The reference mode of the US GDP is shown in Figure 1 US Real GDP 8000 AveragerowtRat8.45%lyear DoublingTime-20years 4000 1850 1900 1950 2000 Figure 1: US GDP - (Sterman, 2001) 1. Identify the variables that might be responsible for the growth of the US GDP 2. Sketch a causal loop diagram to capture the behavior you identify 3. Identify potential negative feedback that might halt growth in the system
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- QUESTION TWOSuppose that the economy of Mwaliteta Republic has the following data for some economic variables. Assume that Mwaliteta Republic has a population of 500,000 people.Variable Amount in million ZMWExpenditure on Non-durable goods 98Non-residential fixed investment 79Central government expenditure 60Local government expenditure 82Expenditure on durable goods 82Expenditure on services 99Export expenditure 60Inventory Investment 5Depreciation 4Property income from abroad 12Indirect taxes 12Residential fixed investment 42Personal income tax…Please give a detailed solution with an explanation. Please double-check your sources and make sure the answer is 100% correct. Make sure ALL questions are answered too.Blank Answer #1:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #2:this year's pricesthe base year's pricesBlank Answer #3:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #4:this year's pricesthe base year's pricesBlank Answer #5:produced domesticallybought by consumersSuppose the data BELOW is for a given year from the annual Economic Report of the President. Calculate GDP using the expenditure approach (Amount in billions of dollars): Corporate profits: $ 305Depreciation: $ 479Gross private domestic investment: $716Personal taxes: $ 565Personal saving: $120Government spending: 924Imports: $ 547Exports: $ 427Personal consumption expenditures: $ 2,966Indirect business taxes: $ 370Contributions for Social Security (FICA): $ 394Transfer payments and other income: $ 967
- China’s real GDP increased 6.9 percent in the first quarter of 2017 from a year earlier.Investment grew by 9.2 percent and retail sales by 10.9 percent. In current prices, GDPincreased by 11.8 percent from a year earlier.1. Explain how China’s real GDP can grow at a 6.9 percent rate when consumption andinvestment grew faster than 6.9 percent. 2. Explain why the growth rate of GDP in current prices does not provide informationabout how quickly the economy is really growing.Consider the following NIPA data for 1Q2021 (First Quarter 20210 $ billlion) Investment: Non Residential $2,948.3 Exports $2,305.3 PCE Goods $5,183.5 Investment: Residential $1,043.7 Government Expendiures Federal $1,557.0 PCE Services $9,857.7 Imports $3,152.3 Governemnt Expenditures : State and local Goernent Expenditures $2,395.9 Change in private inventories -$90.1 1. Write the formula for GDP Compute the following: 2. Personal Consumption Expenditures (PCE): 3. Gross Private Domestic Investment (GPDI) 4. Net Exports (NX) 5. Government Expenditures (GOV) 6. GDPUse the following macroeconomic model structure to answer the questions followed. 8 pts C = 300 + 0.8Yd; C = consumption function; Yd (Y-T) = disposable income I = 200; I = Investment G = 400; G = Government expenditure T = 200; T = Tax revenue Also assume that Yf = Full employment GDP (Potential GDP) = 5,000 8.1. The equilibrium GDP level (income) is _________. Hint: Ye = C+I+G a. 2,850 b. 3,700 c. 3,145 d. 3,800 8.2. At the equilibrium level of output, the aggregate consumption level is: a. 3,100 b. 3,250 c. 3,400 d. 3,625 8.3. At the equilibrium level of output, the aggregate saving level is: a. 550 b. 450 c. 400 d. 350 8.4. The MPC and MPS for the economy is respectively: a. 0.9 and 0.1 b. 0.85 and 0.15 c. 0.75 and 0.25 d. 0.80 and 0.20
- T. Haavelmo devised a model of the US economy for the years 1929–1941 based on the followingequations:(i) c = 0.712y + 95.05 (ii) s = 0.158(c + x) − 34.30(iii) y = c + x − s (iv) x = 93.53Here x denotes total investment, y is disposable income, s is the total saving by firms, and c istotal consumption. Write the system of equations in the form (1) when the variables appear inthe order x, y, s, and c. Then find the solution of the system.Assume the following model of the economy: Y =C+I+G C = 120 + 0.5 (Y-T) I= 100 -10r G = 50 T=40 Identify each of the variables and briefly explain their meaning.Consumption $500Government Expenditures $200GNP $800Gross Private Domestic Investment $100Imports $100Exports $50 Questions: 3. Using the data above, PCE (Personal Consumption Expenditure) is equal to _____________.4. If the dollar amounts of the items above are the nominal amounts in year 2017, and the quantities of units are identical in years 2010 and 2017, but prices in 2010 were 20% less than 2017, Real GDP in 2017 using 2010 as the base year is equal to _______________.
- this question is for macroeconomics but on bartleby it just show economics Canada’s real GDP in November 2020was $1,934,643,000 and $1,990.238,000 in November 2019. Canada’s population was 37,593,384 in 2019 and 38,005238 in 2020. Complete the questions below, fully showing your calculations. (7 marks) A .What is the growth rate of real GDP from November 2019 to November 2020? B. What is the growth rate of real GDP per person? C. Explain what is happening to the Standard of Living in Canada from November 2019 to November 2020?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…Gross Domestic Product (GDP) is one important indicator of economic well-beingof an economy. The following table shows expenditure components in the GDP ofa certain economy across three years (in billion dollars, 2018 chained values): 2017 2018 2019 Private Consumptions 1000 1100 1200 Private Investments 500 520 540 Government Spending 100 150 180 Exports 8500 9000 8600 Imports 8300 8800 8500 a. Compute the annual economic growth rates over the period. Describe how theeconomy changed over time. b. Briefly explain the changing sources of growth during the period. Brieflycomment on such changes. Adopt relevant calculations as appropriate. c. Briefly explain TWO limitations of relying on the above figures to indicate theeconomic well-being of the households in the economy .d. Refer to your answers in (c), suggest TWO additional macroeconomic indicatorsto accompany with the given figures in representing the changing economicwell-being. Briefly explain your choices.