Question: brief answer please a) There are at least three ways to define or measure GDP, Please briefly describe these three definitions of GDP. b) Assume

brief answer please

brief answer please a) There are at least three ways to define

a) There are at least three ways to define or measure GDP, Please briefly describe these three definitions of GDP. b) Assume that total output in an economy consists of 400 apples and 600 oranges and that apples cost $1 each and oranges cost $0.50 each. In this case, what is the value of GDP? c) Assume that total output in the economy consists of 400 apples and 600 oranges and that apples cost $1 each and oranges cost $0.50 each. The labour cost of the production is $50. In this case, what is the value of GDP? Is the result the same as question (b) above? Why? Suppose that Y=C + I + G in a closed economy and GDP (Y) is 6,000. Consumption (C) is given by the equation C = 600 + 0.6(Y - 7). Investment (/) is given by the equation / = 2,000 - 100r, where r is the real rate of interest in percent. Taxes (7) are 500 and government spending (G) is also 500. i) What are the equilibrium values of C, /, and r? ii) What are the values of private saving, public saving, budget deficit, and national saving

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