Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A6. The following data (figures in $m) refer to a small economy in 2022: The stock of physical capital at the start of the year
A6. The following data (figures in $m) refer to a small economy in 2022: The stock of physical capital at the start of the year was 800. Business investment was 50. Depreciation was 10. Consumption was 100. Government transfer payments (e.g. pensions, unemployment benefits) were 20. Household purchases of new dwellings were 15. Tax Revenue was 50. Government purchases were 40. The sum of all wages was 135. Imports were 60. The sum of all profits was 90. The sum of all second-hand transactions was 120. Public debt was 100. Exports are 80. Calculate: (1 mark each) expenditure measure of GDP balance of trade the stock of physical capital at the end of 2022 the Government's budget balance (indicate if it is a surplus or deficit) income measure of GDP Show your workings
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started