2. Based on the table below: (3 points) Year

2015

2016

2017

Price of bread

1$

1.5$

3$

Quantity of bread

1000

1500

1800

Price of corn

10$

12$ 8$

Quantity of corn

200

400

500

a) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2015 as the base

year.

Basics of Business and Economics

Quiz N3

b) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017

from the preceding year. c) Did economic well-being rise in 2017 compared to previous year? Explain.​

Suppose that hubert, an economist from an am talk radio program, and kate, an economist from a nonprofit organization on the west coast, are arguing over government bailouts. the following dialogue shows an excerpt from their debate: kate: to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. hubert: indeed, it’s gotten crazy! a government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. kate: i don’t know about that. without a bailout of severely distressed financial firms, the economy will experience a deep recession. the disagreement between these economists is most likely due todifferences in scientific judgments . despite their differences, with which proposition are two economists chosen at random most likely to agree? business managers can raise profit more easily by reducing costs than by raising revenue. central banks should focus more on maintaining low unemployment than on maintaining low inflation. employers should not be restricted from outsourcing work to foreign nations

Need true or false 1 2 3 4 5 6 7 8

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?