5. Explain the difference between final and intermediate goods, and give an example of each.
7. What is the value added by all the firms A–E from the production of a product as described below? What did each firm add separately in value and what does it total?
Stage of production Sales value of product
Firm A $1,600
Firm B 2,500
Firm C 3,700
Firm D 5,200
Firm E 7,600
18. The following is a list of figures for a given year in billions of dollars. Using this data, compute: (a) GDP; (b) NDP; (c) NI; (d) PI; (e) DI; (f) Net exports.
Transfer payments $ 16
Government purchases 80
Personal taxes 38
Corporate income taxes 28
Indirect business taxes 15
Social security contributions 8
Undistributed corporate profits 19
Proprietor’s income 25
Compensation of employees 258
Personal consumption expenditures 322
Consumption of fixed capital 4
U.S. exports 14
Corporate profits 70
Imports to U.S. 17
Gross private domestic investment 63
Net foreign factor income earned in the U.S. 10
19. Which of the following are included and which are excluded in calculating this year’s GDP? Explain in each instance.
(a) A monthly scholarship check received by an economics student
(b) The purchase of a new corncrib by a farmer
(c) The purchase of a used tractor by a farmer
(d) The cashing in of a savings bond
(e) The services of a mechanic in fixing the radiator in his own car
(f) Social security checks received by a retired person
(g) An increase in business inventories
(h) Government purchase of missiles
(i) A barber’s income
(j) Income received from interest on a corporate bond
(k) Cash received from selling a corporate bond
22. The following table shows the price of a specific stereo receiver for a five-year period. Using year 3 as the base year, calculate the price index for each year.
Year Price Price index
1 $ 88 ___
2 $100 ___
3 $120 ___
4 $132 ___
5 $140 ___
23. The next four questions refer to the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.
Units of Price
Year output per unit
1 16 $2
2 20 3
3 30 4
4 36 5
5 40 6
(a) If year 2 is the base year, give the price index for year 3.
(b) Give the nominal GDP for year 4.
(c) What is the real GDP for year 4?
(d) Tell which years you would deflate nominal GDP and which years you would inflate nominal GDP in finding real GDP.
. 25. The following table shows the price of a specific stereo receiver for a five-year period. Using Year 1 as the base year, calculate the price index for each year.
Year Price Price index
Year 1 = 100)
1 $112 ___
2 144 ___
3 160 ___
4 176 ___
5 200 ___
27. The following data show nominal GDP and the appropriate price index for several years. Compute real GDP for each year and indicate whether you have “inflated” or “deflated” nominal GDP in finding real GDP. All GDP are in billions.
Nominal Price level Inflated (I)
Year GDP index Real GDP Deflated (D)
1 $117 120 ___ ___
2 124 104 ___ ___
3 143 85 ___ ___
4 149 96 ___ ___
5 178 112 ___ ___
6 220 143 ___ ___
29. Discuss the merits and demerits of GDP as a measure of the economy’s output performance and as a measure of its standard of living.
"Understanding music requires no recuperation[SKS1] of an anecdotal world, and no reaction to fanciful articles… .the significance of music exists in it; it can be recouped just through a demonstration of melodic comprehension, and not by a "task of qualities" of the kind gave by a semantic theory[SKS2]" (Roger Scruton) Music is an imperative part of regular daily existence: We can take it with us wherever we go and utilize it to set the scene or make a "soundtrack" to our lives. It has the ability to impact our states of mind and feelings and can blend up emotions and old recollections inside the initial couple of notes. Music is entwined in all societies and has been for whatever length of time that people have could make it. It has been said that melodic instruments and the creation of music (in any shape) originates before the most punctual proof of composing. Music is all over the place. Keeping in mind the end goal to comprehend music it is critical to characterize what it is that makes something music. As indicated by the Oxford English Dictionary, the meaning of music is; "The craftsmanship or art of joining vocal or instrumental sounds to create magnificence of frame, congruity, song, beat, expressive substance, and so forth.; melodic structure, execution, investigation, and so on., as a subject of study; the occupation or calling of artists." (Oxford University Press 2014) As per this definition, the premise of music is sound. Sound is characterized as a sensation caused by a vibration of air particles. It can't be seen by the stripped eye and, at a few frequencies, can't be heard by the human ear. Music does not exist without sound as it is a result of different blends of "vocal or instrumental sounds". Everything that is viewed as "melodic" is produced using sound yet only one out of every odd sound is melodic. Sounds exist whether we are tuning in to them or not. Numerous sounds are accidental in that they are an important aftereffect of an activity. They are not being made deliberately and are regularly just out of sight of regular daily existence. In spite of the fact that we hear them, we don't need to tune in or center around them on the off chance that we pick not to. Music, then again, is a purposeful question. It is intentionally made to be heard, we should center around music and effectively hear it out. Music is acousmatic. When we hear it we have a tendency to separate the sound from its generation and spotlight on the sounds. This varies to the non-melodic sounds we experience all around. Music is a worldly event yet must be talked about in spatial terms. In spite of the fact that there are particular wordings identified with music, there is no should be a specialist keeping in mind the end goal to appreciate a piece or examine it with others. So as to appropriately consider the importance of music and characterize it, we apply semantic wording and contrast music with dialect. It is simple for us to separate both dialect and music into their littlest structures and think about the similitudes between both in spite of the fact that we may have an issue with the beginning stage of music as we would need to decide the littlest frame, which could be a sound, a note or even a beat, contingent upon how a man sees the production of music and their insight into how music is shaped. If we somehow managed to separate dialect to its littlest frame and work our way up, in a manner of speaking, we could state that the littlest piece of dialect is a phoneme. From that point we can presume that a phoneme at that point turns into a morpheme, a morpheme at that point turns into an expression, which at that point turns into a proviso, which at that point turns into a sentence, et cetera. As a local speaker, we can make various blends of words that can be comprehended by other people who share our dialect. With the goal for things to be comprehended, it is said that there should be some type of basic information or shared conviction. It is likewise essential that there is some setting to what is being communicated so we can reason importance from what we are hearing/perusing. On the off chance that we separate music into its easiest shape, we start with sounds that are consolidated to make diverse pitches. These move toward becoming expressions and groupings that are joined to make entire bits of music. On the off chance that we analyze dialect and music on this level, we can see that the two offer likenesses in structure. While talking about the importance of music itself, there are a couple of things to consider. Initially, we should recognize what we mean by music and the shape it is in. On the off chance that we are discussing composed music, one must have no less than a fundamental learning of melodic documentation with a specific end goal to comprehend what they are perusing. Music is the general dialect." Aphoristic as this expression might be, it relates something numerous individuals consider music: music is expressive. Be that as it may, if music is expressive, what, precisely, does music express? So far as that is concerned, how does music express? Is the substance or way of articulation of music the same as the substance or way of articulation of dialect? In noting inquiries, for example, these, we advance beforehand exhaust social truisms about music like the one exhibited before to the status of important cases. David Lewis features two imperative highlights of dialect – dialect as a protest and dialect as a training. I will display a perspective of the idea of music held by Peter Kivy, contrasting it with Lewis' origination of dialect. I will then contend that by Kivy's perspective of music, music isn't a dialect, however it has more dialect like properties than Kivy concedes. To quickly take stock, we may feature four general properties of dialect we should search for in the assurance of regardless of whether something is a dialect: Linguistic structure – Lewis' sentence structure activities. Decide genuine strings. Semantics – Lewis' significance. The significance of an all around framed string is the circumstance it depicts in an arrangement of conceivable universes. Truth Values – Derived from contrasting the significance of a sentence and our reality. Traditional Activity – a populace self-assertively decides a dialect utilized by customarily utilizing the dialect to express truth. Diminish Kivy embraces a formalist perspective of music. The formalist teaching is that music is a sort of sound structure. By and large, we think about a structure as something we can acknowledge outwardly; the word for the most part summons mental pictures of certain spatial relations of articles to different items. Be that as it may, as per the formalist, sound structures are "transient examples of sound" (accentuation included). To place this in a vocabulary well-known to artists, sound structures are only mix of kinds of sounds, (for example, pitches, percussion, and so on.) that happen in some time period. Music has formal properties and sexy properties: a bit of music's formal properties separate it from different bits of music; i.e. certain notes are played in a specific request, the piece is a sure speed, and there are sure rhythms. Also, music's 'exotic properties' come down to the way that – stunner – music is a heard medium: we hear and see diverse parts of sound occasions when we encounter music. Kivy's perspective of music specifically bolsters the incorporation of one of the vital highlights of dialect in music's inclination. He says that music has an "uncommon sort of request: the request of grammatical structure." He says that this request is administered by rules (of a sort); these principles concern how extraordinary sounds ought to be consolidated in the creation of a melodic work. For instance, it is a staple of the punctuation of specific schools in western music that there ought to be an arrival to the tonic toward the finish of a melodic expression. This sentence structure varies for various classifications of music, much as it improves the situation distinctive dialects. Certain harmonies can be utilized as a part of specific kinds, and not in others – for instance, you will see level V harmonies utilized as a part of harmony movements in jazz, however not most pre-present day types of established music. In any case, I think we have motivation to trust that the idea of melodic punctuation is fundamentally the same as the idea of semantic language structure. Above all else, I question the attestation that the guidelines of phonetic grammar are stricter than the tenets of melodic language structure. For instance, take the English language structure decide that the main letter of the principal word in a composed sentence is promoted. I think this effortlessly qualifies as a syntactic lead of composed English; nonetheless, conspicuous essayists have abused it all through history (E. E. Cummings is one clear case), and individuals today regularly disregard it when conversing with each other through electronic media, for example, messaging on the telephone and informing on the web. I think despite everything we need to state that these individuals are utilizing English – they are simply briefly neglecting a sentence structure administer of English, which is to a greater extent a normality than a law. Nonetheless, however a few standards of etymological punctuation are not totally strict, I do feel that there are rules which are sacred. Lewis' decide that there is a limited arrangement of rudimentary constituents combined with implications that we can use in the development of sentences is of vital significance when utilizing a dialect. I can't type out an arbitrary grouping of characters and anticipate that that setup will be an English sentence. Thus, certain combinatorial language structure rules are outright. Furthermore, I can't help suspecting that melodic grammar has fundamentally the same as attributes to this origination of the qualities of etymological sentence structure. There are sure guidelines which can be twisted; a bit of music can protect its status as a bit of music in a specific classification paying little mind to whether it takes after a particular syntactic 'normality' of this kind. This is like syntactic tenets like capitalization said in the past passage. At that point there are sure standards which must be taken after for a piece to be delegated an individual from a specific class – relate this to how a string must take after a specific instantiation of the syntax rules Lewis built up to be described as an individual from one dialect as opposed to another. At that point there are sure principles any class of music must take after to be music as opposed to minor commotion. This is like syntactic principles any dialect must have; a dialect must take after t>GET ANSWER