he end of the year: you sell trees Lei cut down for $27,000; you pay Lei $15,000; and your saw is now worth $1,000. on this information, how much GDP has been created?
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- Roberto is a senior citizen who consumes food and health care. When he retired in 2002, he consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $64. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $278. As a result, Roberto consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Roberto using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is nothing. (Enter your response rounded to two decimal places.)Country X $m Private Consumption Expenditure 400 Gross Fixed Capital Formation 50 Exports 100 General Government Expenditure 70 Net changes in Physical Stocks + 10 Imports 160 Indirect taxes on goods and services 65 Subsidies 25 Net property inflows from abroad 40 Net property outflows to abroad 30 Capital Consumption 40 What is the Total Domestic Expenditure (TDE) figure at market price for Country X? What is the GDP figure at factor cost for Country X? What is the NNP figure at factor cost for Country X? What is the Gross Domestic Product (GDP) figure at market price for Country X?Suppose an economy produces only 2 products that will also be used for directconsumption, as per the article at the end of the exam: chicken wings and donuts. Inthe second quarter of 2021 (the base period), 180,000 pounds of chicken wings wereproduced, at a value of $3.50 per pound, while in the second quarter of 2022,production of chicken wings increased to 200,000 pounds, at a value of $3.75 perpound. In the second quarter of 2021 (the base period), 85,000 donuts were producedat a value of $0.85 per donut, while in the second quarter of 2022, donut productionincreased to 100,000 donuts, each at a value of $0.95 per donut. The population inthis economy is 1000 individuals in 2022, while the number of hours worked in 2022is 5000. Also, the quantities that were produced in 2021 represent the quantities thatwere purchased by the typical household, meaning that everything that was producedwas sold.d. Solve for the amount of labor productivity in the second quarter of 2022.e. Solve for the…
- You are given the following information about an economy: $millionsGDP at Market Prices 1,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance…You are given the following information about an economy: $millionsGDP at Market Prices 1,669.4Imports 290.5Gross Domestic Capital Formation 48.7Income accruing to the Public Sector 39.0Retained Business Earnings 75.9Exports 273.4Subsidies 16.8Factor Payments from Abroad 10.0Capital Consumption Allowance…All of the leather that this question refers to was produced in the US by the X Company in 2017. Please indicate whether the leather should be counted as an intermediate good or as a final good for the US in 2017. --> In 2017, X Company sold $5,000 worth of leather to amateur drummers who like to make their own drum skins. final good or intermediate good? (choose) --> In 2017, X Company sold $100,000 worth of leather to its saddle subsidiary, which used all of the leather in 2018 to make saddles. final good or intermediate good? (choose) --> In 2017, X Company sold $250,000 worth of leather to Drew Simmons Sandals and Belts (Hershey PA), which used all of the leather in 2017 to make sandals and belts. final good or intermediate good? (choose) --> In 2017, X Company sold $90,000 worth of leather to the Animal Leather Company, a Canadian firm. Animal Leather Company used the leather in the same year to make tool belts. final good or intermediate…
- ABC Computer Company has a $20,000,000 factory in Silicon Valley. During the current year ABC builds $2,000,000 worth of computer components. ABC's costs are labor, $1,000,000; interest on debt, $100,000; and taxes, $200,000. ABC sells all its output to XYZ Supercomputer. Using ABCs components, XYZ builds 4 super computers at a cost of $800,000 each ($500,000 worth of components, $200,000 in labor costs, and $100,000 in taxes per computer.) XYZ has a $30,000,000 factory. XYZ sells three of the supercomputers for $1,000,000 each. At year's end, it had not sold the fourth. The unsold computer is carried on XYZ's books as an $800,000 increase in inventory. Calculate GDP using the expenditure method, the product method and the income method, showing that all three approaches give the same answer.One day, Chinedu the Barber, Inc., collects D400 for haircuts. Over this day, his equipment depreciates in value by D50. Of the remaining D350, Chinedu sends D30 to the government in sales taxes, takes home D220 in wages, and retains D100 in his business to add new equipment in the future. From the D220 that Chinedu takes home, he pays D70 in income taxes. Based on this information, compute Chinedu’s contribution to the following measures of income. gross domestic product net national product national income personal income disposable personal income11.3 The price of crude oil during the period 2000-2010 can be approximated by P(t) = 6t + 18 dollars per barrel (0 ≤ t ≤ 10) in year t, where t = 0 represents 2000. Russia's crude oil production over the same period can be approximated by Q(t) = −0.08t2 + 1.2t + 5.5 million barrels per day (0 ≤ t ≤ 10). † Use these models to estimate Russia's daily oil revenue and also its rate of change in 2007. (Round your answers to the nearest $1 million.) daily oil revenue$ millionrate of change in 2007$ million per year
- Assume an economy with two firms: a coffee beans producer and a coffeeshop. In a given year, a coffee beans producer grows 75,000 tonnes of coffee beans, sells 50,000tonnes of coffee beans to the local coffee shop at $50 per tonne, exports 20,000 tonnes of coffeebeans at $50 per tonne, and stores 5,000 tonnes as inventory. The coffee producer pays $100,000in wages to consumers. The coffee shop produces 1,000,000 cups of coffee and sells all of it todomestic consumers at $4 a coffee. The coffee shop pays consumers $400,000 in wages. Inaddition to the 1,000,000 coffees consumers buy from the local coffee shop, they (consumers)import and consume 300,000 cups of coffee (coffee pods), and they pay $2 per a coffee pod.Calculate gross domestic product using• the product approach,• the expenditure approach, and• the income approach. PLEASE SHOW ALL HAND WRITTEN WORK AND STEPS!!Monica grows coconuts and catches fish. Last year she harvested 1500 coconuts and 600 fish. She values one fish as having a worth of three coconuts. She gave Rachel 300 coconuts and 100 fish for helping her to harvest coconuts and catch fish, all of which were consumed by Rachel. Monica set aside 200 fish to help with next year's harvest. In terms of fish, consumption would equal 700 fish 900 fish 1100 fish 2700 fishThe following table shows the results of operations of a dishwasher manufacturer in 2021. Price per dishwasher sold in 2021 $1,000 Total Number of dishwashers produced in 2021 9,000 Total number of dishwashers sold in 2021 8,000 Number of dishwashers sold in 2021 produced in 2020 2,000 Costs of parts and components used in production $2,000,000 Wages paid in 2021 $4,500,000 Rent and interest paid in 2021 $500,000 National income accountants will include dollars from the above table in the 2021 GDP. However, the manufacturer's value added in 2021 to the GDP only equals dollars. This is how much this producer's 2021 activities contributes to total GDP in 2021. From the viewpoint of national income accountants, this producer's profit resulting from 2021 production activities
