AFE133 - Economics for Decision Making 1 - Economics Assignment Help

Assignment Task

Question 

(a) It is the year 2014, and the following economic activities had taken place in the country of Claratina:

Consumption was $5 billion, and 20% of these consisted of goods initially produced in 2013. Of this $5 billion, foreigners living in Claratina bought $0.3 billion worth of locally made goods and services.

$0.4 billion worth of housing stock was sold. 10% of this was used housing stock.

Owners of factories rented out by businesses were paid $0.2 billion.

New capital (i.e. machinery) stock purchased by firms totalled $0.1 billion.

The government bought $0.2 billion worth of used guns for the military, and spent a further $0.01 billion engaging agents to undertake and complete the process.

Claratina is a closed economy.

Use the expenditure method only when answering the questions below.

(i) What was the value of consumption in Claratina is 2014? Explain how you obtained this value (i.e. what did you count, and what did you exclude).

(ii) What was the value of investment in Claratina in 2014? Explain how you obtained this value (i.e. what did you count, and what did you exclude).

(iii) What was the value of government expenditure in Claratina in 2014? Explain how you obtained this value (i.e. what did you count, and what did you exclude).

(iv) Calculate Claratina’s GDP in 2014.

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