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d Help with consumption, investment, gov spending, exports and imports The following table provides the economic data for an economy. Year 2016 2017 Price Quantity
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Help with consumption, investment, gov spending, exports and imports
The following table provides the economic data for an economy. Year 2016 2017 Price Quantity Price Quantity Good 1 36 110 34 100 Good 2 12 180 14 180 Good 3 60 50 58 40 Good 4 13 150 14 240 Good 5 24 90 24 100 Good 6 7 380 6 360 2018 Price 30 10 50 12 20 8 Quantity 120 150 60 200 80 300 Here is some additional information about this economy that holds true for all 3 years unless otherwise stated: Unless otherwise stated, the goods are produced within the economy. Good 1 is equally split between households, domestic and foreign firms, and government. Good 2 is a pure consumption good and 40% are purchased from abroad. Both households and government purchase good 3, in which households buy four-fifths of that good. In addition, half of the good 3 consumed by households is produced outside the country. Firms purchase half of good 4 while the government consumes 30% of the good. The remainder is bought by foreign households. Of the good 4 purchased by local firms, two-fifths are purchased from abroad. The share of good 5 among households, firms and government are 40%, 40% and 20% respectively. However, the country does not produce a single unit of the good. All of good 6 is bought by domestic sectors: half of good 6 goes to local governments while the remainder is equally split between households and firms. The government has chosen 2016 as the base year. Based on the information given, complete the following table. 2016 2017 2018 (Nominal) Consumption (Nominal) Investment (Nominal) Government spending (Nominal) Exports (Nominal) Imports Nominal GDPStep by Step Solution
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