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GDP and NDP
The table below sets out some data for Country X in 2007. Item Amount(in billions of dollars)Consumption expenditure 289Government expenditure 99Interest and investment income 33Profit of corporations andgovernment enterprises 65Income from farms andunincorporated businesses 40Gross investment 146
Exports 36Imports 22
Wages, salaries, and supplementarylabor income 275Capital consumption allowance 60Indirect taxes less subsidies 75
a. Calculate net exports.
b. Use the expenditure approach to calculate GDP.
c. Use the income approach to calculate GDP.
d. Calculate net domestic product (at factor cost).
e. Calculate net domestic income (at market price).
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
In what ways do the offering MBA courses at other locations create producer and consumer borne value to both the university and the malls? What factors affect the ability of the university and malls to capture value?
Calculate the book price and quantity effects of the local 8% sales tax. With perfectly elastic demand, who pays the economic burden of such a tax?
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
The Wozniak Corporation, a maker of aircraft engines, determines that in 2008 the demand curve for its product is as follows-What is the price elasticity of demand if price equals $500?
Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
Analyze the factors that influence the banks desired excess reserve ratio, r e . What would happen to the magnitude of r e if:
What price should DD set to maximize profits? What would output be if DD acted like a perfect competitor and set P = MC?
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
If the desired fiscal stimulus is $20 billion and the desired AD increase is $50 billion, we can conclude that the MPC is:
Economic forecasters predicted that consumption also GDP would increase because of higher refunds on income taxes.
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