# Homework_2 - Points Awarded 88.00 Points Missed 12.00...

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Rent on land (including apricot trees) 300,000 Wages to employees 1,200,000 Taxes 200,000 Darryl's profit from selling dried apricots is: A) \$100,000 B) \$150,000 C) \$300,000 D) \$310,000 E) none of the above are correct Feedback: 2,300,000-1,200,000-250,000-600,000-100,000 = 150,000 Points Earned: 3.0/3. 0 Correct Answer(s): B 2. Fannie’s profit from selling fresh apricots is: Points Earned: 3.0/3. 0 Correct C
Answer(s): 3. Use the income approach to calculate nominal GDP. Fill in the blanks in the table below. Enter numbers with no commas, no dollar signs and no decimals. For example, if your answer is \$12,000 you would enter 12000 into the appropriate box. *hint: get total profit by adding your answers for #1 and #2! Points Earned: 3.0/3.0 Correct Answer(s): Box 1: 1800000; Box 2: 250000; Box 3: 300000; Box 4: 450000; Box 5: 300000; Box 6: 3100000 4. Now let’s use the expenditure approach to calculate nominal GDP. So here we will add up all consumer spending on FINAL goods in this economy. Remember that the final goods in this economy are fresh apricots and also dried apricots. We have to be careful not to double count here though because some of the fresh apricots produced by Fannie are used by 1800000 250000 300000 450000 300000 3100000

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Darryl to make dried apricots. So first we find out how much money consumers spent on each of the final goods: How much money was spent by consumers on Fannie’s fresh apricots?
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