Answer to Question #127823 in Macroeconomics for Womba Nambeye

Question

1. Bravo is a well-known farmer from southern province of Zambia who interacts with other members of the Zambia Farmers Association (ZFA) to agree on where to supply their farm onions and tomatoes. Each farming season, he gathers his fellow farmers to discuss on the best onion and tomato pricing model. Assess the above scenario and appropriately use the Zambian statute to discuss the above somewhat behavioral economics.


2. Muchuu is a wheat farmer who sells a bushel of wheat to millers for K10.00. The miller turns the wheat into flour and then sells the flour to a baker for K30.00. The baker uses the flour to make bread and sells the bread to a student for K60.00. The student eats the bread. What is the value added by each person? Calculate GDP.
Discuss the three methods of measuring National Income?

Answer 1

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