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(Solved) Define the term "service economy.


PLEASE HELP WITH THIS MACROECON CASE ASSIGNMENT. PLEASE. DESPERATELY NEED IN 8-10 hours!!! Would appreciate quicker and correct answers :))) thank you so so much


Q2: The list below provides data for the country of Econland. All figures are in millions of dollars. (15 points)


Wages and salaries5000

Interest Income   200

Consumption3900

Saving1100

Corporate profit  465

Indirect Taxes  175

Income Taxes  200

Subsidies    30

Government Purchase1000

Exports  350

Imports  390

Net Investment   950

Depreciation   150


  • Using the expenditure approach, what is the value of GDP? 
  • Using the income approach, what is the value of GDP? 
  • What is the value of net domestic income at factor cost? 





Q3: The table below shows data for nominal and real GDP for a hypothetical economy over several years. (15 points)


year

NGDP (billions of $)

RGDP (billions of $)

2008

775.3

798.4

2009

814.1

838.6

2010

862.9

862.9

2011

901.5

882.5

2012

951.3

920.6

2013

998.8

950.5



  • Compute GDP deflator for each year. 
  • Compute the Total Percentage change in NGDP from 2008 to 2013. How much of this change was due to increase in prices and how much was due to changes in quantities? 
  • Compute the growth rate of RGDP for the period 2008 to 213. 

 


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