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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 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
Consumption Expenditure 700,000
Transfer payments 150,000
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…