Importing to produce (I2P) and to export (I2E) In ILIAS you can find the Excel file "io exercise" which contains aggregated input-output tables for Korea and Japan for the years 1995 and 2015 sourced from the ICIO tables of the OECD.

Each country comprises three sectors: primary (pri), manufacturing (mfc), and services. Final goods are separated into exports (e) which demand from consumers, firms for investment goods, and the government are summarized to a rest of final goods category.

(a) Complete the missing data in the IO tables

(b) Calculate the intermediate input-coefficient matrix (A) and the Leontief-inverse matrix using the completed IO tables. Which information do these two matrices give you?

(c) Calculate the vector of gross output (x) for all IO tables once with the help of the A-matrix and once with the help of the Leontief-inverse matrix. Are both approaches equivalent?

(d) Calculate the import to produce (I2P) and import to export (I2E) matrices as discussed in the lecture.

(e) Why do both measures differ?

(f) Can you find difference between the two countries and some explanation for that (hint: you might want to have a look into the paper of Baldwin and Lopez-Gonzales, 2015).

(g) Discuss important limitations of those two measures that come from the national IO tables you used to calculate them.

1 . Which of the following statements is INCORRECT? a. Economics is a behavioral science. b. In large measure, economics is the study of how people make choices. If poverty were eliminated there would be no reason to study economics. d. Economic analysis can be used to explain how both individuals and societies make decisions. 2. The concept of opportunity cost cop Josusan .. a. is relevant only to economics. b. can be applied to the analysis of any decision-making process. c. applies to consumers but not to firms. d. refers only to actual payments and incomes. 80710291 3. Studying how the management of US Steel, a large steel- producing company, decides how many tons of steel to produce and the price to charge for its steel would be considered a. descriptive economics. b. empirical economics. c. microeconomics. na bluowe wollot ends to doidk . of d. macroeconomics. 4 . Inflation and unemployment a. are the focus of economic history. Endd edsnogice s . b. are the focus of microeconomics. C. are the focus of positive economics. are the focus of macroeconomics. "anoigen and abaned . I 5. Which of the following is an example of a positive statement? a. The federal government should be required to have a balanced budget. b. Local governments ought to impose rent controls to allow people to afford housing. Studies indicate that the imposition of a minimum wage increases unemployment . d. The government should impose taxes on imported goods to protect the jobs of American workers. anroubenq 6. Which of the following is a normative question? a) Should the government provide health insurance for any individual who cannot afford it? b. What will happen to the speed with which new drugs are developed if the government places price controls on prescription drugs? c. Why is the infant mortality rate higher in the United States than in most other developed countries?As direct or of human resources you have collected data on college major and commuting time (in minutes) between home and work from 20 employees. Your sample information isgiven in the table below. Employee College Major Commuting Time English 75.0 IN Math/Physics 34.2 3 Psychology 20.8 4 Economics 59.5 5 Economics 15.1 6 Math/Physics 43.3 English 37.9 Math/Physics 62.0 9 Psychology 18.6 10 Economics 16.1 11 Psychology 51.9 12 Psychology 8.0 13 Math/Physics 34.2 14 Economics 30.1 15 Math/Physics 28.7 16 Math/Physics 42.4 17 English 18.9 18 Psychology 26.0 19 Economics 14.1 20 Economics 30.5 Answer the following questions. 1. Is College Major qualitative or quantitative? what type of quantitative/ qualitative variable is it? 2. Is Commuting Time qualitative or quantitative? what type of quantitative/qualitative variable is it? 3. Create a table with the absolute and relative frequencies of College Major.QUESTION ONE a) In any managerial decision, besides quantitative financial information, managers need to consider the relevance of qualitative information. Justify the contention. (06 MARKS) b) There are several schools of thought as far as outsourcing decisions are concerned. Using both Resource Based View (RBV) and Transaction Cost Economics (TCE) to outsourcing decisions briefly clucidate the conditions under which an organisation can consider outsourcing some of its operations. (08 MARKS) ") Firms face a number of restraints in achieving the goal of a firm. i.e. maximization of wealth. Discuss the relevance of the Theory of Constraint (TOC) in throughput accounting. (06 MARKS)Use the following to answer questions 1112. Table: Expected Exam Scores from Studying Economics and Accounting Number of Expected Number of Expected Hours Studying Economics Hours Studying Accounting Economics Exam Scone Accounting Exam Score 0 65 0 50 l 80 1 65 2 90 2 1'0 3 95 3 1'0 11. (Table: Expected Exam Scores from Studying Economics and Accounting) Look at the table Expected Exam Scores from Studying Economics and Accounting. If you studied for a total of three hours, your combined scores would be maximized by spending hours studying economics. A) one B) two C) three D) four 12. (Table: Expected Exam Scores from Studying Economics and Accounting) Look at the table Expected Exam Scores from Studying Economics and Accounting. If you studied for a total of three hours and divided your time to maximize your combined scores, you would expect your combined scores to be points. A) 145 B} 150 C) 155 D] 165