question 2Fannie’s profit from selling fresh apricots is: $4,030,000 None of these are correct $670,000 $110,000 $300,000 3 / 3 ptsQuestion 3Use the income approach to calculate nominal GDP. Fill in the blanks in thetable below. Enter numbers with no commas, no dollar signs and nodecimals. For example, if your answer is $12,000 you would enter 12000into the appropriate box.a. Total wages1650000b. Interest200000c. Rent400000d.Total profit*780000
2/3/2019 Homework 02: Econ 104 WC Sec 1 Spring 2019 4/19 Answer 1: Answer 2: Answer 3: Answer 4: Answer 5: Answer 6: e. Total taxes 270000 f. Nominal GDP =(a+b+c+d+e) 3300000 *hint: get total profit by adding your answers for #1 and #2! 1650000 200000 400000 780000 270000 3300000 3 / 3 pts Question 4 Now let’s use the expenditure approach to calculate nominal GDP. So here we will add up all consumer spending on FINAL goods in this economy. Remember that the final goods in this economy are fresh apricots and also dried apricots. We have to be careful not to double count here though because some of the fresh apricots produced by Fannie are used by Darryl to make dried apricots. So first we find out how much money consumers spent on each of the final goods:
2/3/2019 Homework 02: Econ 104 WC Sec 1 Spring 2019 How much money was spent by consumers on Fannie’s fresh apricots? 3 / 3 pts Question 5How much money was spent by consumers on Darryl’s dried apricots? 3 / 3 pts Question 6Now we are ready to calculate nominal GDP using the expenditure approach.Add up your answers for #4 and #5. What is nominal GDP calculated usingthe expenditure approach equal to?
2/3/2019 Homework 02: Econ 104 WC Sec 1 Spring 2019 6/19 3 / 3 ptsQuestion 7According to the cruise ship example what are the real objectives (goals) ofmacroeconomic policymakers? 0% unemployment price stability full employment both full employment and economic growth equal to the potential growth rateof the economyeconomic growth equal to the potential growth rate of the economy 3 / 3 ptsQuestion 8According to the cruise ship example what are the nominal objectives (goals)of macroeconomic policymakers?
2/3/2019 Homework 02: Econ 104 WC Sec 1 Spring 2019 7/19 0 / 3 pts
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