What kinds of problems may arise from this

Reference no: EM133706574

Question 1. The U.S. government has been using agricultural price support system, which is about price floors, to buy the agricultural products from farmers. What kinds of problems may arise from this?

Question 2. If both sellers and buyers expect the gasoline price to increase next week, what will happen to the equilibrium price and equilibrium quantity this week? Explain your answers by discussing the changes to the market supply and market demand curves for gasoline.

Question 3. Suppose within the border of a country, at the aggregate level, the personal consumption expenditure is $640 billion. The export is $110 billion and imports $180 billion. The gross private domestic investment is $80 billion. The depreciation of capital equipment is $40 billion. The federal government spending is $420 billion, while the state and local government spending is $210 billion. The total tax revenues are $560 billion.

1 How much is the GDP? You must show the calculation.

2 How much is National Income? You must show the calculation.

Reference no: EM133706574

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