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Econ 2006 Homework Assignment

# Econ 2006 Homework Assignment - Econ 2006 Homework...

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Econ 2006 Homework Assignment-1 Akash patel 1. These projections affect the deliberation on taxation and government spending in a big way. If there is going to be a high deficit in the future congressional deliberation will aim towards higher taxation and less government spending. Deficit(-) or surplus 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2013 2018 -162 -357 -207 -213 -93 105 70 90 104 79 134 202 -339 270 2. U.S : output per person = \$11734 bil./.294 bil = \$ 39911.56 Average labor productivity=\$ 11734 bil/.139 bil = \$ 84417.26 China: output per person =\$ 7291 bil./ 1.3 bil = \$ 5608.46 Average labor productivity = \$7291 bil./.752 bil. = \$ 9695.47 From these calculations you can see that the US has a higher productivity meaning that each person produces more in a given time, this shows that the standard of living is higher in the US than in China because China the number of employed people is more but they produce less than the US so the productivity is less and therefore standard of living is lower.

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3. For 2007 Exports Imports Total Goods 1 Services Total Goods 1 Services From this data you can see that the US is in a deficit of:
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Econ 2006 Homework Assignment - Econ 2006 Homework...

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