Economics 1022A/B Study Guide - Midterm Guide: Frictional Unemployment, Opportunity Cost, Factor Cost

• School: Western University
• Department: Economics
• Course: Economics 1022A/B
• Professor: All

Document Summary

Figure 1: refer to figure 1, which shows the circular flow of expenditure and income for venus. How much is gdp: , , , , none of the above. 1: refer to figure 1, which shows the circular flow of expenditure and income for venus. 2012, a was , b was , c was and d was . Provincial government expenditures are included in provincial gdp calculations: federal and provincial governments only, the federal government only. 3: suppose the economy of econoworld produces only two goods, kayaks and birdseed. 20 kayaks are produced and sold for ,000 each and 10 bags of birdseed are produced and sold for each. The value of nominal gdp for this year is: ,000, ,000, ,300, , 20 kayaks plus 10 bags of birdseed. Government payments to support unemployed, sick, & aged. a bunch: refer to table 2.