Given this change in economic circumstance ceteris

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Given this change in economic circumstance, ceteris paribus, a. the demand for gasoline would ______________________________, b. the supply of gasoline would ______________________________. Use your answers to (a) and (b) to illustrate graphically what happens in the gasoline market. Predict the direction of change in equilibrium price (P) and quantity (Q). c. Market for gasoline P: _______________ d. Q: _______________ 5. Goods X and Y are complements in consumption . Higher production costs increase the price of good X. Given this change in economic circumstance, ceteris paribus, a. the demand for good Y would ______________________________, b. the supply of good Y would ______________________________. Use your answers to (a) and (b) to illustrate graphically what happens in the market for good Y. Predict the direction of change in equilibrium price (P) and quantity (Q). c. Market for good Y P: _______________ d. Q: _______________
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NAME: __________________________ PROF. H.J. VAN BOVEN CLASS DAYS & TIME: ____________ ECO 2013 / MACRO APPLIED LEARNING PROBLEM SET (2 pages) Chapter 7: Measuring Domestic Output and National Income 1. The following events occurred in 2018 in the United States. In column i write included or not included in gross domestic product (GDP) for 2018 and in column ii explain why . a. Buy a new textbook from a bookstore i. included ii. C; final good b. McGraw-Hill (publisher) buys paper for its textbooks from a U.S. supplier i. not included ii. intermediate good c. The purchase of baseball uniforms by a i. ii. professional baseball team d. Dell Computer has inventory at the end of the accounting period i. ii. e. Person purchases a new German BMW built in South Carolina i. ii. f. Person buys State Farm auto insurance i. ii. g. Mo D. Versified buys IBM common stock i. ii. h. U.S. Navy purchases a new American i. ii. produced fighter jet i. Salaries paid to military personnel i. ii. G; final service stationed in the U.S. j. Educational services provided i. ii. by Lee County public schools k. Person wins the Florida lottery i. ii. l. The purchase of moonshine (illegal) i. ii. 2. The following events occurred in 2018 in the United States. Indicate the dollar amount (if any) that is included in gross domestic product for 2018. a. GM purchases new windows for a Corvette from an American firm, PPG, $__________ for $5,000. The new Corvette is purchased for $80,000 b. Dante buys a used 2017 Corvette from Faust for $80,000 $__________ c. A household rents a house for $24,000 for their residence. $__________
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-2- Ch7 d. A household’s FPL annual electric bill is $2,400 $__________ e. A household rents a condo for $2,000 during their two week vacation $__________ f. FedEx purchases a new $100 million commercial jet from Boeing; $__________ the value of the jet’s imported components was $20 million g. A Fort Myers resident purchases a new $50,000 Lexus, $__________ the Lexus was built in Japan h. $50 million sale of U.S. corn to China $__________ i. A woman gives a $500 Omas fountain pen to her spouse $__________ j. Services provided at home by your significant other, the services $__________ are valued at $200,000 per year k. College student Bud Weiser receives $2,000 from Moe Weiser $__________ l. A student receives a $2,000 scholarship $__________ m. A retiree receives $2,000 in social security each month $__________ 3. The following events occurred in 2018 in the United States. Indicate the dollar amount (if any) that is included in the investment component (I G ) of GDP for 2018.
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