problem 5 - ECON 162B-A0 A1 Fall 2010 PROBLEM SET NUMBER...

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ECON 162B-A0, A1 Kenny Christianson Fall 2010 due: October 29 PROBLEM SET NUMBER FIVE 1. The country of Noland has an economy where GDP always equals GNP. While it trades with other countries, no one in Noland owns foreign capital and no foreigners own capital in Noland. Using the following data for 2009, calculate (a) gross domestic product, (b) national income, (c) net national product, and (d) statistical discrepancy. consumption spending: $17,500 wages and salaries: $22,500 net interest: 2,500 depreciation: 250 rental income: 750 government spending: 7,500 investment spending: 6,250 net export spending: -750 profits: 3,750 2. Go to the following website to read about the alternative measure of economic welfare developed by the Friends of the Earth: http://www.foe.co.uk/campaigns/sustainable_development/progress From there, read the “Introduction”, “Replacing GDP”, and “ISEW explained”. a.
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This note was uploaded on 11/19/2010 for the course ECON 162 taught by Professor Christianson during the Spring '05 term at Binghamton.

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problem 5 - ECON 162B-A0 A1 Fall 2010 PROBLEM SET NUMBER...

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