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Q1. In 2003, a seat on the Chicago Board of Trade (CBOT) sold for only $338,000, compared to $2.0 million for on the New York Stock Exchange (NYSE). In January 2005, however, a CBOT seat was sold for $1.25 million, while a NYSE seat sold for $975,000. First, explain why anyone would pay a positive price for a CBOT or NYSE seat and what this price represents. Second, explain why the seat values have changed so much in recent months.
Q2. In an open economy, gross domestic product equals $1,850 billion, consumption expenditure equals $975 billion, government expenditure equals $225 billion, investment equals $500 billion, and net exports equals $150 billion. What is national savings?
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