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ECONOMICS - Assume that Country A has a population of 500,000 and only produces 1 good




Question;Part I;Assume that;Country A has a population of 500,000 and only produces 1 good: cars. Country A;produces 100,000 cars per year. The people in Country A purchase 90,000 cars;but there are not enough cars to fulfill all the demand. They decide to import;50,000 more. The government buys 25,000 cars for its police force, and 10,000;cars are bought by companies to transport employees to other locations to work.;They also export 65,000 cars to nearby countries for sale. Discuss the;following;?;What is Country A?s GDP?;?;What is the composition of GDP by percentage?;?;What is the GDP per capita?;?;How does this relate to Keynesian economics?;?;Provide a graph of your finding.;Part II;Go to the Bureau;of Economic Analysis at this Web site, and look up the;latest new release for real GDP. Address the following questions after reading;the latest release;?;Where is the United States in the business cycle?;?;What is the real GDP today?;?;What is the largest component of GDP?;?;What is the smallest component of GDP?;?;What is the fastest growing component of GDP, and why?;?;What components of GDP were involved in the change from last month;to this month?;?;What is the price index today?;?;What caused the change?


Paper#56511 | Written in 18-Jul-2015

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