1. Calculate the GDP by using both formulas, expenditure approach and income approach. Also calculate in each case how much time it will take to double the GDP. YEAR 2 Consumption Investment 6,000 1,500 Depreciation Interest 600 300 Corporate Profit Exports Compensation of Employees Government Purchases 600 700 6,500 1,000 200 1,100 Indirect Taxes Saving Imports 500 Rent 500 YEAR 1 Wages 4000 Rent 1000 Interest 500 Proprietor's Income Consumption Depreciation 2000 3000 200 Investment 1500 Indirect Taxes 300 Government Purchases 2500 Savings Imports Exports 700 9000 10000

1. Calculate the GDP by using both formulas, expenditure approach and income approach. Also calculate in each case how much time it will take to double the GDP. YEAR 2 Consumption Investment 6,000 1,500 Depreciation Interest 600 300 Corporate Profit Exports Compensation of Employees Government Purchases 600 700 6,500 1,000 200 1,100 Indirect Taxes Saving Imports 500 Rent 500 YEAR 1 Wages 4000 Rent 1000 Interest 500 Proprietor's Income Consumption Depreciation 2000 3000 200 Investment 1500 Indirect Taxes 300 Government Purchases 2500 Savings Imports Exports 700 9000 10000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Government Purchases = $____ billion Private Gross Investment = $______ billion GDP = $______ billion Disposable Income = $______ billion
Items Amount (in billions $) Total Federal and State Tax Gov't purchase of goods and services Personal Income 215 625 2,400 30 Purchases of stocks and bonds Planned domestic investment 175 Personal income taxes Changes in Corporate inventory (unplanned domestic investment) 400 140 Sales of secondhand items 8. Net exports of goods and services Personal consumption expenditure -5 1,750 (a) Assuming the U.S economy is closed, calculate the values of: i. Personal disposable (net) income ii. GDP iii. Total Savings (b) Assuming the U.S economy is open, calculate the values of: Personal disposable (net) income ii. Total savings i. GDP 111. (c) Calculate the personal disposable income and the U.S government surplus or defici
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Review View Design Layout References Mailings Page Layout Assignment Questions: 1. Calculate the GDP by using both formulas, expenditure approach and income approach. Also calculate the Real GDP if CP1 for Year1 is 120 and CPI for Year 2 is 150 Million $ YEAR 1 Consumption Indirect Taxes 6,200 200 1,600 800 Investment Depreciation Interest 400 500 500 Corporate Profit Exports Compensation of Employees Government Purchases 6,300 1,000 800 Direct Taxes 1,100 700 Saving Imports Rent 400 Million $ YEAR 2 Government Purchases 2500 Wages 4000 Interest 500 Proprietor's Income Consumption Depreciation Investment 2000 3000 200 1500 Indirect Taxes 300 700 Savings Imports 9000 dow Rent 1000 Еxports 10000 Hail English (U.S.)
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5. Which component of GDP includes spending on new structures and equipment?
Calculate (a) GDP using the expenditure and (b) value added (industrial origin ) approaches. Calculate GNP. Agriculture, Fishery and Forestry 2000 Exports of Goods and Services 12000 Government Consumption Expenditure 1000 Gross Domestic Capital Formation 2000 Industry 3000 Imports of Goods and Services 12000 Net Factor Income from ROW 500 Personal Consumption Expenditures 7500 Services 5000 Statistical Discrepancy -500
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5 What is GDP?