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Researching MacroeconomicsComplete each of the following eco

    Researching MacroeconomicsComplete each of the following economic problems.Problem AUse the national income data in the table below to compute the following:GDP.NDP.NI.National Income Data National Income Accounting DataAmount (Billions)Compensation of employees$288.2U.S. exports of goods and services63.4Consumption of fixed capital23.6Government purchases188.8Taxes on production and imports28.8Net private domestic investment104.2Transfer payments27.8U.S. imports of goods and services33.0Personal taxes81Net foreign factor income4.4Personal consumption expenditures438.2Statistical discrepancy0Problem BCompare a $30,000 income in 1975 to that in 2015, and analyze the following questions:How is the availability of products expected to change over the years?How is the quality of products likely to change over the years?How would your standard of living change over the years?Given a choice, would you choose to live in 1975? Why or Why not?Problem CIn the aggregate demand model in equilibrium, GDP (Y) = C + I + X (open economy).Where C = consumption schedule = 100 + .75Y (consumption is a function of income).Where I = planned investment = 20 and X = net exports = 40. Both are independent of GDP (Y).Use the information provided above to complete the following:Calculate the equilibrium level of income or real GDP for this economy.What happens to equilibrium Y if Ig changes to 15?What does this outcome reveal about the size of the multiplier?Can there be equilibrium level of output at below full employment?Problem DAnswer the following questions regarding public and private goods:What is the difference between a public good and a private good? What are the principal characteristics of each?What are the two characteristics of public goods? Why is there a free rider problem when it comes to public goods?Do you consider your local police force a public good or a private good? Why?How about your local cable TV service? Explain your answer.Internet ResourcesUnited States Census Bureau. (n.d.). Current population survey annual social and economic supplement (CPS ASEC). Retrieved from…United States Census Bureau. (n.d.). Income data. Retrieved from Sage Foundation. (n.d.). Chartbook of social inequality. Retrieved from…Beggs, J. (n.d.). The production possibilities frontier. Retrieved from…Beggs, J. (n.d.). Supply and demand equilibrium. Retrieved from…McAfee, P. R. (2006). Introduction to economic analysis. Retrieved from

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