Government purchases ofgoods and services = $100%3DGovernmentTaxes$100Wages, profit,interest,ConsumerHouseholdsspending = $650%3Drent = $750%3DFactorMarkets for goodsand servicesmarketsWages, profit,interest,rent = $750Grossdomesticproduct%3DFirmsExports = $20%3DRest of worldImports $20%3D Y At right is a simplified circular-flow diagram forthe economy of Micronia. (Note that there is noinvestment in Micronia.)a. What is the value of GDP in Micronia?b. What is the value of net exports?c. What is the value of disposable income?

We are going to find the disposable income, Gross domestic product to answer this question.

YAt right is a simplified circular-flow diagram for the economy of Micronia. (Note that there is no investment in Micronia.) a. What is the value of GDP in Micronia? b. What is the value of net exports? c. What is the value of disposable inçome?

YAt right is a simplified circular-flow diagram for the economy of Micronia. (Note that there is no investment in Micronia.) a. What is the value of GDP in Micronia? b. What is the value of net exports? c. What is the value of disposable inçome?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.1CE

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Question

Government purchases of
goods and services = $100
%3D
Government
Taxes
$100
Wages, profit,
interest,
Consumer
Households
spending = $650
%3D
rent = $750
%3D
Factor
Markets for goods
and services
markets
Wages, profit,
interest,
rent = $750
Gross
domestic
product
%3D
Firms
Exports = $20
%3D
Rest of world
Imports $20
%3D

Y At right is a simplified circular-flow diagram for
the economy of Micronia. (Note that there is no
investment in Micronia.)
a. What is the value of GDP in Micronia?
b. What is the value of net exports?
c. What is the value of disposable income?

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