jasonchung789 2018-11-27 08:10 PM
econ homework
Venzulais a small country located in South Africa. Each year, the Census and Statistics Bureau ofVenzula will prepare and publish the economic information of the country. The following is the Gross Domestic Product (GDP)data and other information of Venzula published in earlier this year:
[table][tr][td=1,1,367] [align=center]GDP Components[/align]
[/td][td=1,1,227] [align=center]At Current Market Prices (2017)[/align]
[align=center]$ million[/align]
[/td][/tr] [tr][td=1,1,367] Private consumption expenditure[/td][td=1,1,227] [align=center]2,190[/align]
[/td][/tr] [tr][td=1,1,367] Government consumption expenditure[/td][td=1,1,227] [align=center]3,245[/align]
[/td][/tr] [tr][td=1,1,367] Gross private domestic investment[/td][td=1,1,227] [align=center]2,860[/align]
[/td][/tr] [tr][td=1,1,367] Corporate net profit[/td][td=1,1,227] [align=center]4,751[/align]
[/td][/tr] [tr][td=1,1,367] Net interest[/td][td=1,1,227] [align=center]225[/align]
[/td][/tr] [tr][td=1,1,367] Rental income[/td][td=1,1,227] [align=center]2,074[/align]
[/td][/tr] [tr][td=1,1,367] Wages[/td][td=1,1,227] [align=center]3,065[/align]
[/td][/tr] [tr][td=1,1,367] Export of goods[/td][td=1,1,227] [align=center]1,676[/align]
[/td][/tr] [tr][td=1,1,367] Import of goods[/td][td=1,1,227] [align=center]1,532[/align]
[/td][/tr] [tr][td=1,1,367] Export of services[/td][td=1,1,227] [align=center]2,908[/align]
[/td][/tr] [tr][td=1,1,367] Import of services[/td][td=1,1,227] [align=center]1,237[/align]
[/td][/tr] [tr][td=1,1,367] Depreciation[/td][td=1,1,227] [align=center]560[/align]
[/td][/tr] [tr][td=1,1,367] Indirect business tax[/td][td=1,1,227] [align=center]362[/align]
[/td][/tr] [tr][td=1,1,367] Government subsidy[/td][td=1,1,227] [align=center]927[/align]
[/td][/tr] [tr][td=2,1,593] [align=center][b]Other Information of Venzula[/b][/align]
[/td][/tr] [tr][td=1,1,367] Marginal propensity to consume[/td][td=1,1,227] [align=center]0.4[/align]
[/td][/tr] [tr][td=1,1,367] GDP deflator in 2017[/td][td=1,1,227] [align=center]144[/align]
[/td][/tr] [tr][td=1,1,367] [align=left]Income earned by Venzula residents in overseas countries[/align]
[/td][td=1,1,227] [align=center]$283 million[/align]
[/td][/tr] [tr][td=1,1,367] [align=left]Income earned by non-Venzula residents in Venzula[/align]
[/td][td=1,1,227] [align=center]$107 million[/align]
[/td][/tr] [tr][td=1,1,367] Per capita nominal GDP[/td][td=1,1,227] [align=center]$6,740[/align]
[/td][/tr][/table]
[align=left]
[table][tr][td=1,2,38] (a)[/td][td=1,1,38] (i)[/td][td=1,1,422] Use both expenditure approach and income approach to calculate the GDP at current market price in 2017. Show your steps.[/td][td=1,1,85] (8 marks) [/td][/tr] [tr][td=1,1,38] (ii)[/td][td=1,1,422] Will the GDP amount calculated by these two approaches be the same or different? Explain your answer.[/td][td=1,1,85] (4 marks) [/td][/tr] [tr][td=1,1,38] [/td][td=2,1,460] [/td][td=1,1,85] [/td][/tr] [tr][td=1,1,38] (b)[/td][td=1,1,38] (i)
(ii)[/td][td=1,1,422] Given the per capita nominal GDP of Venzula in the above table, find the population of Venzula in 2017.
What is Gross National Product (GNP)? Calculate the GNP of Venzula.[/td][td=1,1,85] (2 marks) (4 marks) [/td][/tr] [tr][td=1,1,38] (c)[/td][td=2,1,460] (i) The economist of the Census and Statistics Bureau forecasts that Venzula will experience an economic downturn in 2019. If the government of Venzula wants to stimulate the economy, what kind of discretionary fiscal policy should be adopted? Briefly explain this policy.[/td][td=1,1,85] (3 marks) [/td][/tr] [tr][td=1,1,38] [/td][td=2,1,460]
(ii) Give two examples of “automatic stabilizers”. How the setting up of automatic stabilizers could stimulate the economy of Venzula in times of economic downturn?[/td][td=1,1,85] (4 marks) [/td][/tr][/table]
[/align]
[align=left]求救 求ching幫忙 thx!!![/align]
