Using the data provided below the table calculate the trade balance, GDP, net investment, average labor productivity, and GDP per capita?

Total population 1,200,000 people Employment 900,000 workers

$ million $million

consumption 14,000 imports 700

wage and salaries 11,100 indirect taxes 100

government purchases 1,100 subsidies 50

business profits 3,850 depreciation 2,500

interest and investment income 90 Gross investment 2,600

exports 1,400 Saving 4,500

2.What factors account for the differences in average labor productivity and standard of living between people in Canada and Jamaca?

.3The costs of economic growth tend to be short-term while the benefits tend to be long-term. "Do you agree with this statement"? Explain your answer?

4.Using an example, explain the law of diminishing marginal returns.

Complete the table

Labor Output Average product of Labor Marginal Product of Labour

0 0

5 150

10 320

15 440

20 540

25 610

30 650

5.Does the production process described in the above table exhibit diminishing marginal product of labour? Explain your answer?

6.Despite being clines, Allison and Kosima have different skills when it comes to processing peices of evidence and transcribing audiio recordings. The clone sisters are building a legal case against their creator. Mr. Westmoreland In one day Allison can process 60 pieces of evidence while Kosima can process 50. Allision can transcribe 300 minutes of audio while Kosima can transcribe 500

7 .On the same diagram graph allison and kosmias INDIVIDUAL daily production possibilities?

1. If the clone sisters decide to specialize according to comparitive advantage how should they divide up the tasks of processing evidence and transcribing audio? Explain your answer by graphing the COMBINED daily production possibilities on a new graph?