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ECON-1012-C-Introduction to Macroeconomics

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Which of the following statements about real GDP is correct?
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Fact 4.1.3

At the beginning of 2023, Peter's Perfectly Prickly Piercing Parlour had $5,000 worth of bellybutton and eyebrow rings, 2 computers (each worth $1,000), 1 cash register worth $100, electrical equipment worth $500, and one piercing needle worth $500. At the end of 2023, Peter's had $5,000 worth of bellybutton and eyebrow rings, a new high speed computer worth $3,000 (it had to throw out the old ones), the same cash register, which was now worthless, electrical equipment worth $600, and it had upgraded the needle at a cost of $700 which was valued at $1,000.

Refer to Fact 4.1.3. What was the value of Peter's capital at the end of 2023?
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Which of the following statements about nominal GDP is correct?

Nominal GDP
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Which of the following items is included in the calculation of GDP this year?
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If the number of suppliers of good Y increases, how does the market for good Y change?
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How do economists classify french fries and baked potatoes?

They are
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When will the price of a concert ticket fall?
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A graph plots quantity versus price.A line D sub 2 passes through lines S sub 2, S sub 0, and S sub 1 at points 4, 3, and 2, respectively. A line D sub 0 passes through lines S sub 2, S sub 0, and S sub 1 at points 6, 1, and 5, respectively. A line D sub 1 passes through lines S sub 2, S sub 0, and S sub 1 at points 9, 8, and 7, respectively.

Figure 3.5.2

Refer to Figure 3.5.2, which shows the market for beans, currently at point 1. If the price of peas, a substitute for beans, rises, and the cost of producing beans decreases, what is the new market equilibrium?
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A graph plots quantity versus price.A line D sub 2 passes through lines S sub 2, S sub 0, and S sub 1 at points 4, 3, and 2, respectively. A line D sub 0 passes through lines S sub 2, S sub 0, and S sub 1 at points 6, 1, and 5, respectively. A line D sub 1 passes through lines S sub 2, S sub 0, and S sub 1 at points 9, 8, and 7, respectively.

Figure 3.5.2

Refer to Figure 3.5.2, which shows the market for beer, currently at point 1. If the price of pizza, a complement of beer, rises, what is the new market equilibrium?
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A graph plots quantity versus price.A line D sub 2 passes through lines S sub 2, S sub 0, and S sub 1 at points 4, 3, and 2, respectively. A line D sub 0 passes through lines S sub 2, S sub 0, and S sub 1 at points 6, 1, and 5, respectively. A line D sub 1 passes through lines S sub 2, S sub 0, and S sub 1 at points 9, 8, and 7, respectively.

Figure 3.5.2

Refer to Figure 3.5.2, which shows the market for beans, currently at point 1. If the price of peas, a substitute for beans and a substitute in production, rises, what is the new market equilibrium?
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