nventory nvestment $20 Net Exports -$100 Emall Business Eapital Consumption Government capital Spending $30 Government capital Fonsumption Government Consumption susiness Capital pending let Mixed Household Consumption Non-Profit Capital Spending $65 $800 $12 Net Operating Surplus $35 $115 Non-Profit $200 Consumption Wages and Salaries $15 $400 $700 Corporate Capital Consumption Employers' Social ncome $100 $150 axes Less subsidies $130 Contributions $100
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- Suppose that we are in a small, local economy that produces three goods. They are: (i) Food, (ii)Gas, and (iii) Housing. The prices for reach of these goods from 2019-2022 are:Good 2019 Price 2019 Quantity 2020 Price 2020 QuantityFood 10 12 14 15Gas 2 2 1.50 1.50Housing 2,000 2,500 2,200 1,800Good 2021 Price 2021 Quantity 2022 Price 2022 QuantityFood 12 15 15 16Gas 3 2 4 2.50Housing 2,300 2,200 2,400 2,3001. Calculate the Nominal GDP for this economy for 2019, 2020, 2021, and 2022. 2. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2019as the base year. 3. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2020as the base year. 4. Calculate the Real GDP Deflators for 2021 and 2022 using the Nominal GDPs youcalculated in Q1 and the Real GDPs you calculated in Q3.5. What is the annual inflation rate for 2022 according to the Real GDP Deflators youcalculated in Q4? Now suppose that the Local Government is interested in…Consider an economy with a coconut producer, a restaurant, and a govern- ment. The coconut producer produces 10 million coconuts, which are sold for $2 each, generating a revenue of $20 million. The coconut producer pays wages of $5 million to its workers, $0.5 million interest on a loan to some consumers, and $ 1.5 million in taxes to the government. The restaurant buys 6 million coconuts, and the remaining 4 million coconuts are directly bought and consumed by consumers. The restaurant uses coconuts to produce meals that generate a revenue of $30 million. The restaurant pays its workers $4 million in wages, and the government $3 million in taxes. Consumers work for the coconuts producer, restaurant and the government, earning a total of $14.5 million in labour income ($9 million in wages from the private sector, and $5.5 million from the government). They also earn $24 million in after-tax profits (dividends) from the producers, in addition to the interest income of $0.5 million…27. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, what will be the loss to consumers? 28. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, what will be the net loss to this econom? 29. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, how much revenue will the government collect? 30. Suppose IP is the international trade price and this country's government imposes a 6 unit quota on imports of this good, what will be the net loss to this econom?
- Draw a production possibility frontier. The vertical axis shows theproduction of public sector goods and the horizontal axis showsproduction of private sector goods. The economy is currentlyproducing at point A on the frontier where 50 per cent of allproduction is devoted to public sector goods and 50 per cent toprivate sector goods.(a) Mark the following points on your drawing.(i) Point A.(in) Point B which shows production following the election of agoverment which increases government spending on botheducation and the National Health Service.(ili) Point C where unemployment is present in the economy.(iv) Point D where the government takes over production of allgoods and services in the econory.(b) Draw another diagram putting on it the original productionpossibility Frontier you drew for (a), labelling it AA.(i) Draw a new production possibility frontier on the diagram,labelling it PP, which shows the position after a devastatingwar has hit the economy.(in) Draw another PPF…You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?suppose you ar etrying to determine the aftereffects of hurricane Katrina on the economy of Louisiana. Which assumptions could be made to simplify the study? Note that not all statements may be placed. 1. consider the effects on all of Louisiana's interstate trade partnters 2. focus on just the crawfish-and catfish-farming industries in Louisiana 3. determin the effects while holding the infrastructure and factors of production constant 4. track the total net worth of the output produced by the state prior to the hurrican and after the hurricane 5. compare the change in prices for all goods
- 3 c. Explain the concept of production possibility frontier and interpret the slope of theproduction possibility frontier in economic terms.Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.Consider the following mini-economy composed of two firms (Firm 1 and Firm 2).Firm 1 is a farm and grows $4,000 of Wheat. Firm 1 keeps $1,000 of wheat in a silo to sell nextyear. Firm 1 then sells its remaining $3,000 of wheat directly to Firm 2. Firm 1 uses the $3,000 itreceives from Firm 2 to pay $2,000 to its workers, $200 on interest payments in outstandingdebts, and $800 in taxes.Firm 2 is a bakery and uses the $3,000 of wheat that it purchases to bake bread and sell it. Firm2 produces $7,000 of bread, selling $2,000 to the Government and selling $5,000 to privateconsumers. Firm 2 pays its workers $1,000, pays $1,000 in taxes, and the owner keeps the restof the money remaining as profits.13. Calculate GDP for this mini-economy using the value-added approach. What is thecontribution of each firm to this total GDP? 14. Calculate GDP for this mini-economy using the expenditure approach. What is thecontribution of each firm to this total GDP and what is the contribution of each of…
- scenario Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.The Marope Economy has the capacity to produce the goods and services that are outlined in Table 1 below. You are required to:a. Draw a Production Possibility Frontier (PPF) and list all efficient points of production.b. Marope Economy wishes to produce 520 billion units of consumer goods. Plot this output onthe Frontier and state whether this is an efficient point or not.Table 1 – Production Possibilities Output (billions of units per year) Consumer goods Consumer servicesPart BA B480 420 0 120C D240 0 240 300 Use graphs to demonstrate how the following factors will change the PPF.a. A decrease in migrationb. An increase in natural resourcesc. Changes in technologyStudent explain lmportance of Port tothe Economy