Don’t understand Name: AmonMcdinaDate: 12/6/2 iPeriodAdam Smith: Wealth of NationsBelow are some of Adam Smith's ideas about how to build a nation's wealth.Annotate the readings appropriately.As you read, consider the focus question (FQ): According to Adam Smith, what makes a nation wealthy?Document 1An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776)Book I, Chapter I: Of the Division of LaborPre-Reading Prediction: The title of the chapter excerpted below is Of the Division of Labor. What might thephrase "division of labor" mean?"To take an example [...] the trade of the pin-maker; a workman not educated to this business [...] noracquainted [aware or knowledgeable] with the use of the machinery [...] could [...] make one pin in a day, andcertainly could not make twenty. But in the way in which this business is now carried on, [...] it is divided intoa number of branches [...] One man draws out the wire, another straights it, a third cuts it, a fourth points it, afifth grinds it at the top for receiving the head [...] [T]he important business of making a pin is [...] divided intoabout eighteen [...] operations [.…..] Those ten persons, therefore, could make among them upwards of forty-eight thousand pins in a day. [...] But if they had all wrought separately and independently [...] they certainlycould not each of them have made twenty, perhaps not one pin in a day ...1. Explain Adam Smith's perspective about the division of labor.flabor belns

Adam Smith is a father of Economics he describe division of labor in his famous work An inquiry into…

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1. Explain Adam Smith's perspective about the division of labor.

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Chapter1: Making Economics Decisions

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The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019- 2020. Use the information in this table to answer the questions that follow. Base year 2019 Productio Items 2020 Productio Price Price n n Used cloth (units) 4,000 50.00 5,000 60.00 Components used tractor factory production (units) Cloth (units) 1,200.0 8,000 500.00 11,000 8,000 25.00 12,000 30.00 Beef gifts during cultural festival (Kg) Milk (litres) Computers (Units) Printers (Units) Raw materials for car assembling plant (Units) 1,500 2.00 1,700 3.00 5,000 2,000 500.00 500 300.00 4,500 250.00 1.30 7,000 2.50 2,500 600.00 400 355.00 4,450 300.00 i. Calculate Happyland Republic's nominal GDP, real GDP in 2020. Also, calculate the GDP deflator if 2019 is used as the base year. Show your work.
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The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. Items Base year 2019 2020 Production Price Production Price Used cloth (units) 4,000 50.00 5,000 60.00 Components used tractor factory production (units) 8,000 500.00 11,000 1,200.00 Cloth (units) 8,000 25.00 12,000 30.00 Beef gifts during cultural festival (Kg) 1,500 2.00 1,700 3.00 Milk (litres) 5,000 1.30 7,000 2.50 Computers (Units) 2,000 500.00 2,500 600.00 Printers (Units) 500 300.00 400 355.00 Raw materials for car assembling plant (Units) 4,500 250.00 4,450 300.00 1.Calculate Happyland Republic’s nominal GDP, real GDP in 2020. Also, calculate the GDP deflator if 2019 is used as the base year. 2.Double counting must be avoided when measuring GDP. State and examine four (4) transactions…
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