Using a well labelled diagram, discuss circular flow of income in a two sector economy

Q: What are the four components of Gross Domestic Product (GDP) in formula format? List and explain…

A: Gross Domestic Product denotes the total aggregate output that is produced in the country at a given…

Q: Write a short note on the circular flow of income for three sector economy. From the circular flow…

A: The economies around the world tend to work on the basis of the expenditures which are done by…

Q: In measuring GDP, which of the following is NOT a factor payment? a. Government's transfers payment…

A: Factor payment approach to calculate GDP includes all factor payments earned by households, that is…

Q: why are goods and services in a country counted in GDP at market value; what are the disavantages of…

A: Answer: One of the most crucial criteria for evaluating a nation's productivity and economic…

Q: In two sectoral economy reflect if the revenues generated by one sector are equal to the…

A: Circular flow: The circular flow explains how the national income and national output are…

Q: Explain the Circular Flow Diagram for a four-sector economy.

A: The circular flow model in four sector economy provides a realistic picture of the circular flow in…

Q: In 2019, Mr. Francis paid $10m for a house that was built in 2019 and sold that year for $8m. What…

A: The house was builid on 2019 and sold to Mr Francis for 10 Million $. Therefore the house will…

Q: How national income can be measured in economics? Explain briefly:

A:

Q: importance of real gdp over nominal gdp

A: GDP: Gross domestic product refers to the total monetary value of goods and services produced in a…

Q: Explain difference between GDP and GNP. Support your answer with simple examples from Oman economy.

A: GDP tells us the value(total) of the finished domestic g&s(goods & services) during a…

Q: In our second section (and a bit of the last week) we discussed the concept of gross domestic…

A: GDP (gross domestic product) is the aggregate market value of all finished services and goods…

Q: Use the flow table and chart for help with answering the following questions. While national income…

A: for 1 the choices are:A. disposable income B. consumption plus saving C. saving D. taxes   for 2…

Q: IV. Net National Income at V. Personal Income VI. Disposable Income

A: We need to calculate, 4) Net National Income at a Basic Price 5) Personal Income 6) Disposable…

Q: The single largest expenditure component in GDP is      A) investment. B) consumption. C) exports.…

A: Gross domestic product (GDP) has four primary components to explain the total output generated…

Q: What is % of all the Investment in total GDP

A: GDP is measured using the formula = consumption + Investment+ Government expenditure - (Net Exports)…

Q: 5 Country A produces GDP according to the following equation: GD and has a capital stock of 12,254.…

A:

Q: In Vietnam in 2022, companies spend $7 millions, consumers spend $10 millions, government spends $8…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Nondurable goods spending = $400 million, durable goods spending = $300 million, new residential…

A: Given: Non-durable goods spending = $400 million, Durable goods spending = $300 million, New…

Q: Q)please use table or figure to describe the GDP and it's components in your country in recent 5…

A:

Q: Explain difference between GDP and GNP. Support your answer with simple examples from Oman economy.

A: GDP - Gross domestic product. GNP - Gross national product. Both are methods of national income…

Q: If national income is $5,000 billion and disposable income is $4,000 billion, then what is personal…

A: Given: National Income (Y) = $5,000 billion Disposable income(Yd) = $4,000 billion We know,…

Q: Hello. Can you please assist on the follwing question below. You have been appointed chief…

A: Answer: (1). Gross domestic product: GDP refers to the value of goods and services produced within…

Q: Suppose that this year a small country has a GDP of $100 billion. Also assume that Ig = $30 billion,…

A:

Q: Suppose a country makes only bread and fish. They make 10 bread for $5 per bread and 20 fish for $2…

A: Output is the amount, either utilized or employed for more manufacturing, of products or services…

Q: Explain the economic development of the GDP?

A: Economic growth, when accounting for inflation, is the increase or improvement in the market value…

Q: Valeria is a closed economy, where consumption totals $3 billion, tax payments are $300 million,…

A: Private saving is the total amount of savings done by the private institutes and household sectors ,…

Q: hich of the following would be included in the level of an economy's GDP? Select one: a. Private…

A: The GDP is best defined as the total of all value-added created in an economy. The…

Q: Which of the following is the way to show the output of a Kuwaiti company has a production unit…

A: The gross national income (GNI) is the entire amount of money earned by a country's citizens and…

Q: One bag of oranges is sold for $6.00 to a company that turns them into juice which is sold to…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: Which of the following(s) is (are) weakness(es) of the GDP in reflecting the standards of living of…

A: Gross domestic product is the total market value of product produced domestically during the year.…

Q: Which of the following is a short coming of GDP? a.GDP excludes changes in inventries. b.GDP…

A: GDP measures the final value of all goods and services that are produced within the domestic…

Q: Explain Circular flow of National Income (diagrammatically) in three sectors economy

A: Circular flow of national income is said to be flow of payments and receipts for any goods or…

Q: Explain the three approaches to national income?

A: According to the given question National income is also known as a national product which is a…

Q: Angus the sheep farmer sells wool to Barnaby theknitter for $20. Barnaby makes two sweaters, eachof…

A: Gross Domestic Product or GDP refers to the market value of all the final goods and services…

Q: The largest component of GDP is a. private consumption expenditures b. private…

A: People consumption is more than any other component of GDP.

Q: Given the following: consumption = 400, investment = 100, government expenditure = 50 and net export…

A: GDP = Consumption + Investment + Government expenditure + Net export

Q: Explain the concepts Gross national product, Net national product, National income and Disposable…

A: The worth of a country's finished domestic products and services during a certain time period is…

Q: Using the expenditure approach, calculate GDP using the following data.

A: Consumption is the expenditure of all the household sector in an economy.  Consumption expenditure…

Q: Your aunt, who lives in Royal Oak decides to buy a new, American made dress.  In GDP accounting this…

A: GDP or ‘gross domestic product’ is the value of the ‘goods & services’ that are produced within…