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Econ Part 1 and Part 2




Question;Part I;Assume;that Country A has a population of 500,000 and only produces one 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.;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?;Part II;Go to the;Bureau of Economic Analysis on theDepartment of Commerce Web site, and look up the latest new release;for real GDP. Address the following questions after reading the latest release;Where;are we 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#56886 | Written in 18-Jul-2015

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