. A more complex circular-flow diagram for the economy of Macronia is shown. Def

Question

. A more complex circular-flow diagram for the economy of Macronia is shown. Define the terms of each of the following items and calculate their value based on the circular flow diagram.
Circular Flow Diagram:

a. Define GDP, giving what items comprise the GDP (4 points) and then compute the value of GDP in Macronia (4 points).
b. Define net exports and the items that comprise it (4 points) and compute the value of Net exports in Macronia (4 points).
c. Define disposable income and the items that comprise it (4 points) and compute the value of disposable income in Macronia (4 points).
d. Define the elements of money flows into and out of households and compute the amounts (4 points). Does the total flow of money out of households equal the total flow of money into households? Explain. (4 points)
e. Define the elements of flows of money into and out of the government and compute the amounts (4 points). Explain how the government finances its spending (4 points).

Explanation / Answer

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http://s3.postimage.org/4fewmtqdg/eco1.png

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