Can you answer all four questions please. I need numbers 1-4 finished by tonight **Economic Growth Assignment**Answer the following questions about gross domestic product and economic growth.1. The country of Econostan had the following expenditures last year: $600,000 in consumption expenses, $90,000 in government purchases, and $150,000 in investment expenses. Further, $75,000 of the products bought last year in Econostan were made in other countries and $55,000 of the products made in Econostan were exported to other countries. What was the gross domestic product of Econostan?2. Assume that over the last 10 years the gross domestic product of Econostan increased by 25% while the population of the country increased by 35%. Over that time period, what likely happened to the standard of living for people living in that country?3. Assume you bought the following items last year: a new Honda CRV built in Ohio, a used boat, a jacket made in France, 500 shares of stock, a movie ticket, and a cheeseburger. Which of these items should likely be counted in last year’s gross domestic product?4. It is expected that in the next twenty years the gross domestic product of China will become larger than the gross domestic product of the United States. When this happens, what does it suggest about the standards of living in both countries?

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1. The country of Econostan had the following expenditures last year: $600,000 in consumption expenses, $90,000 in government purchases, and $150,000 in investment expenses. Further, $75,000 of the products bought last year in Econostan were made in other countries and $55,000 of the products made in Econostan were exported to other countries. What was the gross domestic product of Econostan?

1. The country of Econostan had the following expenditures last year: $600,000 in consumption expenses, $90,000 in government purchases, and $150,000 in investment expenses. Further, $75,000 of the products bought last year in Econostan were made in other countries and $55,000 of the products made in Econostan were exported to other countries. What was the gross domestic product of Econostan?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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