Exercise 1 b. (1 point) (9) Assume you live in the United States. You buy a...
Exercise 1 b. (1 point) (9) Assume you live in the United States. You buy a new water skis and other new equipment for $2,500 and take a week off of your job, where you earn $1,000 a week, to go water skiing. The equipment you purchased was all produced in the United States. You think that the week was worth $4,000. As a result of your vacation, GDP of the United States changes by how much?
Homework Answers
Change in GDP of the USA = $2500
Because, Water Skis and related items as the only equipment of final value of $2500 is produced in the USA.
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Exercise 1 b. (1 point) (9) Assume you live in the United
States. You buy a...
1. Exercise 1. Predicting steady states and growth rates from Solow Model In this exercise, assume...
1. Exercise 1. Predicting steady states and growth rates from Solow Model In this exercise, assume a, -1/3. Answer the following questions using the Solow model without population growth a) First, assuming no differences in TFP. Assume that countries are in steady state. Following the Solow model, use the data in the table to predict the ratio of per capita GDP in each country relative to that in the US. Data Data Data Countries Saving rate Model (assume A =...
1. Exercise 1. Predicting steady states and growth rates from Solow Model In this exercise, assume a = 1/3. Answer...
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1. Exercise 1. Predicting steady states and growth rates from Solow Model In this exercise, assume a, -1/3. Answer the following questions using the Solow model without population growth a) First, assuming no differences in TFP. Assume that countries are in steady state. Following the Solow model, use the data in the table to predict the ratio of per capita GDP in each country relative to that in the US. Data Data Data Countries Saving rate Model (assume A =...
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