Government purchases ofgoods and services = $100%3DGovernmentTaxes$100Wages, profit,interest,ConsumerHouseholdsspending = $650%3Drent = $750%3DFactorMarkets for goodsand servicesmarketsWages, profit,interest,rent = $750Grossdomesticproduct%3DFirmsExports = $20%3DRest of worldImports $20%3D Y At right is a simplified circular-flow diagram forthe economy of Micronia. (Note that there is noinvestment in Micronia.)a. What is the value of GDP in Micronia?b. What is the value of net exports?c. What is the value of disposable income?

We are going to find the disposable income, Gross domestic product to answer this question.

YAt right is a simplified circular-flow diagram for the economy of Micronia. (Note that there is no investment in Micronia.) a. What is the value of GDP in Micronia? b. What is the value of net exports? c. What is the value of disposable inçome?

YAt right is a simplified circular-flow diagram for the economy of Micronia. (Note that there is no investment in Micronia.) a. What is the value of GDP in Micronia? b. What is the value of net exports? c. What is the value of disposable inçome?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter16: Information, Risk, And Insurance

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Problem 16RQ: What is the key difference between a fee-for-service healthcare system and a system based on health...

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Question

Government purchases of
goods and services = $100
%3D
Government
Taxes
$100
Wages, profit,
interest,
Consumer
Households
spending = $650
%3D
rent = $750
%3D
Factor
Markets for goods
and services
markets
Wages, profit,
interest,
rent = $750
Gross
domestic
product
%3D
Firms
Exports = $20
%3D
Rest of world
Imports $20
%3D

Y At right is a simplified circular-flow diagram for
the economy of Micronia. (Note that there is no
investment in Micronia.)
a. What is the value of GDP in Micronia?
b. What is the value of net exports?
c. What is the value of disposable income?

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* My Account x VHL Central x * VHL | VISTA X Launch Mee x O Your Shoppi x O Settings - AX ! Downloads x B Blackboard X D Announcem X A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/g -> -> E Apps G Gmail O YouTube O Maps Assignment: Chap 7 6 Saved Help Save The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Quantity of Goods Year 2 10 Good Price Year 1 Price Year 2 points Quarts of ice cream Bottles of shampoo Jars of peanut butter $4.00 3 $3.00 $2.00 $4.00 $3.00 $2.00 1 2 3 eBook Instructions: Enter your answers as a whole number. Print a. What was the economy's nominal GDP in year 1? References b. What was its nominal GDP in year 2? $1 %24 Mc Graw Hill DD 888 $11 esc F5 F6 F7 FR F9 F10 F1 F2 F3 F4 @ 23 $ & 2 4 6. 7 8 9
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