ECON 162-A1, A2Kenny Christianson Spring 2020due:March 20 PR
ECON 162-A1, A2Kenny Christianson Spring 2020due:March 20 PROBLEM SET NUMBER FIVE 1.Assume that an economy produces three goods, mugs, jugs, and hugs.Hugs (of the Hershey variety) are their food source.Mugs and jugs are used for carrying water; they are good substitutes for each other.The quantities and prices for each of the goods in years one and two are given by the following table: YEAR 1YEAR 2 goodquantitypricegood quantityprice hugs200 $2 hugs400$3 mugs200 $3mugs100$8 jugs200 $4jugs400$3 a.What is nominal GDP in year 1? b. What is real GDP in year 1? (Use year 1 as the base year.) c. What is nominal GDP in year 2? d. What is real GDP in year 2? e. What is the percentage increase in nominal GDP?Real GDP? f. What is the GDP price deflator for Years 1 and 2? 2.Using the data from problem 1), find the chain-type measures of GDP. a.What is the rate of growth in real GDP using the chain-type technique (g)? b.What is the level of chain-type real GDP in year 2? c.What is the chain-type GDP price deflator for year 2? d.How do these compare with your answers from question 1)? 3. Suppose that you are given the following data for the country of Trumpville: consumption14,000net factor income from abroad 300 wages11,000interest payments2,000 investment3,600capital consumption allowance3,300 exports2,500government spending on goods3,600 imports3,100and services profits3,700rental payments800 From the data provided, find a.GDP using the expenditure approach. b.GNP c.NNP. d.NI using the income approach. e.statistical discrepancy. (HINT:Trumpville is similar to the US economy for 2018, in billions of dollars.) 4.Go to the following website to read about an alternative measure of economic welfare known as the Genuine Progress Indicator: http://www.sustainwellbeing.net/gpi.html a.According to the website, is GDP a good measure of economic welfare?Why or why not? b.What is the Genuine Progress Indicator?How does it differ from GDP? c.Briefly, how is the GPI calculated? 5.Go to the following websites to learn about the global footprint: https://www.youtube.com/watch?v=-9iu8TW05TY http://www.footprintnetwork.org/en/index.php/GFN/page/footprint_basics_overview/ Then take this quiz to determine your own global footprint: http://www.footprintnetwork.org/en/index.php/GFN/page/calculators/ After viewing and completing the exercises contained on the sites, answer the following questions: a.What is the ecological footprint? b.How is the economy like a cow? c. What is the ecological deficit? d.If everyone around the world lived like Americans, how many planets would be necessary? e.What is your global (or ecological) footprint? f.What are the factors that contribute to your global footprint? g.What are three concrete steps you could take to reduce your global footprint? h.Why do people who live in New York City tend to have smaller footprints?
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
