Impacts of Demand and Technology in Brazilian Economic Growth of

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Impacts of Demand and Technology in Brazilian Economic Growth of 2000-2009"

Transcription

1 Impacts of Demand and Technology in Brazilian Economic Growth of Elcio Cordeiro da Silva 1, Daniel Lelis de Oliveira 2, José Tarocco Filho 3 and Umberto Antonio SessoFilho 4 Abstract: The objective of the paper is to identify the principal sources of economic growth in Brazil between 2000 and Therefore, were used Input-Output Matrices of Brazil developed by the Center for Regional and Urban Economics, University of São Paulo (NEREUS).The sources of economic growth were decomposed into contributions from changes in final demand, changes in technology and interaction between them. Additionally were measured the effects broken down by category of final demand on the production of each of the three major sectors: agriculture, industry and services. The results demonstrate that the principal source of economic growth in the period was the effect of changes in final demand, which accounts for 143% of the liquid economic growth, but the effect technology and interaction effect showed negative signs, reducing economic growth in Brazil. Another important aspect was evidence of deindustrialization in the country: in the period under analysis it is observed that the net growth of the agricultural and services sectors were higher than liquid growth of the industry. Keywords: Economic growth, industry sector, structural change, deindustrialization, final demand 1. Introduction The years from 2000 to 2009 have meant for Brazil, a period of intense economic, technological and institutional changes. Among these changes stand out from price stability, low economic growth and, subsequently, resumed from the years 2004 according to data the system of national accounts (SCN/2000), trade liberalization - which started in the 1990s - and large variations in the exchange rate, result from the change of the fixed exchange rate regime for floating exchange rate and an improvement in income distribution. An exchange variation in a significant way impacted many sectors of the economy, favoring some and disadvantaging other productive sectors. According Fochezatto and Ghinis (2008) the most benefited sectors were: a) less dependent on imported inputs, b) those with higher elasticity of substitution of imported inputs for domestic c) those greater elasticity of substitution of the final product imported by the domestic and d) those with production mainly aimed at the external market.trade openness influenced the sectoral and spatial structure of production. Moreover, trade liberalization tends to improve the technical efficiency of the economy, since the expo to the international economy forces companies to work on a 1 Graduated in Economics from the State University of Londrina, Master in Regional Economics for Londrina State University. 2 Graduated in Economics from the University of Brasilia, Master in Regional Economics For Londrina State University.E mail: 3 Graduated in Economics from the State University of Maringá, Master in Regional Economics For Londrina State 4 Ph.D. in economics from the University of São Paulo, associate professor at the State University of Londrina. E- mail: Highway Celso Garcia Cid - Pr 445 Km University Campus Phone: (43)

2 more efficient scale of production, thus searching for a reduce in the costs and raise the productivity of labor (NASSIF, 2005). Therefore, this study aims to identify the sources of economic growth of the Brazilian economy in the period Through the methodology of input-output, the expansion of the Brazilian GDP can be explained fundamentally by three effects: changes in final demand (changes in the structure of the market for goods and services), technological variations (mutations in the technical structure of production) and synergy between the two effects. 2. Methodology The behavior of an economy mostly consists in the equalization of demand and supply inserted in a wider network of activities. Thus, the economy is seen as a system of interdependence, ie, the sectors are interrelated, each sector sup demand for goods and services from other sectors and at the same time, the same demand for goods and services the execution of their productive activities. The record from this interdependence system is known as input-output theory (Guilhoto, 2011). For the identification of the sources of growth of the Brazilian economy, are used Matrices Input-Output in Brazil for the years 2000 and 2009, developed by the Center for Regional and Urban Economics, University of São Paulo (NEREUS). For the purposes of this paper, Matrices Input Product containing 56 sectors and 110 products will be used.this paper followed the methodology presented in Fochezatto and Ghinis (2008) Battha (2002) s works. The total demand of the product in a particular industry, for example, sector i is equal to the sum of intermediate flows or intermediate demand (quantity of inputs demanded by the sector itself and for others), and final demand (household consumption, consumption government, gross fixed capital formation plus changes in companies stocks and liquid exports): (1) Whereof is the total demand of the product of sector i,; the sum of the demands of the intermediate product of sector i by the sector j, is the consumption of the product of sector iby households; ; product demand of sector i for gross fixed capital formation and stock variation by firms; product consumption sector i by the government ; are product exports sector i, and imports of the product of sector i.the gross output of sector j is equal to the sum of intermediate consumption plus value added: (2) is the total output of sector j. the sum of intermediate consumption products sector i by sector j, remuneration of labor in sector j, the gross operating surplus of sector j, and the amount of indirect taxes paid by sector j.for each sector of the economy, gross output equals its total demand: (3) Thus, one can obtain the gross domestic product by the sum of value added sectors, resulting in aggregate income, or the sum of the demand of the final product of each sector, determining the aggregate expenditure in the economy: (4) 184

3 The model of input-output multipliers, generally assumes that the supply is determined by demand. That way, from the equation (1) can be deduced as the present model: (5) (6) (7) (8) (9) (10) (11) (12) Whereof total final demand of the product of sector i, a ij the technical coefficients of the input-output (amount of producti required to produce one unit of product j), X the vector of sectoral output, Athe matrix of technical coefficients, Y is the vector of final demand sector and, B = (I A) -1 is the inverse Leontief matrix. The coefficients of the inverse matrix B are called direct and indirect requirements of production. These technical coefficients represent the relationship between technological sectors, thus capturing the sectoral interdependencies. Technological changes in the economy over time are captured by the changes these technical coefficients. For the identification of the sources of economic growth, the matrix vector multipliers and demand are decomposed into two effects: technological change and changes in the market structure of final demand.based on the equation (12) for the periods 2000 and 2009, the production variation can be decomposed as follows:,,. (13),,. (14),,,,, (15),,,,,,,, (16),,,,,,, (17), (, ) is the vector of sectoral production in Brazil in 2000 (2009),, (, ) is the inverse Leontief matrix in 2000 (2009),, (. ) is the vector of final demand in 2000 (2009),, is the variation of sectoral output in period , ;, variation of final demand in the period and the variation and, the variance of the matrix technology in the period Equation (17) shows how economic growth can be decomposed: a),, = Effect of changes in final demand (market structure of final goods and services), maintaining constant technology; 185

4 b),, = effect of technological changes, maintaining the market structure of final demand constant; c),, = effect of interaction between technological changes and changes in the structure of final demand. The contribution of each component of final demand can be obtained by decomposing the vector of final demand. For example, the contribution of government consumption (G) is expressed as follows:,,, (18) Same procedure is applied for household consumption, for gross fixed capital formation plus variations inventories and exports. 3. Results Subsequent sections presents the main results obtained using the methodology defined above, results that describe the process of growth of the Brazilian economy in , both in aggregate how much per economic activity Results and Aggregated at the Sectorial Level According to Table 1, the liquid expansion of the Brazilian economy in the period 2000 to 2009 was R$ 898,458 million. The final demand effect contributed approximately R$ 1,282 billion, however, the interation and technologicaleffects contributed negatively to the expansion of production in the period, and (-R$ 134,885 million) and (-R$ 248,975 million) respectively. Thus, it s found out that the effect final demand was the main source of growth in Brazilian production in the period.but, when he same effects at the sectoral level are observed, the industrial sector was the most affected by the negative effects of technology (-366%) and interaction (-336%). These impacts decreased the growth of the industrial sector on the period, contributing to the significant loss of industry sectors front of agriculture and services in the process of economic growth in Brazil (Figure 1). Another diagnosis can be made when liquid growth by sector was observed: in the period under analysis, there is a reduction in the share of industry in the process of economic growth in Brazil. Authors such as Nassif (2008), Feijo et al. (2005) and Sonaglio (2011) highlight deindustrialization symptoms as the loss of share in GDP of the industrial sector for the service sector and agriculture. Hence, the results obtained in this study corroborate the works mentioned above, evidencing the process of de-industrialization in Brazil.The effect of changes in final demand also prevailed at the sectoral level, the main source of economic growth in all three sectors: agriculture (85%), industry (802%) and services (97%). As previously noticed, the inverse Leontief matrix coefficients constitute the direct and indirect requirements of production, thus the negative effect of technology on an aggregate level, the principle can be considered as the replacement of manufactured nationally inputs by production imported factors (BHATTA, 2002).Regarding the interaction effect - the relationship between the demand and the technology - at first perceived, that even with significant changes in final demand in the analyzed period, the Brazilian economy has not changed technological SIGNIFICANT aggregate level, the point positively influence economic growth (and FOCHEZATTO GHINIS, 2008). As regards the contribution of each component of final demand, predominance of household consumption, R$ 657,397 million, about 51% of final demand effect, followed by government consumption, R$ 234,534 million, investment, R$ 233,885 million and exports, R$ 156,503 million (Table 2).A significant 186

5 participation of household consumption at the aggregate level, it is also observed at the sectoral level, the three sectors, household consumption was the final demand factor that most contributed to the expansion of production: agriculture (60%), industry (42%) and services (56%) (Figure 2). Table 1-Effect final demand, and interaction technology, (millions) Sectors Effect of final demand Effect technology Interaction effect Liquid growth Agriculture Industry Services Total Figure 1 - Effect of final demand, technology and interaction, (%) 1000% 800% 802% 600% 400% 200% 85% 16% 97% 9% 143% 0% 200% 400% 1%% 7% 15% agriculture industry services liquid growth 28% 366% 336% effect of final demand effect technology interaction effect One possible explanation for the significant participation of household consumptionn in the process of Brazilian economic growth, is expressed by Souza (2008), the author highlights the improvement on income distribution in the country in recent years as the main mechanism for leverage of the market. Among government policies, it is worthy report the increase in the purchasing power of the minimum wage, which caused an increase in the share of national income of the poorest 50% %.In addition to the household consumption, in agriculture, the effect of exports (43%) was the second greatest effect on the growth of production of the same, this fact is due to the character agro-exported Brazil; in industry was the effect investment (36%) followed by exports (14%) and, finally, in the service sector, the effect of government spending (27%) followed by investments (9%) and exports (8%) were the most significant effects on economic expansion sector. Table 2.Household and government consumption, investment and exports, (millions) Effect of Effect Effect of Effect of Liquid Sectors Household of Government Investment Export growth Agriculture

6 Industry Services Total Figure 2 - Effect of (%) household consumption, government consumption, investment and exports, 70% 60% 50% 40% 30% 20% 10% 60% 43% 2% 42% 56% 36% 27% 14% 8% 9% 8% 51% 18% 18% 12% Effect of Household Effect of Government Effect of Investment Effect of Export 0% 10% 5% agriculture industry services liquid growth 4. Final Considerations Based on the model presented in the works of Fochezatto and Ghinis (2008) and Batthaa (2002), this study sought to identify the sources of economic growth of the Brazilian economy in the period , in decomposing effects of changes in final demand changes technological (technical changes to the structure of the economy) and the interaction between them. Moreover, the disaggregated contributions were measured by category of final demand (household consumption, government consumption, investment and exports) for the three sectors: agriculture, industry and services. Hence, input-output matrices of Brazil 2000 and 2009 were used, prepared by the Center for Regional and Urban Economics, University of São Paulo (NEREUS). The expansion of the Brazilian economy in the period was R$ 898,458 million. The effect of final demand contributed R $ 1,282,318 billion, But, the effects of technology and interaction reduced the expansionn of production in the period, and (-R $ 134,885 million) and (-R$ 248,975 million) respectively. Thus, it was observed that the effect of changes in final demand was the main source of growth in Brazilian production in the period analyzed.thee negative value effect of technology may be regarded as substitution of inputs nationally manufactured inputs by imported production factors (BHATTA, 2002). However, Guilhoto cited Bhatta (2002) argues that the negative sign of the effect may be caused by the improved technical efficiency, i.e. the sectors implemented new production techniques which allowed us to increasee production without the need of an increasing demand for factors production. The predominant effect of final demand is also observed at the sectoral level, for the three sectors experienced positive contributions of final demand. Thus demonstrating the importance of the final demand is a promoter of economicc growth in the period.when emphasized liquid growth sectors, it is observed in the period under review, the reduction in the participation of industry in the process of 188

7 economic growth in Brazil. This result corroborates the economic literature proving the process of deindustrialization in Brazil.Of the components of final demand, the effect of household consumption was the principal source of economic growth in the period, with a possible explanation for this significant contribution, would be the improvement in income distribution in the country in recent years. References BHATTA, S. D. Structural change and economic growth: Sources of output change in Chicago during the 1990s. Urban Planning and Policy Program, University of Illinois at Chicago, FEIJÓ, C. A.; CARVALhO, P. G. M.; ALMEIDA, J. S. G. Ocorreu uma desindustrialização no Brasil? Instituto de estudos para o desenvolvimento Industrial, Discussão. FOCHEZATTO, A.; GHINIS, C. P. Contribuições da demanda e da tecnologia para o crescimento econômico regional: Uma análise multissetorial. Anais do XXXVI Encontro Nacional de Economia. ANPEC GUILHOTO, J. J. M. Análise de insumo-produto: teoria e fundamentos GUILHOTO, J.J.M., SESSO FILHO, U.A. Estimação da Matriz Insumo-Produto Utilizando Dados Preliminares das Contas Nacionais: Aplicação e Análise de Indicadores Econômicos para o Brasil em Economia & Tecnologia. UFPR/TECPAR. Ano 6, Vol 23, Out GUILHOTO, J.J.M., SESSO FILHO, U.A. Estimação da Matriz Insumo-Produto a Partir de Dados Preliminares das Contas Nacionais. Economia Aplicada. Vol. 9. N. 2. pp Abril-Junho HIDALGO, A. B., CAMPOS, M. F. S. S. Abertura comercial e desigualdade de rendimentos: análise para as regiões brasileiras. XL ENCONTRO NACIONALDE ECONOMIA. ANPEC NASSIF, A. Há evidências de desindustrialização no Brasil? Revista de economia política, São Paulo, n. 28, p , NASSIF, A. As fontes de mudança da eficiência técnica da indústria brasileira após a liberalização comercial: uma estimação econométrica por dados de plantas. Economia Aplicada 9.1 (2005). SONAGLIO, Claudia Maria. Fatos sobre a possível desindustrialização no Brasil: mudança conjuntural ou estrutural?. Economia & tecnologia (UFPR), v. 24, p , SOUZA, Nilson A. Economia brasileira contemporânea: de Getúlio a Lula. 2 ed. São Paulo: Atlas,

School of Economics and Management

School of Economics and Management School of Economics and Management TECHNICAL UNIVERSITY OF LISBON Department of Economics Antonio Carlos Carlos Moretto, Pestana João Barros Dias, João & Nicolas Carlos Peypoch Lopes, Rossana Lott Rodrigues

More information

11th National Convention on Statistics (NCS) EDSA Shangri-La Hotel October 4-5, 2010

11th National Convention on Statistics (NCS) EDSA Shangri-La Hotel October 4-5, 2010 11th National Convention on Statistics (NCS) EDSA Shangri-La Hotel October 4-5, 2010 INPUT-OUTPUT MULTIPLIER ANALYSIS FOR MAJOR INDUSTRIES IN THE PHILIPPINES by Madeline B. Dumaua For additional information,

More information

How changes in household s consumption and income affects the Brazilian economy: an input-output approach for 2003 and 2009 1

How changes in household s consumption and income affects the Brazilian economy: an input-output approach for 2003 and 2009 1 How changes in household s consumption and income affects the Brazilian economy: an input-output approach for 2003 and 2009 1 13. Desigualdade, pobreza e políticas sociais Marcus Vinícius Amaral e Silva

More information

The importance of tourism for the Brazilian economy: an input-output analysis

The importance of tourism for the Brazilian economy: an input-output analysis MPRA Munich Personal RePEc Archive The importance of tourism for the Brazilian economy: an input-output analysis Francisco Casimiro Filho and Joaquim José Martins Guilhoto Universidade Federal do Ceará,

More information

ECONOMIC GROWTH* Chapter. Key Concepts

ECONOMIC GROWTH* Chapter. Key Concepts Chapter 5 MEASURING GDP AND ECONOMIC GROWTH* Key Concepts Gross Domestic Product Gross domestic product, GDP, is the market value of all the final goods and services produced within in a country in a given

More information

A Multiplier and Linkage Analysis :

A Multiplier and Linkage Analysis : A Multiplier and Linkage Analysis : Case of Algeria - 287 Dr. MATALLAH Kheir Eddine* Abstract The development strategy for the Algerian economy in the 1980s and 1990s was based on the establishment of

More information

Figure 1: Gini Index

Figure 1: Gini Index 1 - Introduction Income Inequality and Labor Market Dynamics in Brazil * Fernando de Holanda Barbosa Filho June 9th 2012 Brazil is a country with one of the world s highest levels of income inequality..

More information

Methodologies for assessing Green Jobs Policy Brief

Methodologies for assessing Green Jobs Policy Brief Methodologies for assessing Green Jobs Policy Brief Introduction By pioneering sustainable economic activities, both developed and developing countries stand to generate new jobs and strengthen their economies,

More information

FORECASTING MODEL FOR THE PRODUCTION AND CONSUMPTION OF COTTON FIBER VERSUS POLYESTER

FORECASTING MODEL FOR THE PRODUCTION AND CONSUMPTION OF COTTON FIBER VERSUS POLYESTER 1 FORECASTING MODEL FOR THE PRODUCTION AND CONSUMPTION OF COTTON FIBER VERSUS POLYESTER Elisa Mauro Gomes Otávio Lemos de Melo Celidonio Daniel Latorraca Ferreira Leandro Gustavo Alves Johnnattann Pimenta

More information

11.1 Estimating Gross Domestic Product (GDP) Objectives

11.1 Estimating Gross Domestic Product (GDP) Objectives 11.1 Estimating Gross Domestic Product (GDP) Objectives Describe what the gross domestic product measures. Learn two ways to calculate the gross domestic product, and explain why they are equivalent. 11.1

More information

National Income Accounting. Courtesy : www. carlprosper4nugs.yolasite.com

National Income Accounting. Courtesy : www. carlprosper4nugs.yolasite.com National Income Accounting Courtesy : www. Introduction to Economy of Ghana Measuring the Economy - National Income Accounting Structure of the Economy and Sectoral Outlook Economic History of Ghana: preindependence,

More information

The Circular Flow 1/15/2013. Gross Domestic Product: Expenditure and Income

The Circular Flow 1/15/2013. Gross Domestic Product: Expenditure and Income IN THIS CHAPTER, YOU WILL LEARN: ECON 3010 Intermediate Macroeconomics Chapter 2 The Data of Macroeconomics the meaning and measurement of the most important macroeconomic statistics: gross domestic product

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

AGGREGATE DEMAND AND AGGREGATE SUPPLY The Influence of Monetary and Fiscal Policy on Aggregate Demand

AGGREGATE DEMAND AND AGGREGATE SUPPLY The Influence of Monetary and Fiscal Policy on Aggregate Demand AGGREGATE DEMAND AND AGGREGATE SUPPLY The Influence of Monetary and Fiscal Policy on Aggregate Demand Suppose that the economy is undergoing a recession because of a fall in aggregate demand. a. Using

More information

MEASURING GDP AND ECONOMIC GROWTH CHAPTER

MEASURING GDP AND ECONOMIC GROWTH CHAPTER MEASURING GDP AND ECONOMIC GROWTH CHAPTER Objectives After studying this chapter, you will able to Define GDP and use the circular flow model to explain why GDP equals aggregate expenditure and aggregate

More information

The Economic Contribution of Copyright-Based Industries in Australia

The Economic Contribution of Copyright-Based Industries in Australia The Economic Contribution of Copyright-Based Industries in Australia 3 Prepared for the Australian Copyright Council by Price Waterhouse Coopers Contents Key findings 3 Introduction 7 1 Value added by

More information

Principles of Macroeconomics Prof. Yamin Ahmad ECON 202 Fall 2004

Principles of Macroeconomics Prof. Yamin Ahmad ECON 202 Fall 2004 Principles of Macroeconomics Prof. Yamin Ahmad ECON 202 Fall 2004 Sample Final Exam Name Id # Part B Instructions: Please answer in the space provided and circle your answer on the question paper as well.

More information

CHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH

CHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH CHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH Learning Goals for this Chapter: To know what we mean by GDP and to use the circular flow model to explain why GDP equals aggregate expenditure and aggregate

More information

Why expenditure = income. The Circular Flow. Circular flow. Gross Domestic Product

Why expenditure = income. The Circular Flow. Circular flow. Gross Domestic Product Gross Domestic Product Why expenditure = income Two definitions: 1. Total expenditure on final goods and services 2. Total income earned by factors of production In In every transaction, the the buyer

More information

Public Funding and the Beginning of a New Era in Higher Education in Brazil

Public Funding and the Beginning of a New Era in Higher Education in Brazil 80 Comparative & International Higher Education 5 (2013) Public Funding and the Beginning of a New Era in Higher Education in Brazil Danilo de Melo Costa a,* a Federal University of Minas Gerais, Brazil

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

Inter-regional input-output environmental models: applications in the Asia-Pacific and Brazil

Inter-regional input-output environmental models: applications in the Asia-Pacific and Brazil Inter-regional input-output environmental models: applications in the Asia-Pacific and Brazil Chair: Sergio Almeida Pacca ( University of São Paulo, School of Arts, Sciences and Humanities) - spacca@usp.br

More information

Practice Problems on Current Account

Practice Problems on Current Account Practice Problems on Current Account 1- List de categories of credit items and debit items that appear in a country s current account. What is the current account balance? What is the relationship between

More information

31. Gross Domestic Product equals a. Y = C + I G + NX. b. Y = C I + G + NX. c. Y = C + I + G + NX.

31. Gross Domestic Product equals a. Y = C + I G + NX. b. Y = C I + G + NX. c. Y = C + I + G + NX. GDP Review Questions 13. Gross Domestic Product measures the a. quantity of the goods and services produced in a given year, listed item by item, within a country. b. income of the business sector within

More information

Outsourcing and Imported Services in BEA s Industry Accounts

Outsourcing and Imported Services in BEA s Industry Accounts Outsourcing and Imported Services in BEA s Industry Accounts Robert E. Yuskavage, Erich H. Strassner, and Gabriel W. Medeiros U.S. Department of Commerce Bureau of Economic Analysis Washington DC Paper

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

= C + I + G + NX ECON 302. Lecture 4: Aggregate Expenditures/Keynesian Model: Equilibrium in the Goods Market/Loanable Funds Market

= C + I + G + NX ECON 302. Lecture 4: Aggregate Expenditures/Keynesian Model: Equilibrium in the Goods Market/Loanable Funds Market Intermediate Macroeconomics Lecture 4: Introduction to the Goods Market Review of the Aggregate Expenditures model and the Keynesian Cross ECON 302 Professor Yamin Ahmad Components of Aggregate Demand

More information

Ministry of Economic Development

Ministry of Economic Development Ministry of Economic Development Department of Communications Contribution of ICT to economic growth in Italy: Input Output analysis DEPARTMENT OF COMMUNICATIONS Relatore: n Claudio Di Carlo claudio.dicarlo@sviluppoeconomico.gov.it

More information

Economic and Fiscal Impact of Alabama A&M University on Alabama and Huntsville Metropolitan Area: Commissioned by

Economic and Fiscal Impact of Alabama A&M University on Alabama and Huntsville Metropolitan Area: Commissioned by Economic and Fiscal Impact of Alabama A&M University on Alabama and Huntsville Metropolitan Area: 2011-2012 Samuel Addy, Ph.D. and Ahmad Ijaz Center for Business and Economic Research Culverhouse College

More information

The Economic Impact of Agricultural and Clothing, Textile: An Input-Output Analysis

The Economic Impact of Agricultural and Clothing, Textile: An Input-Output Analysis Advances in Management & Applied Economics, vol. 4, no.1, 2014, 27-39 ISSN: 1792-7544 (print version), 1792-7552(online) Scienpress Ltd, 2014 The Economic Impact of Agricultural and Clothing, Textile:

More information

Chapter 20. The Measurement of National Income. In this chapter you will learn to. National Output and Value Added

Chapter 20. The Measurement of National Income. In this chapter you will learn to. National Output and Value Added Chapter 20 The Measurement of National Income In this chapter you will learn to 1. Use the concept of value added to solve the problem of double counting when measuring national income. 2. Describe the

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

Gross Domestic Product. Will the Canadian economy weaken through the next year and shrink, or will it remain strong and expand?

Gross Domestic Product. Will the Canadian economy weaken through the next year and shrink, or will it remain strong and expand? Will the Canadian economy weaken through the next year and shrink, or will it remain strong and expand? To assess the state of the economy and to make big decisions about business expansion, firms use

More information

Households Wages, profit, interest, rent = $750. Factor markets. Wages, profit, interest, rent = $750

Households Wages, profit, interest, rent = $750. Factor markets. Wages, profit, interest, rent = $750 KrugmanMacro_SM_Ch07.qxp 11/9/05 4:47 PM Page 87 Tracking the Macroeconomy 1. Below is a simplified circular-flow diagram for the economy of Micronia. a. What is the value of GDP in Micronia? b. What is

More information

Applications of Linear Algebra in Economics: Input-Output and Inter-Industry Analysis. From: Lucas Davidson To: Professor Tushar Das May, 2010

Applications of Linear Algebra in Economics: Input-Output and Inter-Industry Analysis. From: Lucas Davidson To: Professor Tushar Das May, 2010 Applications of Linear Algebra in Economics: Input-Output and Inter-Industry Analysis. From: Lucas Davidson To: Professor Tushar Das May, 2010 1 1. Introduction In 1973 Wessily Leontiff won the Noble Prize

More information

Measuring the Aggregate Economy

Measuring the Aggregate Economy CHAPTER 25 Measuring the Aggregate Economy The government is very keen on amassing statistics... They collect them, add them, raise them to the n th power, take the cube root and prepare wonderful diagrams.

More information

2. With an MPS of.4, the MPC will be: A) 1.0 minus.4. B).4 minus 1.0. C) the reciprocal of the MPS. D).4. Answer: A

2. With an MPS of.4, the MPC will be: A) 1.0 minus.4. B).4 minus 1.0. C) the reciprocal of the MPS. D).4. Answer: A 1. If Carol's disposable income increases from $1,200 to $1,700 and her level of saving increases from minus $100 to a plus $100, her marginal propensity to: A) save is three-fifths. B) consume is one-half.

More information

Solution to Unsolved Numericals in the Textbook

Solution to Unsolved Numericals in the Textbook Solution to Unsolved Numericals in the Textbook National Income and Related Aggregates. Calculate Gross National Disposable Income from the following data: (i) National income 2,000 (ii) Net factor income

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

Answers to Text Questions and Problems. Chapter 22. Answers to Review Questions

Answers to Text Questions and Problems. Chapter 22. Answers to Review Questions Answers to Text Questions and Problems Chapter 22 Answers to Review Questions 3. In general, producers of durable goods are affected most by recessions while producers of nondurables (like food) and services

More information

Static & Dynamic Gains from Trade. Factors determining gains from trade.

Static & Dynamic Gains from Trade. Factors determining gains from trade. Learning Objectives Gains from Trade. Static & Dynamic Gains from Trade. Factors determining gains from trade. 6.1 Gains from Trade Gains from Trade can be traced to Ricardian Theory where it was stated

More information

Macroeconomics Instructor Miller Aggregate Expenditure Practice Problems

Macroeconomics Instructor Miller Aggregate Expenditure Practice Problems Macroeconomics Instructor Miller Aggregate Expenditure Practice Problems 1. The aggregate expenditure model focuses on the relationship between real spending and. A) short-run; real GDP B) short-run; inflation

More information

Long Term Equilibrium Exchange Rate

Long Term Equilibrium Exchange Rate Long Term Equilibrium Exchange Rate Section 1 Methodology for calculating the exchange rate Section 2 External liability Section 3 Sustainability of the external liability Section 4 Estimates Section 5

More information

DEMOGRAPHIC CHANGE AND REGIONAL ECONOMIC GROWTH IN BRAZIL. Alexandre A. Porsse Marianne Z. Stampe Marcelo S. Portugal Eduardo S.

DEMOGRAPHIC CHANGE AND REGIONAL ECONOMIC GROWTH IN BRAZIL. Alexandre A. Porsse Marianne Z. Stampe Marcelo S. Portugal Eduardo S. DEMOGRAPHIC CHANGE AND REGIONAL ECONOMIC GROWTH IN BRAZIL Alexandre A. Porsse Marianne Z. Stampe Marcelo S. Portugal Eduardo S. de Almeida TD Nereus 03-2012 São Paulo 2012 Demographic Change and Regional

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

Application of the Prado - Project Management Maturity Model at a R&D Institution of the Brazilian Federal Government

Application of the Prado - Project Management Maturity Model at a R&D Institution of the Brazilian Federal Government doi: 10.5028/jatm.v5i4.272 Application of the Prado - Project Management Maturity Model at a R&D Institution of the Brazilian Federal Government Luiz Aldo Leite das Neves 1,2, Luiz Eduardo Nicolini do

More information

The Supply and Use Table as a Useful Tool for Improving Data Quality in Palestine

The Supply and Use Table as a Useful Tool for Improving Data Quality in Palestine The and Table as a ful Tool for Improving Data Quality in Palestine Amina Khasib (Palestinian Central Bureau of Statistics) Paper prepared for the IARIWCAPMAS Special Conference Experiences and Challenges

More information

1. Purpose and Country Context

1. Purpose and Country Context 1. Purpose and Country Context This Country Program Evaluation (CPE) evaluates World Bank Group (International Bank for Reconstruction and Development [IBRD], or the Bank, International Finance Corporation

More information

Unit 4: Measuring GDP and Prices

Unit 4: Measuring GDP and Prices Unit 4: Measuring GDP and Prices ECO 120 Global Macroeconomics 1 1.1 Reading Reading Module 10 - pages 106-110 Module 11 1.2 Goals Goals Specific Goals: Understand how to measure a country s output. Learn

More information

Regional inequality and growth: the role of interregional trade in the Brazilian economy

Regional inequality and growth: the role of interregional trade in the Brazilian economy Regional inequality and growth: the role of interregional trade in the Brazilian economy Aline Souza Magalhães PhD candidate - CNPq Scholarship Cedeplar/UFMG (Federal University of Minas Gerais, Brazil)

More information

The Economic Impact of Health Services on the Economy of Sumter County, Alabama

The Economic Impact of Health Services on the Economy of Sumter County, Alabama The Economic Impact of Health Services on the Economy of Sumter County, Alabama Hospitals Nursing Homes Physicians, Dentists, Etc. Pharmacies Other Services Prepared by: National Center for Rural Health

More information

The IS Curve. This lecture describes the relationship between aggregate output and the real interest rate when the goods market is in equilibrium.

The IS Curve. This lecture describes the relationship between aggregate output and the real interest rate when the goods market is in equilibrium. The IS Curve This lecture describes the relationship between aggregate output and the real interest rate when the goods market is in equilibrium. Aggregate Demand: The Basics A. Aggregate demand is the

More information

Patterns of Economic Growth of the Brazilian Economy 1970-2006: demand led growth under balance of payments constraint

Patterns of Economic Growth of the Brazilian Economy 1970-2006: demand led growth under balance of payments constraint Patterns of Economic Growth of the Brazilian Economy - : demand led growth under balance of payments constraint An outline of the paper Fabio N. P. de Freitas and Esther Dweck Abstract The paper analyses

More information

The Economic Impact of Technical College System of Georgia Institutions on their Service Delivery Areas Economies in FY 2012

The Economic Impact of Technical College System of Georgia Institutions on their Service Delivery Areas Economies in FY 2012 The Economic Impact of Technical College System of Georgia Institutions on their Service Delivery Areas Economies in FY 2012 January 2014 A Study Commissioned by The Technical College System of Georgia

More information

Cosumnes River College Principles of Macroeconomics Problem Set 3 Due September 17, 2015

Cosumnes River College Principles of Macroeconomics Problem Set 3 Due September 17, 2015 Cosumnes River College Principles of Macroeconomics Problem Set 3 Due September 17, 2015 Name: Solutions Fall 2015 Prof. Dowell Instructions: Write the answers clearly and concisely on these sheets in

More information

Alberta Economic Multipliers

Alberta Economic Multipliers Alberta Economic Multipliers 2011 Representations and Warranties Government of Alberta, 2015 The information contained in this publication is based on the 2011 Input tables produced by Statistics Canada.

More information

Economics 1012A Introduction to Macroeconomics Fall 2008 Dr. R. E. Mueller Second Midterm Examination October 17, 2008

Economics 1012A Introduction to Macroeconomics Fall 2008 Dr. R. E. Mueller Second Midterm Examination October 17, 2008 Economics 1012A Introduction to Macroeconomics Fall 2008 Dr. R. E. Mueller Second Midterm Examination October 17, 2008 Answer all of the following questions by selecting the most appropriate answer on

More information

Measuring GDP and Economic Growth

Measuring GDP and Economic Growth 20 Measuring GDP and Economic Growth After studying this chapter you will be able to Define GDP and explain why GDP equals aggregate expenditure and aggregate income Explain how Statistics Canada measures

More information

This is the on-line Multiple Choice Quiz for Chapter 4. Please do the following. Go to the special codes section on your score sheet

This is the on-line Multiple Choice Quiz for Chapter 4. Please do the following. Go to the special codes section on your score sheet Instructions: This is the on-line Multiple Choice Quiz for Chapter 4. Please do the following. Step I - Go to the special codes section on your score sheet Write your section number (1, or 4, or 5) under

More information

Economic Policy Board Investor Relations and Special Studies Department. Fiscal Data. with information up to March Frequently Asked Questions

Economic Policy Board Investor Relations and Special Studies Department. Fiscal Data. with information up to March Frequently Asked Questions Economic Policy Board Investor Relations and Special Studies Department Fiscal Data with information up to March 2015 Frequently Asked Questions Series Fiscal Data This paper is part of the Banco Central

More information

Growth and Employment in Organised Industry

Growth and Employment in Organised Industry Growth and Employment in Organised Industry C.P. Chandrasekhar and Jayati Ghosh There is a general perception of industrial dynamism in the Indian economy at present, fed by reasonably high, even if not

More information

Economics 152 Solution to Sample Midterm 1

Economics 152 Solution to Sample Midterm 1 Economics 152 Solution to Sample Midterm 1 N. Das PART 1 (81 POINTS):Answer the following 27 multiple choice questions on the scan sheet. Each question is worth 3 points). 1. Gross domestic product (GDP)

More information

Characterization of harvesting systems and development of yield maps for citrus. J.P. Molin, L.S. Mascarin, F.P. Povh, J.R. Amaral, A.S.

Characterization of harvesting systems and development of yield maps for citrus. J.P. Molin, L.S. Mascarin, F.P. Povh, J.R. Amaral, A.S. Characterization of harvesting systems and development of yield maps for citrus J.P. Molin, L.S. Mascarin, F.P. Povh, J.R. Amaral, A.S. Oliveira University of São Paulo, Dept. of Rural Engineering, College

More information

SMALL INVESTORS: CHALLENGES AND BENEFITS OF IPO - A CASE STUDY IN A SMALL BUSINESS IN THE REGION OF THE CAPÃO REDONDO - SP

SMALL INVESTORS: CHALLENGES AND BENEFITS OF IPO - A CASE STUDY IN A SMALL BUSINESS IN THE REGION OF THE CAPÃO REDONDO - SP SMALL INVESTORS: CHALLENGES AND BENEFITS OF IPO - A CASE STUDY IN A SMALL BUSINESS IN THE REGION OF THE CAPÃO REDONDO - SP Loide Priscila Cacheche Universidade Adventista de São Paulo João Almeida Santos

More information

7. Which of the following is not an important stock exchange in the United States? a. New York Stock Exchange

7. Which of the following is not an important stock exchange in the United States? a. New York Stock Exchange Econ 20B- Additional Problem Set 4 I. MULTIPLE CHOICES. Choose the one alternative that best completes the statement to answer the question. 1. Institutions in the economy that help to match one person's

More information

Macroeconomia Capitolo 7. Seguire l andamento della macroeconomia. What you will learn in this chapter:

Macroeconomia Capitolo 7. Seguire l andamento della macroeconomia. What you will learn in this chapter: Macroeconomia Capitolo 7 Seguire l andamento della macroeconomia PowerPoint Slides by Can Erbil 2006 Worth Publishers, all rights reserved What you will learn in this chapter: How economists use aggregate

More information

Study Questions 8 (Keynesian Model) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

Study Questions 8 (Keynesian Model) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Study Questions 8 (Keynesian Model) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In the Keynesian model of aggregate expenditure, real GDP is

More information

Lecture 1: Gross Domestic Product

Lecture 1: Gross Domestic Product Lecture 1: Gross Domestic Product August 28, 2014 Prof. Wyatt Brooks MEASURING A NATION S INCOME 0 Structure of the Course First Part of the Class: The macroeconomy in the long run Why are countries rich

More information

Economic Systems. 1. MARKET ECONOMY in comparison to 2. PLANNED ECONOMY

Economic Systems. 1. MARKET ECONOMY in comparison to 2. PLANNED ECONOMY Economic Systems The way a country s resources are owned and the way that country takes decisions as to what to produce, how much to produce and how to distribute what has been produced determine the type

More information

Econ 102 Measuring National Income and Prices Solutions

Econ 102 Measuring National Income and Prices Solutions Econ 102 Measuring National Income and Prices Solutions 1. Measurement of National Income and Decomposing GDP This question is designed to see if you understand how Gross Domestic Product (GDP) is measured.

More information

Jobs and Growth Effects of Tax Rate Reductions in Ohio

Jobs and Growth Effects of Tax Rate Reductions in Ohio Jobs and Growth Effects of Tax Rate Reductions in Ohio BY ALEX BRILL May 2014 This report was sponsored by American Freedom Builders, Inc., a 501(c)4 organization. The author is solely responsible for

More information

City of Beverly. Impact ECONOMIC STUDY. conducted for ENDICOTT RESEARCH CENTER ENDICOTT COLLEGE BEVERLY, MASSACHUSETTS

City of Beverly. Impact ECONOMIC STUDY. conducted for ENDICOTT RESEARCH CENTER ENDICOTT COLLEGE BEVERLY, MASSACHUSETTS City of Beverly Impact ECONOMIC STUDY conducted for by ENDICOTT RESEARCH CENTER ENDICOTT COLLEGE BEVERLY, MASSACHUSETTS City of Beverly Impact ECONOMIC STUDY conducted for CONTENTS Executive Summary.............................

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

National Income Accounting

National Income Accounting : A set of rules and definitions for measuring economic activity in the aggregate economy (The economy as a whole.) As we noted earlier, the main measure of aggregate economic activity are GDP and GNP

More information

Macroeconomics Instructor Miller GDP Practice Problems

Macroeconomics Instructor Miller GDP Practice Problems Macroeconomics Instructor Miller GDP Practice Problems 1. Gross domestic product in the economy is measured by the A) total number of goods and services produced in the economy. B) dollar value of all

More information

Chapter 8. GDP : Measuring Total Production and Income

Chapter 8. GDP : Measuring Total Production and Income Chapter 8. GDP : Measuring Total Production and Income Instructor: JINKOOK LEE Department of Economics / Texas A&M University ECON 203 502 Principles of Macroeconomics Related Economic Terms Macroeconomics:

More information

1 National Income and Product Accounts

1 National Income and Product Accounts Espen Henriksen econ249 UCSB 1 National Income and Product Accounts 11 Gross Domestic Product (GDP) Can be measured in three different but equivalent ways: 1 Production Approach 2 Expenditure Approach

More information

Conference Call Santander Acquiring / Conta Integrada. São Paulo, 18 th March of 2010

Conference Call Santander Acquiring / Conta Integrada. São Paulo, 18 th March of 2010 Conference Call Santander Acquiring / Conta Integrada São Paulo, 18 th March of 2010 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Positive Macroeconomic Scenario

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. Suvey of Macroeconomics, MBA 641 Fall 2006, Final Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Modern macroeconomics emerged from

More information

DOMESTIC TOURISM AND REGIONAL INEQUALITY IN BRAZIL. Eduardo A. Haddad Alexandre A. Porsse Wilson Rabahy

DOMESTIC TOURISM AND REGIONAL INEQUALITY IN BRAZIL. Eduardo A. Haddad Alexandre A. Porsse Wilson Rabahy DOMESTIC TOURISM AND REGIONAL INEQUALITY IN BRAZIL Eduardo A. Haddad Alexandre A. Porsse Wilson Rabahy TD Nereus 02-2011 São Paulo 2011 Domestic Tourism and Regional Inequality in Brazil Eduardo A. Haddad,

More information

Lecture Recessions and Fiscal Policy

Lecture Recessions and Fiscal Policy Lecture 5-1 5. Recessions and Fiscal Policy A change in planned autonomous spending (A p ) will cause a change in equilibrium income. Is such a multiplier expansion or contraction desirable or not? Yes,

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

Question 2: How do you solve a matrix equation using the matrix inverse?

Question 2: How do you solve a matrix equation using the matrix inverse? Question : How do you solve a matrix equation using the matrix inverse? In the previous question, we wrote systems of equations as a matrix equation AX B. In this format, the matrix A contains the coefficients

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

13 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Chapter. Fixed Prices and Expenditure Plans. D) the aggregate price level is fixed and that aggregate

13 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Chapter. Fixed Prices and Expenditure Plans. D) the aggregate price level is fixed and that aggregate Chapter 13 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Fixed Prices and Expenditure Plans Topic: Keynesian Model * 1) In the Keynesian model of aggregate expenditure, real GDP is determined by the A)

More information

How to neutralize the adverse developmental effects of the Dutch Disease?

How to neutralize the adverse developmental effects of the Dutch Disease? How to neutralize the adverse developmental effects of the Dutch Disease? Jaime Ros Universidad Nacional Autónoma de México August 2011 Paper prepared for the Workshop on New Developmentalism and a Structuralist

More information

[ 04 ] The SNA as a System. Paul McCarthy

[ 04 ] The SNA as a System. Paul McCarthy [ 04 ] The SNA as a System Paul McCarthy National Accounts Workshop Washington - DC, October 25-26, 2010 System of National Accounts GDP is the bottom line but it is simply a summary measure The System

More information

The challenge of Brazilian pension funds imposed by the international crises

The challenge of Brazilian pension funds imposed by the international crises Brazilian Economic Insights Nº. 68 August 3, 2009 The challenge of Brazilian pension funds imposed by the international crises By Adriana Inhudes, André Albuquerque Sant Anna, Ernani Teixeira Torres Filho

More information

Ghana's Economic Performance 2010

Ghana's Economic Performance 2010 GHANA STATISTICAL SERVICE (GSS) Statistics for Development and Progress Ghana's Economic Performance 21 i n f i g u r e s P.O. Box GP 198, Accra www. statsghana.gov.gh 211 Ghana's Economic Performance

More information

Challenges to the Development of Tourism Satellite Accounts in Brazil

Challenges to the Development of Tourism Satellite Accounts in Brazil Challenges to the Development of Tourism Satellite Accounts in Brazil Wilson Abrahão Rabahy Professor of the Scholl of Communications and Arts of the University of São Paulo (USP), and researcher of the

More information

Deree College-Department of Economics Andreas Kontoleon EC1100- Fall Semester 2002 Review Questions and Answers for Chapter 11

Deree College-Department of Economics Andreas Kontoleon EC1100- Fall Semester 2002 Review Questions and Answers for Chapter 11 Deree College-Department of Economics Andreas Kontoleon EC1100- Fall Semester 2002 Review Questions and Answers for Chapter 11 1. Why is there a need for an aggregate demand and aggregate supply model

More information

The Short-Run Macro Model. The Short-Run Macro Model. The Short-Run Macro Model

The Short-Run Macro Model. The Short-Run Macro Model. The Short-Run Macro Model The Short-Run Macro Model In the short run, spending depends on income, and income depends on spending. The Short-Run Macro Model Short-Run Macro Model A macroeconomic model that explains how changes in

More information

Deree College Department of Economics Andreas Kontoleon EC 1100 Fall Semester ANSWERS TO HOMEWORK QUESTIONS FOR CHAPTER 11

Deree College Department of Economics Andreas Kontoleon EC 1100 Fall Semester ANSWERS TO HOMEWORK QUESTIONS FOR CHAPTER 11 Deree College Department of Economics Andreas Kontoleon EC 1100 Fall Semester ANSWERS TO HOMEWORK QUESTIONS FOR CHAPTER 11 11-1 Why is the aggregate demand curve downsloping? Specify how your explanation

More information

DEMAND FORECASTING AND STRATEGIC PLANNING IN ELECTRICITY DISTRIBUTION COMPANIES: A SYSTEM DYNAMICS APPROACH

DEMAND FORECASTING AND STRATEGIC PLANNING IN ELECTRICITY DISTRIBUTION COMPANIES: A SYSTEM DYNAMICS APPROACH DEMAND FORECASTING AND STRATEGIC PLANNING IN ELECTRICITY DISTRIBUTION COMPANIES: A SYSTEM DYNAMICS APPROACH Marciano Morozowski Filho Gladis Bordin Schuch* UFSC/EEL/Labplan UFRGS/Delet Federal University

More information

THE ISSUE OF PERMANENCE AT AN ONLINE CLASS: an analysis based upon Moodle platform s accesses

THE ISSUE OF PERMANENCE AT AN ONLINE CLASS: an analysis based upon Moodle platform s accesses THE ISSUE OF PERMANENCE AT AN ONLINE CLASS: an analysis based upon Moodle platform s accesses Rio de Janeiro RJ 05/2015 Lílian Lyra Villela UCP lyravillela@gmail.com Class: Scientific Investigation (IC)

More information

13 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Chapter. Key Concepts

13 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Chapter. Key Concepts Chapter 3 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Key Concepts Fixed Prices and Expenditure Plans In the very short run, firms do not change their prices and they sell the amount that is demanded.

More information

BRAZIL STEEL. Brazil Steel Institute revises its 2011 forecasts

BRAZIL STEEL. Brazil Steel Institute revises its 2011 forecasts BRAZIL STEEL N E W S 15EDITION SEPTEMBER 2011 Brazil Steel Institute revises its 2011 forecasts The Brazil Steel Institute revised its 2011 forecasts. Domestic sales should increase by 8.9%, reaching The

More information

Economic Output. Economic Output. GDP: Definition. GDP: Definition. GDP: Definition. GDP: Definition. Agenda. Gross Domestic Product (GDP)

Economic Output. Economic Output. GDP: Definition. GDP: Definition. GDP: Definition. GDP: Definition. Agenda. Gross Domestic Product (GDP) Economic Output Economic Output Agenda Defining GDP Measuring Real GDP The Expenditure Side The Income Side Economic Output Gross Domestic Product (GDP) The official measure of a country s economic output.

More information

Chapter 11: Activity

Chapter 11: Activity Economics for Managers by Paul Farnham Chapter 11: Measuring Macroeconomic Activity 11.1 Measuring Gross Domestic Product (GDP) GDP: the market value of all currently yproduced final goods and services

More information

Volume Title: The Design of Economic Accounts. Volume Author/Editor: Nancy D. Ruggles and Richard Ruggles

Volume Title: The Design of Economic Accounts. Volume Author/Editor: Nancy D. Ruggles and Richard Ruggles This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: The Design of Economic Accounts Volume Author/Editor: Nancy D. Ruggles and Richard Ruggles

More information