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Circular flow diagram with three sectors: households, business firms, financial markets, and the government
It can be defined as a term that represents individuals or families who supply factors of production which encompasses labor, land, and capital to the different kinds of businesses in the economy and receive income in return for the work in those businesses. The income that an individual gets includes wages, rent, and interest.
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- image attachedmicro question 1The table below is extracted from HappylandRepublic, 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 HappylandRepublic’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…
- X.The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018 Price 2017 (Base year) Production Price 2018 Price per Unit ($) Production Price per Unit ($) 55,000 tem Rice ('000 tons) Wheat (000 tons) Tractors mid-size (units) Cotton (000 tons) Used cars ('00) Manufacture garments (000 tons) Eggs (000 Trays Coca Cola ('000 litres) Pepsi Cola ('000 litres) Beef (000 tons) Second hand cloths (000 tons) Alcoholic Beverages ('000 litres) Milk ('000) 50,000 100,000 1.50 2.00 23,000.00 2.00 98,000 45,000 2.50 24,500.00 50,000 120,000 5,000 150,000 110,000 6,000 100.00 120.00 5,000.00 7,000.00 50.00 145,000 70.00 2,000 6,000 2.50 3.50 2,300 6,500 0.80 1.20 700 1.10 850 1.50 5,000 500 500 7,000 6.50 4,800 8.50 15.00 450 25.00 3.25 600 3.75 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and…omework /tlow/connect.html X work i Saved he following table gives the gross domestic product (in dollars) adjusting for different price levels in different countries. GDP per capita in 2015 (thousands of dollars per person) Country 55.8 United States 17.5 Mexico 6.2 India Source: International Monetary Fund. April 2016 % Instructions: Enter your responses rounded to one decimal place. Calculate Mexico's GDP per capita as a percentage of U.S. GDP per capita. % a) Calculate India's GDP per papita as a percentage of U.S. GDP per capita. b)Residents in one housing development were asked a series of questions by their homeowners’ association. Identify the type of data for each question.a. Did you play golf during the last month on the development’s new golf course?b. How many times have you eaten at the country club restaurant during the last month?c. Do you own a camper?d. Rate the new security system for the development (very good, good, poor, or very poor).
- Only typed answer and please answer correctlyThe following table shows data on the relationship between a worker's years of education and the salary he or she is likely to earn. Education Salary (Years) (Thousands of dollars per year) 4 SALARY (Thousands of dollars per year) Use the orange points (square symbol) to plot the data from the table on the graph below. Line segments will automatically connect the points. 50 45 8 12 40 15 25 35 Salary Teresa4. Shifts in production possibilities Suppose the fictional country of Teton produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rice, an agricultural good, and telephoto lenses, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.
- 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…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 Calculate Happyland Republic’s nominal GDP, real GDP in 2020. Also, calculate the GDP deflator if 2019 is used as the base year. ANSWER: Double counting must be avoided when measuring GDP. State and examine four…Based on the charts consulted, comment what is expected from the American economy in the next years in general terms. Are there differences in the forecasts? How do you think the state will act in the future based on the chart variables that inform us about its behavior? What will the behavior of families and companies be like? Using these graphs provided, Answer the questions in an essay format, comparing the two. Source: J.P. Morgan Asset Management; (Top left) Census Bureau, DOD, DOJ; (Top left and right) BLS; (Right and bottom left) BEA. GDP drivers are calculated as the average annualized growth in the 10 years ending in the fourth quarter of each decade. *The latest period reflects 1Q20 to 3Q23. Future working-age population is calculated as the total estimated number of Americans from the Census Bureau, per the November 2023 report, controlled for military enrollment, growth in institutionalized population and demographic trends. Growth in working-age population does not…