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1. Classify each of the following items as a final good or service or as an intermediate good or service and identify which is a component of
1. Classify each of the following items as a final good or service or as an intermediate good or service and identify which is a component of consumption, investment, or government expenditure on goods and services:
- banking services bought by a student
- new cars bought by Hertz, the car rental firm
- newsprint bought by the National post
- the purchase of a new limo for the prime minister
- new house bought by Alanis Morissette
2. The transactions in Jupiter last year are in the table below. Use this data to
- calculate Jupiter's aggregate expenditure
- calculate Jupiter's net exports
- calculate Jupiter's government expenditure
Item Dollars
GDP 1,400,000
Consumption Expenditure 700,000
Taxes 350,000
Transfer payments 150,000
Profits 300,000
Investment 350,000
Exports 400,000
Savings 400,000
Imports 350,000
3. The IMF World Economic Outlook reports the following unemployment rates:
Region 2010 2011
United States 9.6 8.5
United Kingdom 7.8 7.7
Japan 5.1 4.9
a. What do these numbers tell us about the phase of the Business cyc;e in the United states, the United Kingdom and Japan in 2011?
b. Do these numbers tellus anything about the relative size of the labour force participation rates and employment-to-population rations in the three regions?
AnswersAns.1. Banking services bought by a student: Final services, Component of Consumption new cars bought by Hertz, the car rental firm: Final Good, Component of Investmentexpenditure...