2003 macroeconomic

8. In an economy money supply is $800 and there are two people. Person1 has $500 and person2 has $300. In the beginning person, 2 buys a business license from person 1 for $300. Then person 1 buys a condo from person 2 for $450 and hires person 2 to renovate the new condo and pays him $50 for the renovation. Then person 2 hires person 1 as a lawyer to help him with a dispute at court and pays person 1 $100 for the service. Then person 2 buys a car from person 1 for $40. Then person 1 sells a luxury boat to person 2 for $60. Calculate GDP in the economy and velocity. ris is babnameb 9. Assume there are two countries A and B. Country A, exports $1350 to country B and imports $2200 this year. Also, country A citizens invested $550 at the beginning of this year in country B and received $32 as their interest on their investment. The residents of country B have invested $750 in country A and received $55 as interest in their investment. Show this year's BOP of country A (including the detailed transactions) in a table and calculate the Balance of Payment, the balance of the Current Account, and the balance of the Financial and Capital Account