Question
1.The table below is the data for an economy (3 Marks): ITEM Value ($ millions) Wages & Salaries 2,000 Household Final Consumption 1,200 Consumption of
1.The table below is the data for an economy (3 Marks):
ITEM
Value ($ millions)
Wages & Salaries
2,000
Household Final Consumption
1,200
Consumption of Fixed Capital (Depreciation)
50
Gross Fixed Capital Formation
200
Exports
60
Rent
100
Government Final Consumption
250
Imports
50
Corporation Income
600
Interest & Dividends
10
Net Income from Farm Production
300
Show formula and all work. Calculate the Expenditure-based GDP.
- THE TABLE BELOW IS THE DATA FOR SENECAVILLE.
Year Average Level of Prices ($) Quantity of Output
2000 15 650
2010 20 1,000
2020 25 1,500
a.Calculate the GDP for 2000, 2010, and 2020.
b.By using 2010 as the base year, what are the price indexes for 2000 and 2020?
c.By using the price indexes calculated in part b, express GDP in Senecaville for 2000, 2010, and 2020.
d.Is the economy expanding equally each year? Why or why not?
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Environmental Markets A Property Rights Approach
Authors: Terry L Anderson, Gary D Libecap
1st Edition
0521279658, 9780521279659
