1) How does the following transaction affect Canada’s GDP? Unless otherwise indicated, assume that each of the subsequently mentioned people resides in Canada. (j) James Bond purchases a martini, shaken not stirred, for $12, in Calgary. 2) Consider a country with no government and no international trade. The country’s economy has fixed prices and interest rates. Let C = 300 and I = 150 + 0.75Y . What is this country’s GDP? Show your work. 3) Consider a country with no international trade. The country’s economy has fixed prices and interest rates. Let C = 300 + 0.2Y , I = 250, and G = 0.5C. What is this country’s GDP?
1) How does the following transaction affect Canada’s GDP? Unless otherwise indicated, assume that each of the subsequently mentioned people resides in Canada. (j) James Bond purchases a martini, shaken not stirred, for $12, in Calgary. 2) Consider a country with no government and no international trade. The country’s economy has fixed prices and interest rates. Let C = 300 and I = 150 + 0.75Y . What is this country’s GDP? Show your work. 3) Consider a country with no international trade. The country’s economy has fixed prices and interest rates. Let C = 300 + 0.2Y , I = 250, and G = 0.5C. What is this country’s GDP?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1) How does the following transaction affect Canada’s
indicated, assume that each of the subsequently mentioned people resides in Canada.
(j) James Bond purchases a martini, shaken not stirred, for $12, in Calgary.
2) Consider a country with no government and no international trade. The country’s
economy has fixed prices and interest rates. Let C = 300 and I = 150 + 0.75Y . What
is this country’s GDP? Show your work.
3) Consider a country with no international trade. The country’s economy has fixed
prices and interest rates. Let C = 300 + 0.2Y , I = 250, and G = 0.5C. What is this
country’s GDP?
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