If a Japanese tourist drinks German beer in a hotel in New York City, how will the U.S. GDP be affected? Give your answer using both the expenditure approach and the output approach.
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If a Japanese tourist drinks German beer in a hotel in New York City, how will the U.S.
be affected? Give your answer using both the expenditure approach and the output
approach.
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Solved in 4 steps
- Write the Total Spend equivalence in an open and governmental economy. (Variables will be written with their names, not abbreviations)Graph the following situtaiton for the economy:Calculate total GDP for this economy given the following components of demand. Round your answer to the nearest tenth and enter the value in trillions of dollars. Components of GDP on the Demand Side (in trillions of dollars) Consumption Investment Government spending Exports Imports Provide your answer below: trillion Total GDP 12.9 3.8 4.2 3.0 4.2 ?
- Consider the following economy C=1000+0.4(Y-T) 1%3500 T=400 G=300 What is the consumption of equilibrium?People sometimes argue that imports should be limited by government policy. Suppose a government quota on the quantity of imports causes net exports to rise. Using the circular flow diagram as a guide, explain why total expenditures and national output may rise after the quota in imposed. Who is likely to benefit from the quota? Who will be hurt?Which of the following is an example of an expenditure-increasing policy? a. a decrease in import quotas b. an increase in the money supply c. an increase in import tariffs d. higher income taxes
- “The total demand for goods and services consists of consumption demand,investment demand, government demand and net exports.” In terms of thisstatement, discuss the three sets of demand factors that can lead to economicgrowth.Is it true that the value of U.S. imports is added to exports when calculating U.S. GDP because imports reflect spending by Americans? Explain.Macroeconomics? How to derive the total expenditure curve?
- What is macro_economicsShow the production and consumption elasticities in the Open and Closed Economy with the help of algebraic equations on the figure using production possibilities and price lines. Explain from the economic point of viewAssume that the economy is now governed by a government and begins trading with other economies. The economy is described by the following set of equations. ?=1000+0.5⋅?d ID = 600 G=700 T=400 EX=0.1⋅Y IM=100+0.1⋅Y YD = Y - T Calculate the equilibrium level of output Y* a) 2857 b) 4000 c) 6274 d) 4400 Whats the government expenditure multiplier? Whats the tax multiplier? Whats the ba;anced budget multiplier?
