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Related questions with answers

Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions.

Compensation of employees$194.2U.S. Exports of goods and services17.8Consumption of fixed capital11.8Government purchases59.4Taxes on production and imports14.4Net private domestic investment52.1Transfer payments13.9U.S. imports of goods and services16.5Personal taxes40.5Net foreign factor income2.2Personal consumption expenditures219.1Statistical discrepancy0\begin{array}{|l|c|} \hline \text{Compensation of employees} & \$194.2 \\ \hline \text{U.S. Exports of goods and services} & 17.8 \\ \hline \text{Consumption of fixed capital} & 11.8 \\ \hline \text{Government purchases} & 59.4 \\ \hline \text{Taxes on production and imports} & 14.4 \\ \hline \text{Net private domestic investment} & 52.1 \\ \hline \text{Transfer payments} & 13.9 \\ \hline \text{U.S. imports of goods and services} & 16.5 \\ \hline \text{Personal taxes} & 40.5 \\ \hline \text{Net foreign factor income} & 2.2 \\ \hline \text{Personal consumption expenditures} & 219.1 \\ \hline \text{Statistical discrepancy} & 0 \\ \hline \end{array}

Question

Identify each of the following situations as something that either promotes growth or retards growth.

a. Increasing corruption allows government officials to steal people’s homes.

b. A nation introduces patent laws for the first time.

c. A court order shuts down all banks permanently.

d. A poor country extends free public schooling from 8 years to 12 years.

e. A nation adopts a free-trade policy.

f. A formerly communist country adopts free markets

Solution

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  1. Increasing corruption allows government officials to steal people’s homes. (Retard)

Corruption in any country hamper its growth potential and as well as create dissatisfaction within the citizen of that country. As the corruption makes difficult to do business in any country to honest businessmen so investor usually reluctant to invest in that country, and its increasing cost of production in the economy as well as. And as we know investment and productivity play a vital role in the economic growth of any nation. So growth in any form leads to retard economic growth.

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