Consider the small economy represented in the following table. All values are in dollars. Firm A Wages paid to employees Taxes paid to government Input purchased from Firm C Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm C Sold from inventory to Public Unsold production After-tax profit Firm B Wages paid to employees Taxes paid to government Input purchased from Firm C Input imported Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm C Sold to a foreign country Sold from inventory to Public Unsold production After-tax profit Firm C Wages paid to employees Taxes paid to government Input purchased from Firm A Input purchased from Firm B Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm A Sold to Firm B Sold to a foreign country Sold from inventory to Public After-tax profit Additional Information Government transfers Interest on government's debt Private Saving 162 96 79 691 61 354 175 124 93 64 652 87 196 199 156 94 31 897 417 324 194 94 79 211 98 31 218 94 230 144 79 93 274 77 153 17 272

Consider the small economy represented in the following table. All values are in dollars. Firm A Wages paid to employees Taxes paid to government Input purchased from Firm C Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm C Sold from inventory to Public Unsold production After-tax profit Firm B Wages paid to employees Taxes paid to government Input purchased from Firm C Input imported Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm C Sold to a foreign country Sold from inventory to Public Unsold production After-tax profit Firm C Wages paid to employees Taxes paid to government Input purchased from Firm A Input purchased from Firm B Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm A Sold to Firm B Sold to a foreign country Sold from inventory to Public After-tax profit Additional Information Government transfers Interest on government's debt Private Saving 162 96 79 691 61 354 175 124 93 64 652 87 196 199 156 94 31 897 417 324 194 94 79 211 98 31 218 94 230 144 79 93 274 77 153 17 272

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter16: Externalities, The Environment, And Natural Resources

Section: Chapter Questions

Problem 2DQ

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. Given that an economy of a certain country consists of three sectors; Mining (M), Textile (T) and Chemicals (C). The input – output matrix for the economy is given by: Mining Chemicals Textile Mining 0.4 0.1 0.1 Chemicals 0.1 0.4 0.3 Textile 0.2 0.2 0.2 Suppose the sector is required to meet an external demand of KES 672 million, KES 224 million and KES 448 million from the mining, chemical and textile sector respectively, determine the final output.
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Question 2Consider the case of Jonathan, who is a singlefather with one child. He can work as a serverfor $6 per hour up to 1,500 hours per year. Heis eligible for welfare and can receivegovernment support of $10,000 for notworking at all. If he works 1,500 hours, hisearnings would be______ and governmentsupport would be______.O a) 2.000; 8,000O b) 3,000; 7,000O c) 9,000; 1,000O d) 10,000; 0
Consider an economy with two firms and a government. Firm I produces 10000 units of good X, which it sells for $20 per unit. Ik uses this revenue to pay S140000 in wages, S10000 in taxes, and S1000 in interest on a loan, with the rest as profits. Firm I sells some of its output to consumens, and sonme to Firm 2 as an intermediate good in their production process. Firm 2 uses good X as an input into its manufacturing process. It buys 8000 units of good X and uses them to create 1000 units of good Y, which it sells for $400 per unit. It pays $200000 in wages and $20000 in taxes, with the rest as profits The government takes in taxes from only these two fims, and uses it to pay wages to provide government services, for instance national defonse. a) Calculate GDP using the three different methods. Of counse, you'll arrive at the same answer, however, indicate clearly what values you're using in cach case to arrive at the final answer, so as to illustrate you know what is includod in each…
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Suppose that in a country there are two firms A & B. during a period of time a) Firms A imports raw material costing Rs. 8000 and pays its workforce Rs. 16000 to produce output which it sells to firm B for Rs. 30,000. b) Firm 8 buys the otput of firm A for Rs. 30,000. And pays its work force Rs. 20,000 to produce output which it sells for Rs. 60,000 plus sales tax of Rs. 9000 out of their total income of Rs. 69,000. c) The workforce of firms A and B pay inomce tax of Rs. 5000 out of their total income of Rs. 36000 d) Firm A makes a pre-tax profit of Rs(30000 - 8000 - 16000) = 6000 and pays a profit tax of Rs. 2000 out of this. e) Firm 8 makos pre-tax profit of Rs(60000 - 30000 - 20000) = 10000 and pnys a profit tax of Rs. 3000 out of this, ) The governmont's tax income is salos tax of Rs. 9000, Income tax of Rs 5000 and profit tax of Rs. 5000, i.a. Rs. 19000 in total 8) Firm a and firm B pay their post tax profit of Rs 4000 and 7000 respectively as dividends to shorcholders h) The…