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Consider an economy with a corn producer, some consumers, and a government. In a given year, the corn producer grows 3 million tons of corn, and the market price for corn is $50 per tonne. Of the 3 million tonnes produced, 2 million tonnes are sold to consumers, 0.5 million are stored in inventory, and 0.5 million are sold to the government to feed the army. The corn producer pays $60 million in wages to consumers and $20 million in taxes to the government. Consumers pay $10 million in taxes to the government, receive $10 million in interest on government debt, and receive $5 million in Canadian Pension Plan payments from the government. The profits of the corn producer are distributed to consumers.
a) Calculate GDP using the expenditure approach.
Determining Cause and Effect How would a 10 percent inflation rate affect both lenders and borrowers? Why?
Illustrate what happens to the supply curve and the equilibrium point when a new technology improves a production process.
Three of the biggest competitors are banking together and yet the Government is still trying to slow us down.' Should the AOL-Netscape merger alter attitudes towards the recent business practices of Microsoft?
The following table provides some hypothetical data on macroeconomic accounts for three countries represented by A, B, and C and measured in billions of currency units. In the table, private household saving is SH, tax revenue is T, government spe..
Farmers whose crops were destroyed by the floods were much worseoff, but farmers whose crops were not destroyed benefited from thefloods, why?
Use a two-periodmodel with a government to explain the concept of Ricardian equivalence. Please explain and show graphically
Explain why fiscal policy will be either more or less effective in an economy with a large foreign sector.
Measured as the long-term growth of potential GDP, how has economic growth in the United States changed over the decades since 1962?
Compare the common perception of how a tax rate cut affects tax revenues with economist Laffer's theory and please discuss it in 2-3 paragraphs
The original Budget constraint is p1x1 + p2x2 = m, an income tax levied at rate t (0
If this year's profit (end of year 1) is expected to be $6,000 and the profit trend continues (i.e. the profit at the end of year 2 is $7,200 and so on) for four years, find the present worth of the profit at an interest rate of 9% per year.
1. The following table shows for a simple production function.
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