MyLab Economics with Pearson eText -- Access Card -- for Foundations of Economics
8th Edition
ISBN: 9780134518312
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 2, Problem 7IAPA
To determine
To explain:
The way distribution of income in China is unequal.
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Briefly explain National Income; what it is? Briefly describe any of its three concepts
4.
There is evidence that income per worker is converging in A) the richest countries and the poorest countries. B) the richest countries, but not the poorest countries. C) the poorest countries, but not the richest countries. D) neither the richest nor the poorest countries.
please please give explanations and graph using historical data, that will be great. Thanks
Question Use the data below to calculate the following:I. Net National Income at basic price II. Personal IncomeIII. Disposable Income
Compensation of employees 2000Interest 500Rent 700Profits 800Employer’s contribution to social security 20Consumption of fixed capital 100Net indirect tax 250Net exports 70Net factor income to abroad 150Mixed income of self employed 1500Net current transfers from the rest of the world 250Current transfers from the government 100Consumption of fixed capital 200Subsidies 25
Chapter 2 Solutions
MyLab Economics with Pearson eText -- Access Card -- for Foundations of Economics
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
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- Briefly describe the changes in relative income levels revealed by the table above. By 1700, which countries had higher GDP levels per capita? How has it changed since then? How has the gap in GDP per capita between countries changed? 2. How do Engerman and Sokoloff explain the reason for this change in relative income?arrow_forwardWhat do we mean by market income? Example...arrow_forwardexplain the impact of a low interest rate on gross domestic product(not less than a page)arrow_forward
- Check on the table below the factors that measure national income. Choose only three from the list and write down an example that represents to it.arrow_forwardUse the data below to calculate the following: I. Personal Income II. Disposable Income III. Net National Income at basic price Compensation of employees 2000 interest 500 rent 700 Profits 800 Employer’s contribution to social security 20 Consumption of fixed capital 100 Net indirect tax 250 Net exports 70 Net factor income to abroad 150 Mixed income of self employed 1500 Net current transfers from the rest of the world 250 Current transfers from the government 100 Subsidies 25arrow_forwardIf the government increases the income tax rate from 5% to 10%, will the workers work more or work less? Explain in detail and illustrate your answer with a diagram.arrow_forward
- Lori is a student who teaches golf on the weekend and in a year earns $40,000 after paying her taxes.At the beginning of 2020, Lori owned $3,000 worth of books and golf clubs and she had $7,000 in a savings account at the bank.During 20020, the interest on her savings account was $280 and she spent a total of $30,000 on consumption goods and services. The market value of her books and golf clubs did not change.How much did Lori save in 2020? What is her wealth at the end of 2020?In 2020, Lori saved $____arrow_forward1. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500Consumption Expenditures $30,000Government Expenditures $15,000Imports $18,000Exports $20,000Property Taxes $16,000Sales Taxes $9,715Retained earnings $1,310Personal Income Taxes $2,200Private Investment Expenditures $14,000Interest Income $1,940Pay Roll taxes $1,000Transfer Payments $800 Depreciation $1,200Net Income Made Abroad by Americans $160Indirect Business taxes $2,000Corporate Income Taxes $300 2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 240 million people out which 70 million are under the age of 16, 30 million don't want to work and 10 million are looking for work. 3. Calculate the inflation rate from 2019-2020 if the index number in 2019 was 115 and the index number in 2020 was 119.arrow_forwardThe richest 20% of the population in Economy B has approximately ______% of the economy's income. A. 5 B. 35 C. 40 D. 65 E. 95arrow_forward
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