LESSON 1. National Income Accounts

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "LESSON 1. National Income Accounts"

Transcription

1 LESSON 1 National Income Accounts Assigned Reading 1. Mankiw, N. Gregory, et al Principles of Macroeconomics (5 th Canadian Edition). Toronto: Thomson Nelson. Chapter 5: Measuring a Nation's Income Recommended Reading 1. Mankiw, N. Gregory, et al Study Guide for use with the Principles of Macroeconomics, (5 th Canadian Edition). Toronto: Thomson Nelson. Chapter 5: Measuring a Nation's Income Learning Objectives After studying this lesson, students should be able to: 1. Explain why, for the economy as a whole, total income equals total expenditures. 2. Define and calculate Gross Domestic Product (GDP). 3. Explain the four major components of GDP. 4. Discuss the difference between real GDP and nominal GDP. 5. State the relationship between nominal GDP, real GDP, and the GDP deflator. 6. Recognize the difference between GDP as a measure of output and as a measure of economic wellbeing. Instructor's Comments This lesson introduces students to the basic terms used to measure the macro economy, the economy of a country or region. It does this by introducing Gross Domestic Product (GDP), using the traditional circularflow model of the economy to do so. GDP is the single most important measure of the health of the macro economy. It is the most widely reported statistic in every developed country. Also introduced is the use of a price index (the GDP price deflator) and how it is used to derive real GDP from nominal GDP. The basic concepts underlying these issues are fairly straightforward. However, measuring the quantity of the production of goods and services to end-users and consumers can be quite complex. The mechanics of measuring price changes and domestic income and product are quite complicated. For example, domestic product is calculated using the total value of final products, in order to avoid double-counting the value added in intermediate processes. Yet the distinction between final products, intermediate goods, and value added is not always clear. For instance, stores like Revy or Home Depot sell lumber to contractors and to 1.1

2 Lesson 1 private individuals. If they buy $400 worth of lumber and sell it for $500 there is $100 of added value. When this $500 worth of lumber sales is made to a private individual the value is added to domestic product. However, if the lumber was sold to a contractor it would not count, because in this case the lumber is an intermediate good in the contractor's provision of goods and services, such as a new deck or renovation, to a household. Real estate presents a number of challenges in measuring GDP. Foremost among these is the treatment of the purchase of houses by individuals. This is because owner-occupied housing is both an investment good and a consumption good. When people buy a house they are making an investment in an asset, which they hope will gain in value. At the same time, when they occupy the unit, they are enjoying on an on-going per period basis, the consumption benefits that result from living in the house. When consumers buy new housing, this is included in the national income accounts as an increase in investment equal to the value of the house. In contrast, the purchase of an existing unit has no net effect on national income because the positive investment by the purchaser is exactly matched by the negative investment by the seller, who is disposing of his or her asset. The consumption benefit that households get from occupying housing must be included in GDP as a consumer expenditure. Economists call this periodic benefit derived from housing as "housing services". While a housing unit is a fixed asset, housing services are benefits that flow from the unit. Since it is a service consumed by households, it is housing services that should be included in GDP. As the text notes, measuring housing services for rental units is straightforward. It is the market rent a household pays. For owner-occupied housing, this issue is more complicated, as the household does not actually pay an explicit rent. Economists estimate the rent that would be paid for the unit if it was rented out. This "rent" that owner-occupiers are implicitly paying themselves is included in the GDP accounts. It also is one of the benefits of being an owner-occupier because governments in Canada do not tax this implicit rent. Review and Discussion Questions 1. Discuss how each of the following transactions will affect the gross domestic product (GDP) of Canada: (a) (b) (c) (d) (e) (f) a rental apartment is sold and the new owner carries out renovations. the new owner of the apartment buildings in (a) converts the rental units into condominiums and now all of the previous rental tenants own their apartments. a mother looks after her children full-time instead of putting them in daycare. sales of cigarettes produced in Canada have been steadily decreasing for the past forty years and, as a result, medical services required for lung cancer patients decreased. there are millions of dollars of trade in endangered species of animals even though this trade is a criminal offence. Canada maintains an army even though this army does not produce any tangible goods. 2. Explain why individuals other than economists might be interested in macroeconomic statistics. 3. Why doesn't the purchase of an automobile from Japan increase Canadian GDP, since it is counted as consumption? 4. What is the process used to separate the change in GDP due to increased output of goods and services from the change due to increased prices? Why do we make this distinction? 5. Suppose you know that Canada's GDP last year was $900 billion, and Canada's GDP in 1933 was $9 billion. What judgement about the change in the economic well-being of average Canadians could you make? Explain. 1.2

3 National Income Accounts 6. (a) Complete the following table. Year 1 Year 2 Year 3 Gross Domestic Product 4,532 4,804 Consumption 3,320 3,544 Investment Government Purchases Net Exports (b) (c) (d) (e) What is the largest expenditure component of GDP? Does investment include the purchase of stocks and bonds? Why? Does government purchases include government spending on Employment Insurance benefits? Why? What does it mean to say that net exports are negative? 7. You are watching a news report with your spouse. The news anchor points out that a certain troubled Caribbean nation generates a GDP per person of only $340 (Canadian) per year. Since your spouse knows Canadian GDP per person is approximately $34,000, he or she suggests that we are materially 100 times better off in Canada than in the Caribbean nation. (a) (b) Is your spouse's statement accurate? What general category of production is not captured by GDP in both Canada and the Caribbean nation? 8. Why do you think households' purchases of new housing are included in the investment component of GDP rather than the consumption component? Can you think of a reason why households' purchases of new cars should also be included in investment rather than in consumption? To what other consumption goods might this logic apply? 9. One day Boutros the Barber, Inc., collects $400 for haircuts. Over this day, his equipment depreciates in value by $50. Of the remaining $350, Boutros sends $30 to the government in sales taxes, takes home $220 in wages, and retains $100 in his business to add new equipment in the future. From the $220 that Boutros takes home, he pays $70 in income taxes. Based on this information, compute Boutros' contribution to the following measures of income: (a) (b) (c) (d) (e) gross domestic product net national product national income personal income disposable personal income NOTE Answers to selected review and discussion questions may be found on the Course Resources webpage. However, to develop their understanding, students are encouraged to attempt answering review questions before accessing the answers. 1.3

4 Lesson 1 ASSIGNMENT 1 CHAPTER 5: Measuring a Nation's Income Multiple choice assignments should be submitted using the Real Estate Division's website See "How to Submit Multiple Choice Assignments" in the Real Estate Division Student Handbook for more information. COURSE BULLETINS Remember to check the Course Resources webpage for course bulletins and note any changes in your workbook and manual. Marks: 1 mark per question. 1. Dell Computers produces a laptop in November 2009, and sells it to Staples in August 2010 for $800. Staples sells it to a household in January of 2011 for $1,200. In the GDP accounts, the computer appears as a(n): (1) investment of $800 in (2) investment of $1,200 in (3) consumption of $800 in (4) consumption of $1,200 in The next TWO (2) questions are based on the following information: National Product in a Simple Economy (with Only Two Goods) Production of Tubies Price of Tubies $250 $1,000 Production of Mountain Bikes 1,000 2,000 Price of Mountain Bikes $1,500 $3, Suppose that 2001 is the base year in this simple economy. Real GDP in 2011 is: (1) $1,550,000 (2) $3,062,500 (3) $6,250,000 (4) $3,200, Suppose that 2001 is the base year in this simple economy. The GDP deflator in 2011 is: (1) 49 (2) 198 (3) 204 (4) ***Assignment 1 continued on next page***

5 National Income Accounts 4. Last summer, Paul Jones spent a week mowing his lawn. His rich neighbour, Megan McFarlane, hired a lawn mowing service to mow her lawn. The two yards are kept in the same condition. In the GDP accounts: (1) neither Paul nor Megan's lawn work is included, because most people mow their lawns. It would distort the GDP figures to include any lawn work. (2) both Paul and Megan's lawn work is included. (3) Megan's payments to her lawn service are included, but only Paul's labour cost paid at minimum wage would be included. (4) Megan's payments to her lawn service are included, but Paul's lawn work is excluded. 5. The study of economy-wide phenomena, including unemployment, economic growth and inflation is known as: (1) Microeconomics. (2) Macroeconomics. (3) GDP. (4) Real GDP. 6. The Lifesavers candy factory in Hamilton, Ontario, finds that it has produced 100,000 more rolls of Lifesavers than it sold during the year. The value of those 100,000 rolls: (1) will be written off as a loss; hence, will not be included as part of GDP. (2) will be included as part of GDP during the year in which they are finally sold. (3) will be included as part of current GDP in the category of consumption. (4) will be included as part of current GDP in the category of inventory investment. 7. Which statement represents most correctly the relationship between nominal GDP and real GDP? (1) Nominal GDP measures base-year production using base-year prices, while real GDP measures current production using current prices. (2) Nominal GDP measures current production using base-year prices, while real GDP measures current production using current prices. (3) Nominal GDP measures current production using current prices, while real GDP measures current production using base-year prices. (4) Nominal GDP measures current production using current prices, while real GDP measures base-year production using base-year prices. 8. The total income earned by the permanent residents of a small nation in 2004 was $158,000,000. Depreciation of the country's equipment and structure stock for that year totalled $42,000,000. Which of the following is TRUE? (1) The nation's GDP was $158,000,000 and the GNP was $116,000,000. (2) The nation's GNP was $158,000,000 and the NNP was $42,000,000. (3) The nation's GNP was $158,000,000 and the NNP was $116,000,000. (4) The nation's GNP was $158,000,000 and personal income was $116,000,000. ***Assignment 1 continued on next page*** 1.5

6 Lesson 1 9. A Canadian citizen owns a cattle ranch in Texas. The profits from the cattle ranch: (1) are part of both Canada's GNP and Canada's GDP. (2) are part of Canada's GNP, but not part of Canada's GDP. (3) are part of Canada's GDP, but not part of Canada's GNP. (4) are part of US' GNP, but not part of Canada's GNP. 10. The percentage change in some measure of the price level from one period to the next is known as (the): (1) GDP deflator. (2) Inflation. (3) Inflation rate. (4) Appreciation. 11. If a textbook publishing company buys new computer equipment to increase worker productivity, then: (1) investment will be higher, but GDP will be unchanged, since the computers will replace workers. (2) neither investment nor GDP will be higher, since computers are not final goods. (3) investment will be higher, but GDP will be higher only if workers are, indeed, more productive. (4) investment and GDP will both be higher because computers are final goods, and investment is a component of GDP. 12. In the country of Welch, GDP consists of grapes and sugar. In 2010, 100 units of grapes are sold at $15 per unit, and 50 units of sugar are sold at $10 per unit. Which of the following statements is correct if the 2009 price of grapes was $10 per unit and the price of sugar was $12.50 per unit? (1) Nominal 2010 GDP is $2,000, real 2010 GDP is $2,000, and the GDP deflator is 100. (2) Nominal 2010 GDP is $2,000, real 2010 GDP is $1,625, and the GDP deflator is (3) Nominal 2010 GDP is $2,000, real 2010 GDP is $1,625, and the GDP deflator is (4) Nominal 2010 GDP is $2,000, real 2010 GDP is $1,750, and the GDP deflator is You send a gift of $500 to your sister in New Brunswick. When it is received: (1) GDP increases because the $500 represents income to your sister. (2) GDP decreases because the $500 represents a reduction in your income. (3) GDP is unaffected because the $500 represents a transfer, not a purchase. (4) GDP increases because your sister will probably spend it. 14. GDP has been disputed as the best single measure of the economic well-being of society for all of the following reasons EXCEPT: (1) GDP does not account for leisure. (2) GDP excludes the value of goods and services produced at home. (3) GDP does not account for the distribution of income. (4) GDP excludes intangible services. 1.6 ***Assignment 1 continued on next page***

7 National Income Accounts 15. Personal income differs from GDP and NNP in that: (1) it includes retained earnings, and excludes interest and transfer payments received by households. (2) it excludes retained earnings, and excludes interest and transfer payments received by households. (3) it excludes retained earnings, and includes interest and transfer payments received by households. (4) it includes retained earnings, and includes interest and transfer payments received by households. 16. International studies of the relationship between GDP per person and quality of life measures, such as life expectancy and literacy rates, show that: (1) larger GDP per person is associated with longer life expectancy and lower levels of illiteracy. (2) larger GDP per person is associated with longer life expectancy and higher levels of illiteracy. (3) larger GDP per person is associated with shorter life expectancy and lower levels of illiteracy. (4) larger GDP per person is associated with shorter life expectancy and higher levels of illiteracy. 17. If a Canadian citizen buys a tractor made in Russia, then: (1) Canadian net exports decrease, and Canadian GDP decreases. (2) Canadian net exports are unaffected, and Canadian GDP decreases. (3) Canadian net exports are unaffected, and Canadian GDP is unaffected. (4) Canadian net exports decrease, but Canadian GDP is unaffected. 18. Oiko Nomos buys a new car in June 2011 and then sells it to a friend in December. The 2011 GDP will include: (1) the value of both the June sale and the December sale. (2) the full value of the June sale, but only part of the value of the December sale, since the car had been used. (3) the value of the June sale only. (4) the value of the December sale only, since that was the final sale of the car in The value of the housing service provided to individuals who live in housing they own themselves is included in GDP by: (1) estimating the rental value of the housing. (2) using the monthly mortgage payment. (3) using the purchase price of the house. (4) none of the above, because the value cannot be measured directly, it is excluded. ***Assignment 1 continued on next page*** 1.7

8 Lesson Which of the following statements best explains the equality between total income and total expenditure in an economy? (1) Government taxes firms and redistributes the money to households until household income is high enough to equal total expenditures. (2) Total income and total expenditure are always equal in an economy because only households purchase goods and services. (3) Total income and total expenditure are equal in an economy because firms use the money they receive in sales to pay for workers' wages, landowners' rent, and firm owners' profit. (4) All of the above are correct explanations. 20 Total Marks Viewing Assignment Answer Guides As soon as your assignment has been submitted on the Real Estate Division's website, you can immediately download the answer guide. See your Student Handbook or visit your Course Resources webpage for more information on how to download assignment answer guides. PLANNING AHEAD Project 1 requires you to submit written answers to questions based on Lessons 1-6. You should read ahead to Project 1 so that you have a better idea of what is expected on this assignment. You may want to prepare answers to the questions from Lesson 1 now, while the materials are fresh in your mind, rather than waiting until Project 1 is due. 1.8 ***End of Assignment 1***

Lecture 3: National Income Accounting Reference - Chapter 5. 3) The Income Approach

Lecture 3: National Income Accounting Reference - Chapter 5. 3) The Income Approach Lecture 3: National Income Accounting Reference - Chapter 5 3) The Income Approach The income approach defines GDP in terms of the income derived or created from producing final goods and services. Net

More information

Week 4 Tutorial Question Solutions (Ch2 & 3)

Week 4 Tutorial Question Solutions (Ch2 & 3) Chapter 2: Q1: Macroeconomics P.52 Numerical Problems #3 part (a) Q2: Macroeconomics P.52 Numerical Problems #5 Chapter 3: Q3: Macroeconomics P.101 Numerical Problems #5 Q4: Macroeconomics P102 Analytical

More information

HW 2 Macroeconomics 102 Due on 06/12

HW 2 Macroeconomics 102 Due on 06/12 HW 2 Macroeconomics 102 Due on 06/12 1.What are the three important macroeconomic goals about which most economists, and society at large, agree? a. economic growth, full employment, and low interest rates

More information

Workshop 6 The Building Blocks of Macroeconomics

Workshop 6 The Building Blocks of Macroeconomics Workshop 6 The Building Blocks of Macroeconomics Description Macroeconomics is the study of the behavior of the economy as a whole and the whole often behaves differently than the individual parts. This

More information

Multiple Choice Identify the choice that best completes the statement or answers the question.

Multiple Choice Identify the choice that best completes the statement or answers the question. Unit 2 review Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Which of the following is false about the circular-flow diagram? A. Households are the primary

More information

UNIT I NATIONAL INCOME AND MACROECONOMICS

UNIT I NATIONAL INCOME AND MACROECONOMICS UNIT I NATIONAL INCOME AND MACROECONOMICS 1 National Income National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. Normally this

More information

Chapter 4 Measuring GDP and Economic Growth

Chapter 4 Measuring GDP and Economic Growth Chapter 4 Measuring GDP and Economic Growth 1 Gross Domestic Product 1) Gross domestic product is the total produced within a country in a given time period. A) market value of all final and intermediate

More information

GDP: Does It Measure Up? May 2013. Classroom Edition. An informative and accessible economic essay with a classroom application.

GDP: Does It Measure Up? May 2013. Classroom Edition. An informative and accessible economic essay with a classroom application. PAGE ONE Economics the back story on front page economics NEWSLETTER GDP: Does It Measure Up? May 2013 Classroom Edition An informative and accessible economic essay with a classroom application. Includes

More information

Cosumnes River College Principles of Macroeconomics Problem Set 11 Will Not Be Collected

Cosumnes River College Principles of Macroeconomics Problem Set 11 Will Not Be Collected Name: Solutions Cosumnes River College Principles of Macroeconomics Problem Set 11 Will Not Be Collected Fall 2015 Prof. Dowell Instructions: This problem set will not be collected. You should still work

More information

Chapter 6 Economic Growth

Chapter 6 Economic Growth Chapter 6 Economic Growth 1 The Basics of Economic Growth 1) The best definition for economic growth is A) a sustained expansion of production possibilities measured as the increase in real GDP over a

More information

INTRODUCTION TO MACROECONOMICS MIDTERM- SAMPLE QUESTIONS

INTRODUCTION TO MACROECONOMICS MIDTERM- SAMPLE QUESTIONS INTRODUCTION TO MACROECONOMICS MIDTERM- SAMPLE QUESTIONS MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In May 2009, Ford Motor Company's sales

More information

13. If Y = AK 0.5 L 0.5 and A, K, and L are all 100, the marginal product of capital is: A) 50. B) 100. C) 200. D) 1,000.

13. If Y = AK 0.5 L 0.5 and A, K, and L are all 100, the marginal product of capital is: A) 50. B) 100. C) 200. D) 1,000. Name: Date: 1. In the long run, the level of national income in an economy is determined by its: A) factors of production and production function. B) real and nominal interest rate. C) government budget

More information

1. From the following data calculate GNP at factor cost by Income Method & Expenditure Method. Rs. in Crores

1. From the following data calculate GNP at factor cost by Income Method & Expenditure Method. Rs. in Crores National Income Accounting 1. From the following data calculate GNP at factor cost by Income Method & Expenditure Method Items Rs. in Crores Net Domestic capital formation 500 Compensation of employees

More information

Answers to Textbook Questions and Problems

Answers to Textbook Questions and Problems Answers to Textbook Questions and Problems CHAPTER 1 The Science of Macroeconomics Questions for Review 1. Microeconomics is the study of how individual firms and households make decisions, and how they

More information

Economics for Educators

Economics for Educators Economics for Educators Lesson 18 and 5E Model Revised Edition Robert F. Hodgin, Ph.D. ii Economics for Educators, Revised Copyright 2012 All Rights Reserved 99 Economics for Educators, Revised Lesson

More information

Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho

Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho Question 1: What is Medicaid? Answer: Medicaid is a government program that pays for medical services, including long-term

More information

Chapter 12. Aggregate Expenditure and Output in the Short Run

Chapter 12. Aggregate Expenditure and Output in the Short Run Chapter 12. Aggregate Expenditure and Output in the Short Run Instructor: JINKOOK LEE Department of Economics / Texas A&M University ECON 203 502 Principles of Macroeconomics Aggregate Expenditure (AE)

More information

Chapter: Practice Exam for Macro Indicators. Instruction: Name: Date: Multiple Choice

Chapter: Practice Exam for Macro Indicators. Instruction: Name: Date: Multiple Choice Chapter: Practice Exam for Macro Indicators Instruction: Name: Date: Multiple Choice 1. GDP does not include A) vegetables grown and consumed by a nonfarm family. B) the purchase of a new Porsche. C) the

More information

A financial statement captures a person s overall wealth at a specific point in time. In this lesson, students will:

A financial statement captures a person s overall wealth at a specific point in time. In this lesson, students will: PROJECT 3 CASH FLOW AND BALANC E SHEETS INSTRUCTOR OVERVIEW Financial statements are compilations of personal financial data that describe an individual s current financial condition. Financial statements

More information

STATE COUNCIL OF EDUCATIONAL RESEARCH &TRAINING VARUN MARG, DEFENCE COLONY, NEW DELHI. Teaching- Learning Material

STATE COUNCIL OF EDUCATIONAL RESEARCH &TRAINING VARUN MARG, DEFENCE COLONY, NEW DELHI. Teaching- Learning Material STATE COUNCIL OF EDUCATIONAL RESEARCH &TRAINING VARUN MARG, DEFENCE COLONY, NEW DELHI Teaching- Learning Material (On the basis of weekly syllabus for the Month of August 2011) For Class XII PGT (Economics)

More information

Technology and Economic Growth

Technology and Economic Growth Technology and Economic Growth Chapter 5 slide 0 Outline The Growth Accounting Formula Endogenous Growth Theory Policies to Stimulate Growth The Neoclassical Growth Revival Real wages and Labor Productivity

More information

Macroeconomics, 8e (Parkin) Testbank 1

Macroeconomics, 8e (Parkin) Testbank 1 Macroeconomics, 8e (Parkin) Testbank 1 Chapter 9 Money, the Price Level, and Inflation 9.1 What is Money? 1) The functions of money are A) medium of exchange and the ability to buy goods and services.

More information

Your U.S. vacation property could be quite taxing by Jamie Golombek

Your U.S. vacation property could be quite taxing by Jamie Golombek June 2015 Your U.S. vacation property could be quite taxing by Jamie Golombek It seems everywhere we look, Canadians are snapping up U.S. vacation properties. Though your vacation property may be located

More information

SS6E1 The student will analyze different economic systems.

SS6E1 The student will analyze different economic systems. Brazil & Cuba Standards SS6E1 The student will analyze different economic systems. a. Compare how traditional, command, and market, economies answer the economic questions of 1-what to produce, 2-how to

More information

Why profits are important & higher corporate tax rates are a bad idea

Why profits are important & higher corporate tax rates are a bad idea Why profits are important & higher corporate tax rates are a bad idea 215 Canadian Manufacturers & Exporters Since 1871, we have made a difference for Canada s manufacturing and exporting communities.

More information

student. They should complete the

student. They should complete the Brazil & Cuba Standards SS6E1 The student will analyze different economic systems. a. Compare how traditional, command, and market, economies answer the economic questions of 1- what to produce, 2-how

More information

ALIGNMENT OF PROGRAM OUTCOMES WITH THE INSTITUTION S MISSION STATEMENT AND THE PLAN FOR STUDENT SUCCESS:

ALIGNMENT OF PROGRAM OUTCOMES WITH THE INSTITUTION S MISSION STATEMENT AND THE PLAN FOR STUDENT SUCCESS: PROGRAM NAME: Associate of Science Degree in Business Administration (includes Accounting, Business, Economics, Management, Management Information Systems, or Marketing) 2009/10 PROGRAM EVALUATION PLAN

More information

Chapter 12 Production and Cost

Chapter 12 Production and Cost Chapter 12 Production and Cost 12.1 Economic Cost and Profit 1) The primary goal of a business firm is to A) promote fairness. B) make a quality product. C) promote workforce job satisfaction. D) maximize

More information

University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor: Michael G. Lanyi

University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor: Michael G. Lanyi University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor: Michael G. Lanyi CH 24 Money Price Inflation 1) Money is A) currency plus coins. B) the same as gold.

More information

An Introduction to System of National Accounts - Basic Concepts

An Introduction to System of National Accounts - Basic Concepts Lesson-IV-2: Printable Lesson: IV Part -2 Economic Flows and Stocks An Introduction to System of National Accounts - Basic Concepts Fourth e-learning Course on the 2008 System of National Accounts October

More information

Chapter 13 Money and Banking

Chapter 13 Money and Banking Chapter 13 Money and Banking Multiple Choice Questions Choose the one alternative that best completes the statement or answers the question. 1. The most important function of money is (a) as a store of

More information

University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor: Michael G. Lanyi

University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor: Michael G. Lanyi University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor: Michael G. Lanyi CH 27 Expenditure Multipliers 1) Disposable income is A) aggregate income minus transfer

More information

The majority of Canadians own their homes, and the number keeps growing. But some people believe they could never own a home.

The majority of Canadians own their homes, and the number keeps growing. But some people believe they could never own a home. Is home ownership right for you? The majority of Canadians own their homes, and the number keeps growing. But some people believe they could never own a home. Could this be you? Maybe you are not sure

More information

GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES. Textbook, Chapter 26 [pg 317-328]

GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES. Textbook, Chapter 26 [pg 317-328] GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES Textbook, Chapter 26 [pg 317-328] Name: Class: Learning outcomes: Identify government economic objectives. Explain the main stages of the business cycle. Explain

More information

PRACTICE- Unit 6 AP Economics

PRACTICE- Unit 6 AP Economics PRACTICE- Unit 6 AP Economics Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The term liquid asset means: A. that the asset is used in a barter exchange.

More information

Big Concepts. Balance of Payments Accounts. Financing International Trade. Economics 202 Principles Of Macroeconomics. Lecture 12

Big Concepts. Balance of Payments Accounts. Financing International Trade. Economics 202 Principles Of Macroeconomics. Lecture 12 Economics 202 Principles Of Macroeconomics Professor Yamin Ahmad Big Concepts Balance of Payments Equilibrium The relationship between the current account, capital account and official settlements balance

More information

3. If you received any interest from a "Seller Financed" mortgage, provide: Name and Address of Payer Social Security Number Amount

3. If you received any interest from a Seller Financed mortgage, provide: Name and Address of Payer Social Security Number Amount Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

GDP and National Accounts: key concepts National Accounts (Part A)

GDP and National Accounts: key concepts National Accounts (Part A) SUMMER SCHOOL ON MEASUREMENT OF WELL-BEING AND SOCIETAL PROGRESS Pisa 9-13 September 2013 GDP and National Accounts: key concepts National Accounts (Part A) Alessandra Coli, University of Pisa a.coli@ec.unipi.it

More information

Interdependence and the Gains from Trade Why is interdependence the norm?

Interdependence and the Gains from Trade Why is interdependence the norm? In this chapter, look for the answers to these questions: Why do people and nations choose to be economically interdependent? How can trade make everyone better off? What is absolute advantage? What is

More information

Measuring the Economy

Measuring the Economy Measuring the Economy A Primer on GDP and the National Income and Product Accounts Concepts Framework Measures Interactive Access October 2014 Measuring the Economy A Primer on GDP and the National Income

More information

Moving To Georgia. A Tax Guide

Moving To Georgia. A Tax Guide Moving To Georgia A Tax Guide Updated July 2012 TAX GUIDE FOR MOVING TO GEORGIA PAGE I. INTRODUCTION 1 II. MAULDIN & JENKINS 2 III. ELIGIBILITY TO DEDUCT MOVING EXPENSES 3 IV. DEDUCTIBLE MOVING EXPENSES

More information

San Antonio, Texas. Summary. Housing Market Area. Market Details. Economy. Rental Market. Sales Market

San Antonio, Texas. Summary. Housing Market Area. Market Details. Economy. Rental Market. Sales Market COMPREHENSIVE HOUSING MARKET ANALYSIS San Antonio, Texas U.S. Department of Housing and Urban Development Office of Policy Development and Research As of October 1, 2008 Summary Housing Market Area Kerr

More information

Household Income, Demand, and Saving: Deriving Macro Data with Micro Data Concepts. Barry Z. Cynamon and Steven M. Fazzari. Working Paper No.

Household Income, Demand, and Saving: Deriving Macro Data with Micro Data Concepts. Barry Z. Cynamon and Steven M. Fazzari. Working Paper No. Household Income, Demand, and Saving: Deriving Macro Data with Micro Data Concepts Barry Z. Cynamon and Steven M. Fazzari Working Paper No. 13 ABSTRACT We develop adjustments to align the NIPA measures

More information

T1 Model Flow Diagrams

T1 Model Flow Diagrams Slide 1 T1 Model Flow Diagrams M.C. McCracken Nancy Cebryk Informetrica Limited November 2003 Slide 2 T1 Flows (11/03) Demography Stocks of Wealth Final Demand Foreign Linkages Disposable Incomes Government

More information

3 Macroeconomics LESSON 8

3 Macroeconomics LESSON 8 3 Macroeconomics LESSON 8 Fiscal Policy Introduction and Description Fiscal policy is one of the two demand management policies available to policy makers. Government expenditures and the level and type

More information

The Economic Impacts of Reducing. Natural Gas and Electricity Use in Ontario

The Economic Impacts of Reducing. Natural Gas and Electricity Use in Ontario The Economic Impacts of Reducing Natural Gas and Electricity Use in Ontario Prepared for Blue Green Canada July 2013 Table of Contents Executive Summary... i Key Findings... i Introduction...1 Secondary

More information

1. The value today of a payment you will receive ten years from now is the of the payment.

1. The value today of a payment you will receive ten years from now is the of the payment. CHAPTER 14 MARKETS FOR OTHER RESOURCES Microeconomics in Context (Goodwin, et al.), 2 nd Edition Chapter Summary Having learned about the market for labor, in this chapter you will look at the markets

More information

11/6/2013. Chapter 16: Government Debt. The U.S. experience in recent years. The troubling long-term fiscal outlook

11/6/2013. Chapter 16: Government Debt. The U.S. experience in recent years. The troubling long-term fiscal outlook Chapter 1: Government Debt Indebtedness of the world s governments Country Gov Debt (% of GDP) Country Gov Debt (% of GDP) Japan 17 U.K. 9 Italy 11 Netherlands Greece 11 Norway Belgium 9 Sweden U.S.A.

More information

Chapter 7. Comparative Advantage and the Gains from International Trade

Chapter 7. Comparative Advantage and the Gains from International Trade Chapter 7. Comparative Advantage and the Gains from International Trade Instructor: JINKOOK LEE Department of Economics / Texas A&M University ECON 203 502 Principles of Macroeconomics International Trade

More information

Tax Return Questionnaire - 2013 Tax Year

Tax Return Questionnaire - 2013 Tax Year Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

ICT deflation and productivity measurement

ICT deflation and productivity measurement Economic Trends 637 December 6 ICT deflation and productivity measurement Gavin Wallis Constant price productivity growth is generally the object of interest for productivity analysis. The rapid value

More information

Econ 102 The Open Economy

Econ 102 The Open Economy Winter 2007 Econ 102 The Open Economy 1. Be sure to read your copy of the Wall Street Journal every weekday, looking especially for items related to the material in this course. Find an article in this

More information

1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733

1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733 1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733 www.nicholscpas.com Email: info@nicholscpas.com January 12, 2015 RE: 2014 Tax Returns It is hard to

More information

0 100 200 300 Real income (Y)

0 100 200 300 Real income (Y) Lecture 11-1 6.1 The open economy, the multiplier, and the IS curve Assume that the economy is either closed (no foreign trade) or open. Assume that the exchange rates are either fixed or flexible. Assume

More information

Economics 380: International Economics Fall 2000 Exam #2 100 Points

Economics 380: International Economics Fall 2000 Exam #2 100 Points Economics 380: International Economics Fall 2000 Exam #2 100 Points Name (ID) YOU SHOULD HAVE 7 PAGES FOR THIS EXAM. EXAM WILL END AT 1:50. MAKE SURE YOUR NAME IS ON THE FIRST AND LAST PAGE OF THE EXAM.

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Multiple choice review questions for Midterm 2 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A consumption point inside the budget line A) is

More information

Econ 202 Section 2 Midterm 2

Econ 202 Section 2 Midterm 2 Douglas, Fall 2009 November 3, 2009 A: Special Code 0000 PLEDGE: I have neither given nor received unauthorized help on this exam. SIGNED: PRINT NAME: Econ 202 Section 2 Midterm 2 1. The sale of stocks

More information

ECON 201: Introduction to Macroeconomics Final Exam December 13, 2012 NAME:

ECON 201: Introduction to Macroeconomics Final Exam December 13, 2012 NAME: ECON 201: Introduction to Macroeconomics Final Exam December 13, 2012 NAME: Circle your TA s name: Amy Thiago Samir Circle your section time: 9 a.m. 3 p.m. INSTRUCTIONS: 1) The exam lasts 2 hours. 2) The

More information

Practice Problems on the Capital Market

Practice Problems on the Capital Market Practice Problems on the Capital Market 1- Define marginal product of capital (i.e., MPK). How can the MPK be shown graphically? The marginal product of capital (MPK) is the output produced per unit of

More information

QUESTIONS AND ANSWERS ON MEDICAID FOR NURSING HOME RESIDENTS. 1. What is Medicaid? COLUMBIA LEGAL SERVICES OCTOBER 2015

QUESTIONS AND ANSWERS ON MEDICAID FOR NURSING HOME RESIDENTS. 1. What is Medicaid? COLUMBIA LEGAL SERVICES OCTOBER 2015 QUESTIONS AND ANSWERS ON MEDICAID FOR NURSING HOME RESIDENTS COLUMBIA LEGAL SERVICES OCTOBER 2015 THIS PAMPHLET IS ACCURATE AS OF ITS DATE OF REVISION. THE RULES CHANGE FREQUENTLY. 1. What is Medicaid?

More information

Tax Return Questionnaire - 2014 Tax Year

Tax Return Questionnaire - 2014 Tax Year Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

NAR Frequently Asked Questions Health Insurance Reform

NAR Frequently Asked Questions Health Insurance Reform NEW MEDICARE TAX ON UNEARNED NET INVESTMENT INCOME Q-1: Who will be subject to the new taxes imposed in the health legislation? A: A new 3.8% tax will apply to the unearned income of High Income taxpayers.

More information

HAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007

HAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007 HAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007 IPP Policy Briefs n 10 June 2014 Guillaume Bazot www.ipp.eu Summary Finance played an increasing

More information

Adjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today.

Adjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today. Remarks by David Dodge Governor of the Bank of Canada to the Board of Trade of Metropolitan Montreal Montréal, Quebec 11 February 2004 Adjusting to a Changing Economic World Good afternoon, ladies and

More information

In the double entry system value received is thought of as a debit, and value given is thought of as a credit.

In the double entry system value received is thought of as a debit, and value given is thought of as a credit. In the double entry system value received is thought of as a debit, and value given is thought of as a credit. THIS IS THE BASIC RULE OF BOOKKEEPING AND IT IS NECESSARY FOR THE STUDENT TO LEARN AND REMEMBER

More information

Preparing Family Net Worth and Income Statements

Preparing Family Net Worth and Income Statements Family and Consumer Sciences FSFCS49 Preparing Family Net Worth and Income Statements Laura Connerly Instructor - Family Resource Management Arkansas Is Our Campus Visit our web site at: http://www.uaex.edu

More information

THE JAMAICAN SYSTEM OF NATIONAL ACCOUNTS CONCEPTS AND DEFINITIONS

THE JAMAICAN SYSTEM OF NATIONAL ACCOUNTS CONCEPTS AND DEFINITIONS THE JAMAICAN SYSTEM OF NATIONAL ACCOUNTS CONCEPTS AND DEFINITIONS OVERVIEW OF THE SYSTEM The revision of the Jamaican System of National Accounts is based on the United Nations System of National Accounts

More information

Chapter 7 The Asset Market, Money, and Prices

Chapter 7 The Asset Market, Money, and Prices Chapter 7 The Asset Market, Money, and Prices Multiple Choice Questions 1. A disadvantage of the barter system is that (a) no trade occurs. (b) people must produce all their own food, clothing, and shelter.

More information

Assessment Schedule 2014 Economics: Demonstrate understanding of macro-economic influences on the New Zealand economy (91403)

Assessment Schedule 2014 Economics: Demonstrate understanding of macro-economic influences on the New Zealand economy (91403) NCEA Level 3 Economics (91403) 2014 page 1 of 10 Assessment Schedule 2014 Economics: Demonstrate understanding of macro-economic influences on the New Zealand economy (91403) Assessment criteria with Merit

More information

3 Macroeconomics LESSON 1

3 Macroeconomics LESSON 1 3 Macroeconomics LESSON 1 nesian Model Introduction and Description This lesson establishes fundamental macro concepts. The nesian model is the simplest macro model and is the starting point from the national

More information

Measuring Economic Activity

Measuring Economic Activity sam14893_ch05_088 11/17/00 10:28 AM Page 88 CHAPTER 5 Measuring Economic Activity When you can measure what you are speaking about, and express it in numbers, you know something about it; when you cannot

More information

Economics/Business/ Free Enterprise Released Test Booklet Spring 2004

Economics/Business/ Free Enterprise Released Test Booklet Spring 2004 Student Name Form 601 Economics/Business/ Free Enterprise Released Test Booklet Spring 2004 Georgia Department of Education Kathy Cox, State Superintendent of Schools All Rights Reserved. SECTION I Directions:

More information

Economics The Economy Student Activities (Higher)

Economics The Economy Student Activities (Higher) Economics The Economy Student Activities (Higher) 5625 August 1999 HIGHER STILL Economics The Economy Student Activities Higher Support Materials *+,-./ HIGHER ECONOMICS: STUDENT ACTIVITIES: THE ECONOMY

More information

CHAPTER 15 EXCHANGE-RATE ADJUSTMENTS AND THE BALANCE OF PAYMENTS

CHAPTER 15 EXCHANGE-RATE ADJUSTMENTS AND THE BALANCE OF PAYMENTS CHAPTER 15 EXCHANGE-RATE ADJUSTMENTS AND THE BALANCE OF PAYMENTS MULTIPLE-CHOICE QUESTIONS 1. According to the absorption approach, the economic circumstances that best warrant a currency devaluation is

More information

chapter: Aggregate Demand and Aggregate Supply Krugman/Wells 2009 Worth Publishers 1 of 58

chapter: Aggregate Demand and Aggregate Supply Krugman/Wells 2009 Worth Publishers 1 of 58 chapter: 12 >> Aggregate Demand and Aggregate Supply Krugman/Wells 2009 Worth Publishers 1 of 58 WHAT YOU WILL LEARN IN THIS CHAPTER How the aggregate demand curve illustrates the relationship between

More information

CHAPTER 3 THE LOANABLE FUNDS MODEL

CHAPTER 3 THE LOANABLE FUNDS MODEL CHAPTER 3 THE LOANABLE FUNDS MODEL The next model in our series is called the Loanable Funds Model. This is a model of interest rate determination. It allows us to explore the causes of rising and falling

More information

What three main functions do they have? Reducing transaction costs, reducing financial risk, providing liquidity

What three main functions do they have? Reducing transaction costs, reducing financial risk, providing liquidity Unit 4 Test Review KEY Savings, Investment and the Financial System 1. What is a financial intermediary? Explain how each of the following fulfills that role: Financial Intermediary: Transforms funds into

More information

Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!!

Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!! Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!! Money TRANSACTIONS CHART OF ACCTS GENERAL LEDGER BALANCE SHEET INCOME STATEMENT FINANCIAL STATEMENTS

More information

Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf

Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf Credit is the lifeblood of South Louisiana business, especially for the smaller firm. It helps the small business owner get started, obtain equipment, build inventory,

More information

Meeting with Analysts

Meeting with Analysts CNB s New Forecast (Inflation Report IV/) Meeting with Analysts Tibor Hlédik Prague, 7 November, Outline Assumptions of the forecast The new macroeconomic forecast Comparison with the previous forecast

More information

Chapter 4 Specific Factors and Income Distribution

Chapter 4 Specific Factors and Income Distribution Chapter 4 Specific Factors and Income Distribution Chapter Organization Introduction The Specific Factors Model International Trade in the Specific Factors Model Income Distribution and the Gains from

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Macroeconomics V: Aggregate Demand

Macroeconomics V: Aggregate Demand Macroeconomics V: Aggregate Demand Gavin Cameron Lady Margaret Hall Hilary Term 2004 introduction A very poor man may be said in some sense to have a demand for a coach and six; he might like to have it;

More information

WHAT BANKRUPTCY CAN T DO

WHAT BANKRUPTCY CAN T DO A decision to file for bankruptcy should only be made after determining that bankruptcy is the best way to deal with your financial problems. This brochure cannot explain every aspect of the bankruptcy

More information

Macroeconomics, 10e, Global Edition (Parkin) Chapter 26 The Exchange Rate and the Balance of Payments

Macroeconomics, 10e, Global Edition (Parkin) Chapter 26 The Exchange Rate and the Balance of Payments Macroeconomics, 10e, Global Edition (Parkin) Chapter 26 The Exchange Rate and the Balance of Payments 1 The Foreign Exchange Market 1) The term "foreign currency" refers to foreign I. coins II. notes III.

More information

Microeconomics Topic 2: Explain the principle of comparative advantage and how it leads to specialization and gains from trade.

Microeconomics Topic 2: Explain the principle of comparative advantage and how it leads to specialization and gains from trade. Microeconomics Topic 2: Explain the principle of comparative advantage and how it leads to specialization and gains from trade. Reference: Gregory Mankiw s Principles of Microeconomics, 2 nd edition, Chapter

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Hint: draw graphs in the margins to check your answers. And remember that an increase in

More information

Completing the Accounting Cycle

Completing the Accounting Cycle Chapter 9 Completing the Accounting Cycle ANSWERS TO SECTION 9.1 REVIEW QUESTIONS (text p. 307) The Adjustment Process 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 218 Accounting 1 Student

More information

Questions & Answers on Medical Assistance for Nursing Home Care In Maryland

Questions & Answers on Medical Assistance for Nursing Home Care In Maryland Questions & Answers on Medical Assistance for Nursing Home Care In Maryland 1. What is Medical Assistance? Will the Nursing Home or the State take my house? Will we have to use my spouse s income to pay

More information

ECON 345 Tutorial 1. Logistics: My name: Kevin Chen Email: haiyunc@sfu.ca Oce hours (held in WMC 3621):

ECON 345 Tutorial 1. Logistics: My name: Kevin Chen Email: haiyunc@sfu.ca Oce hours (held in WMC 3621): ECON 345 Tutorial 1 Logistics: My name: Kevin Chen Email: haiyunc@sfu.ca Oce hours (held in WMC 3621): Thursdays 2:30 3:20 Fridays 10:30 11:20 or by appointment Webpage (for tutorial slides): http://www.sfu.ca/~haiyunc/teaching.html

More information

5. Price and Wage Developments

5. Price and Wage Developments . Price and Wage Developments Recent Developments in Inflation Inflation rose in the December quarter, following a low September quarter outcome (Table.; Graph.). Indicators of underlying inflation increased

More information

FRAMINGHAM STATE COLLEGE PRINCIPLES OF MICROECONOMICS PROBLEM SET NUMBER 2

FRAMINGHAM STATE COLLEGE PRINCIPLES OF MICROECONOMICS PROBLEM SET NUMBER 2 FRAMINGHAM STATE COLLEGE PRINCIPLES OF MICROECONOMICS PROBLEM SET NUMBER 2 My Name is? Text Chapter 2: Page 34 3. Draw a circular-flow diagram. Identify the parts of the model that Correspond to the flow

More information

ON LABOUR AND INCOME. JUNE 2002 Vol. 3, No. 6 HOUSING: AN INCOME ISSUE PENSIONS: IMMIGRANTS AND VISIBLE MINORITIES.

ON LABOUR AND INCOME. JUNE 2002 Vol. 3, No. 6 HOUSING: AN INCOME ISSUE PENSIONS: IMMIGRANTS AND VISIBLE MINORITIES. Catalogue no. 75-001-XIE ON LABOUR AND INCOME JUNE 2002 Vol. 3, No. 6 HOUSING: AN INCOME ISSUE PENSIONS: IMMIGRANTS AND VISIBLE MINORITIES Statistics Canada Statistique Canada Sophie Lefebvre HOUSING IS

More information

QUESTIONS AND ANSWERS ON THE COPES PROGRAM

QUESTIONS AND ANSWERS ON THE COPES PROGRAM QUESTIONS AND ANSWERS ON THE COPES PROGRAM COLUMBIA LEGAL SERVICES OCTOBER 2015 THIS PAMPHLET IS ACCURATE AS OF ITS DATE OF REVISION. THE RULES CHANGE FREQUENTLY. 1. What is COPES? COPES is a Home and

More information

The Elasticity of Taxable Income: A Non-Technical Summary

The Elasticity of Taxable Income: A Non-Technical Summary The Elasticity of Taxable Income: A Non-Technical Summary John Creedy The University of Melbourne Abstract This paper provides a non-technical summary of the concept of the elasticity of taxable income,

More information

2.If actual investment is greater than planned investment, inventories increase more than planned. TRUE.

2.If actual investment is greater than planned investment, inventories increase more than planned. TRUE. Macro final exam study guide True/False questions - Solutions Case, Fair, Oster Chapter 8 Aggregate Expenditure and Equilibrium Output 1.Firms react to unplanned inventory investment by reducing output.

More information

Member States Factsheets I T A L Y CONTENTS. Main figures - Year 2014 59 685 227 inhabitants Area 302 069 km 2

Member States Factsheets I T A L Y CONTENTS. Main figures - Year 2014 59 685 227 inhabitants Area 302 069 km 2 January 2015 Member States Factsheets I T A L Y CONTENTS Main figures 2014 1. KEY DATA 2. POPULATION & ECONOMY 3. FINANCIAL ASPECTS 4. ECONOMIC ACCOUNTS 5. AGRICULTURAL TRADE 6. FARM STRUCTURE 1 2 3 4-5

More information

Agriculture & Business Management Notes...

Agriculture & Business Management Notes... Agriculture & Business Management Notes... Preparing an Income Statement Quick Notes... The income statement measures the profitability of a business over a specific period of time. Cash reporting of income

More information

Member States Factsheets I R E L A N D CONTENTS. Main figures - Year 2014 4 591 087 inhabitants Area 69 798 km 2

Member States Factsheets I R E L A N D CONTENTS. Main figures - Year 2014 4 591 087 inhabitants Area 69 798 km 2 January 2015 Member States Factsheets I R E L A N D CONTENTS Main figures 2014 1. KEY DATA 2. POPULATION & ECONOMY 3. FINANCIAL ASPECTS 4. ECONOMIC ACCOUNTS 5. AGRICULTURAL TRADE 6. FARM STRUCTURE 1 2

More information

Schedule H Frequently Asked Questions for Tax Year 2014 Only

Schedule H Frequently Asked Questions for Tax Year 2014 Only Schedule H Frequently Asked Questions for Tax Year 2014 Only 1. What is the DC Homeowner and Rental Property Tax Credit (Schedule H)? The DC s Homeowner and Rental Property Tax Credit (Schedule H) is a

More information