Revise Core chapter 1.2 for the next four questions. Do not include the dollar sign in your answers. Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges Quantity in year I Price in year I 50 100 $1.00 $0.80 Quantity in year 2 Price in year 2 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer:

Revise Core chapter 1.2 for the next four questions. Do not include the dollar sign in your answers. Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports Apples Oranges Quantity in year I Price in year I 50 100 $1.00 $0.80 Quantity in year 2 Price in year 2 80 120 $1.25 $1.60 Using the table above, what was Fruitland's nominal GDP in year 1? Answer:

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 5E

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5:06 A & & & O M P Page 2 of 5 QUESTION 2 The table below contains data on international transactions for the country of Econia. All figures are in thousands of Econia Dollars (E$), and you may assume that there is no statistical discrepancy generated by the collection of the data on the various kinds of transactions. Complete the table by filling in the light-blue shaded cells. Payments from the rest of the world All figures in thousands of E$ Payments from Econia to the rest of the world Net Payments to Econia to Econia Sales and purchases of goods & services Factor payments 5,250 2,500 1,500 1,000 Transfers 750 1,250 -500 Sales & purchases of assets 10,000 Total Current Account 10,250 Total Financial Account Page 3 of 5 QUESTION A3
A6 “Commodity-rich Australia is one of the very few countries to receive an economic growth upgrade by the International Monetary Fund, after the global outlook was slashed due to war in Ukraine and soaring inflation.” (Financial Review, 11 April 2022). “Australia’s economy has received a boost from the surge in the price of commodities such as gas, iron ore, coal and wheat”, said IMF division chief for Australia, Harald Finger. a. Assume that Australia’s economy is in its medium-run equilibrium (i.e. Y_t = Y_n and u_t = u_n) where Y_t represents the level of output in year t; u_t is the unemployment rate in year t; u_n is the natural rate of unemployment. Use the multiplier model diagram to illustrate the impact on Australia’s GDP from an increase in net export due to increase in commodity prices. Show the output gap in your graph.
1. Imports, exports, and the trade balanceThe following table shows the approximate value of exports and imports for the United States from 1997 through 2001.Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth.YearGDPExportsImportsExports – Imports(Billions of dollars)(Billions of dollars)(Billions of dollars)(Billions of dollars)(Percentage of GDP)19978,332.0 954.41,055.8 19988,794.0 953.91,115.7 19999,354.0 989.31,251.4 20009,952.0 1,093.21,475.3 200110,286.0 1,027.71,398.7 Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1997 and 1998, the in dollar terms and as a percentage of GDP.
EXPLAIN THIS AND MAKE IT MORE READABLE PLEASE : how does the importation of live chickens and pork to curb the increasing price of it on local market and how it affects Philippines' economy and the people of the Philippines in general?
If imports exceed exports, is it a trade deficit or a trade surplus? What about if exports exceed imports?
9 How free trade zones or special economic zones affect exports.
8. State whether each of the following events involves a financial flow to the U.S. economy or away from the U.S. economy: a. Export sales to Germany b. Returns being paid on past U.S. financial investments in Brazil c. Foreign aid from the U.S. government to Egypt d. Imported oil from the Russian Federation e. Japanese investors buying U.S. real estate
EXPLAIN THIS AND MAKE IT MORE READABLE PLEASE : how does the importation of rice satisfy local demands and how it affects Philippines' economy and the people of the Philippines in general?
The following graph depicts the supply schedule for euros. Hint: You can drag the black point (cross symbol) to various positions on the graph to see the values of the coordinates on the graph. You will not be graded for any changes you make to the graph. VALUE OF EURO (U.S. dollars per euro) 1.9 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 0 50 100 150 200 250 300 350 400 450 500 550 600 QUANTITY OF EUROS (Billions) At an exchange rate of 1.2 per euro, the quantity of euros supplied is of euros supplied is + ? billion euros, while at an exchange rate of 1.8 per euro, the quantity billion euros. This confirms that the supply schedule for euros is sloping.
4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. agricultural industry is concerned about the level of fruit and vegetable imports to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. REAL EXCHANGE RATE (Units of foreign currency per dollar) QUANTITY OF DOLLARS Given this change, the dollar Supply Change due to a tariff Demand Fill in the following table with the effect of a tariff on the following items: Demand Supply (?) Demand for Loanable Funds Real Interest Rate National Saving Net…
4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. agricultural industry is concerned about the level of fruit and vegetable imports to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. Supply IN Demand QUANTITY OF DOLLARS REAL EXCHANGE RATE (Units of foreign currency per dollar) Demand Supply ?
If you have the following data that representing an economy of a country as follow: transfer payments Indirect taxes 355 315 Wages social security deductions personal taxes (direct taxes ) Imports 2335 125 410 350 Rent 250 income of foreigners inside Jordan Exports retained (undistributed) profit 450 145 70 Interest Depreciations transfer payments 360 50 355 income of the Jordanian from abroad 300 Gross private investment expenditures 750 corporate taxes 275 Government expenditures 740 Profit 475 According to the above information answer the following questions: 1. find the following values related to GDP accounts : • Gross domestic product (GDP) according expenditure approach