a. Explain concisely whether the following statement is true or false: “The GDP of a country does provide an accurate indicator of the welfare of its citizens”
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- In two sectoral economy reflect if the revenues generated by one sector are equal to the expenditures of the other sector using circular flow diagram.You have been appointed chief economist of a small economy of Uhuru. Use the information below which relates to Uhuru in 2020 and answer the questions that follow: National Income Accounting Totals in Uhuru for 2020 R (millions) Consumption 86 495 Gross Capital Formation 9 897 Government spending 12 458 Net exports 8 891 Primary income payments to the rest of the world 2 154 Primary income receipts 924 Consumption of fixed capital 165 Subsidies 325 Taxes 467 q.3.5 Outline the five main macroeconomic objectives that the South African government strives to achieve.In two sectoral economy reflect if the revenues generated by one sector are equal to the expenditures of the other sector using circular flow diagram. (150-500 Word limit)
- Which of the following statements is FALSE? A. The GDP of a country equals the value of final output produced within the borders of that country B. The GNP of a country equals the value of final output produced using factors owned by residents of the country. C. GDP = net income received from abroad by residents of a nation + GNP D. GDP represents the most commonly used measure of an economy’s outputBased on this definition, indicate which of the transactions in the following table will be included in (that is, directly increase) the GDP of the United States in 2019.Hello. Can you please assist on the follwing question below. You have been appointed chief economist of a small economy of Uhuru. Use the information below which relates to Uhuru in 2020 and answer the questions that follow: National income Accounting Total in uhuru for 2020 Consumption 86 495 Gross capital formation 9 897 Government spending 12 458 Net exports 8 891 Primary income payments to the rest of the world 2 154 Primary income receipts 924 Consumption of fixed capital 165 Subsidies 325 Taxes 467 Q.1 Calculate the gross domestic product (GDP) at market prices for Uhuru in 2020. Q.2 Calculate the net domestic product at market prices for Uhuru in 2020. Q.3 Calculate the net national product at factor cost for Uhuru for 2020.
- There are three parts to this question: 1a, 1b, and 2a. Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. In year 2, the output mix changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter. 1.a. If the prices in both years are $4 per quart for ice cream, $3 per bottle of shampoo, and $2 per jar of peanut butter, what was the economy’s nominal GDP in year 1? Show the calculation. 1.b. What was its nominal GDP in year 2? Show the calculation. Now, assume that in year 3, the output mix changes again to 3 quarts of ice cream, 1 bottles of shampoo, and 3 jars of peanut butter. Consider the year 1 as the base year.2.a. If the prices in year 3 are $5 per quart for ice cream, $4 per bottle of shampoo, and $3 per jar of peanut butter, what is the economy’s real GDP in year 3? Show the calculation.True or false?Part A. Government production accounts for about half of all GDP in the United States. Part B.Gross domestic product is the money value of all final goods and services produced in an economy in a year.Answer the below question on the basis of the following data. All figures are in billions of dollars. Gross Private Domestic Investment $46 Exports of the U.S. 9 Disposable Income 190 Personal Saving 10 Government Purchases 84 Net Foreign Factor Income 10 Consumption of Fixed Capital 52 Dividends 13 Imports of the U.S. 12 Taxes on Production and Imports 22 Personal Taxes 38 Social Security Contributions 23 Statistical Discrepancy 0 The gross domestic product is: A. $307 B. $282 C. $326 D. $300
- In as much details as possible, explain the Circular Flow Diagram for a Four sector economyConsider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Wages and Salaries 1000 Consumption 1700 Investment 700 Depreciation 50 Government Expenditure 100 Taxes 300 Exports 50 Imports 40 Income receipts from rest of the world 10 Income payment to rest of the world 50 What are net exports for China? Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions) What is the growth rate of GDP in Japan?Assume that a economy holds two factors of production, human capital managed by native-born workers and low skilled employees. If large migration of low skilled migrants occurs, how will the influence the aggregate GDP of the native population?
