Question 2 (7 points) Alcestis and her family are the only inhabitants of Elafonisos, a small island off the coast of Greece. She only produces
Question 2 (7 points) Alcestis and her family are the only inhabitants of Elafonisos, a small island off the coast of Greece. She only produces fresh fish, which she can sell to clients from nearby islands for 2 euros per kilo. Last year, Alcestis caught 800 kg of fish; she consumed 50 kg and sold the remaining 750 kg for E1500. She used E1000 to buy food and clothing, and she used the remaining 6500 for a new fishing boat that she bought from another island. Calculate the following for Elafonisos: a) GDP, as the value of production b) Consumption c) Investment d) Exports e) Imports f) Net Exports g) GDP, as total expenditure Blank # 1 Blank # 2 Blank # 3 Blank # 4 Blank # 5 Blank # 6 Blank # 7 Question 3 (5 points)
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