a)Draw a (large enough) Solow model diagram for the economy of South Korea in 1970. Label per person output, investment, and depreciation functions and write formulas for each function you plotted. Assuming the country's capital stock was below the golden-rule capital stock level in 1970, label it as kstst.

b)Illustrate the effects of a saving rate increase that took place between 1970 and 2020 in the Korean economy. Assume that the golden-rule steady state level of capital was reached and label it kg. Describe how key macroeconomic variables have changed relative to part A.

c)Explain how you found the golden-rule capital stock and why it is called so.

d)Next, show effects of technological progress on the economy. Assume Korea achieves the golden-rule steady- state again and comment on changes between parts B and D.

e) Why did not the economists mention monetary policy as a driver of economic growth in Korea between 1970 and 2020? If you were to include monetary policy in your analysis, how would your Solow diagram change?

1. The U.S. trade balances in May and June 2018 were -$43.2 billion and -$46.3 billion. a. Over this period, what happened to the following? 1) Domestic investment and domestic savings 2) Foreign savings b. How are the following Balance of Payments accounts affected by these U.S. trade imbalances? 1) Current account 2) Capital/financial account 3) Official reserve transactions24) A homeowner installed new kitchen cabinets and countertops for $6500. He paid 15% down and financed the balance with a 24-month fixed installment loan with an APR of 7.0%. Determine the total finance charge and monthly payment for the loan. A) Total finance charge =$770.90; Monthly payment = $302.95 B) Total finance charge =$411.61; Monthly payment = $494.72 C) Total finance charge =$686.21; Monthly payment = $258.80 D) Total finance charge = $411.61; Monthly payment = $247.361. Verify that P is the transition matrix of an Ergodic (regular) Markov Chain. 2. Determine the steady state probabilities for this channel. 3. What proportion of the time is the channel idle, in the long run. 4. What is the average number of time steps between successive collisions? Which of the following is true of financial accounting? Financial accounting reports are internal reports issued as frequently as the need arises. Financial accounting reports provide special purpose information for a particular user for a specific decision. Financial accounting reports are required simply to be useful to the decision maker. C Financial accounting reports of publicly traded companies require an independent audit