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Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Value Compensation of employees $196.2 U.S. exports of goods and services 19.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign income 2.2 Personal consumption expenditures 219.1 Statistical discrepancy 0.0 Instructions: Round your answers to one decimal place. a. GDP = $ billion b. NDP = $ billion c. National Income = $ billion
Assume a (perfectly competitive) firm has production technology given by f(L, K) = √ L + √ K. Assume pK = 1 = pL and compute its (long-run) supply schedule. Where in the analysis do you invoke the assumption of perfect competition?
Distinguish between ethical rights and obligations from the perspective of accountants and auditors
Singapore has a system of traffic regulation called Electronic Road Pricing, in which traffic congestion is reduced by charging motorists who drive into the city center during certain hours of the day. Charging for use of a road is shifting from a th..
How many fish should a commercial fisher try to catch in a day? Should he catch as many as possible or return to dock before filling the boat with fish? Under what economic circumstances should he not even take the boat out? Is Apple Computer a perfe..
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will chan..
Many papers look at the impact of credit frictions onto business cycles, and they almost unambiguously find that credit frictions work as an amplification mechanism of other shocks. A lot of these models (in the tradition of Kiyotaki and Moore) have ..
Microsoft emerges to have a monopoly with over 90% of the personal Calculator operating market. Why then would it not be charging a monopoly cost.
A country imports 5 billion tonnes of coal per year and domestically produces another 4.5 billion tonnes of coal per year. The world price of coal is $50 per tonne. Assuming linear schedules, economists estimate the price elasticity of domestic suppl..
Many centrally-planned economics, such as the former soviet union, set price ceilings on agricultural products in an attempt to aid consumers. 1. Analyze the welfare effects of a price ceiling graphically. Assume for simplicity that the country does ..
The short run price elasticity of demand for tires is 0.9. If an increase in the price of petroleum used in producing tires causes the marketplace.
What must saving rate be in initial steady state. What is marginal product of capital in initial steady state. Suppose that public policy rises saving rate so that economy reaches Golden Rule level of capital.
Why the adverse effect on output is larger when the Fed is decreasing money supply than holding it constant.
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