1. From the table below, gross domestic product equals: a. $1,110 b. $1,265 c. $1,470 d. $1,695 Personal Income Taxes $130 Government Purchases of Goods and $150 Services Gross Private Domestic Investment $230 Net Interest $75 Sales Taxes $35 Net Exports of Goods and Services $55 Personal Consumption Expenditures Depreciation $725 $175

1. From the table below, gross domestic product equals: a. $1,110 b. $1,265 c. $1,470 d. $1,695 Personal Income Taxes $130 Government Purchases of Goods and $150 Services Gross Private Domestic Investment $230 Net Interest $75 Sales Taxes $35 Net Exports of Goods and Services $55 Personal Consumption Expenditures Depreciation $725 $175

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. Expenditures and Income Approaches Consumption Expenditures Wages Taxes on Production and Imports Government Purchases Statistical Discrepancy Imports Undistributed Corporate Profits Rent Proprietor's Exports Dividends Depreciation Income Interest Gross Private Domestic Investment Corporate Income Taxes Corporate Profits Net Foreign Factor Income $69000 $76000 $16000 $58000 $11000 $47000 $14000 $42000 $15000 $34000 $22000 $24000 $31000 $41000 $18000 $54000 $17000 Complete parts a and b. a. Given the numbers above, solve for Real GDP using the expenditures approach. Given the numbers above, solve for the National Income (NI). b.
1. Study Questions and Problems #1 True or False: Transfer payments reallocate income from one individual to another and are included in government expenditures. Therefore, transfer payments are included in the calculations for GDP. True False
Consider the small economy represented in the following table. All values are in dollars. Firm A Wages paid to employees Taxes paid to government Input purchased from Firm C Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm C Sold from inventory to Public Unsold production After-tax profit Firm B Wages paid to employees Taxes paid to government Input purchased from Firm C Input imported Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm C Sold to a foreign country Sold from inventory to Public Unsold production After-tax profit Firm C Wages paid to employees Taxes paid to government Input purchased from Firm A Input purchased from Firm B Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm A Sold to Firm B Sold to a foreign country Sold from inventory to Public After-tax profit Additional Information Government transfers Interest on government's debt Private Saving 162 96 79 691 61 354 175 124 93…
1. Suppose you are given the following data: Government Purchases $ 6.0 billion Imports $ 0.3 billion Transfer Payments $ 2.3 billion Consumption $11.9 billion Depreciation $ 2.2 billion Exports $ 0.5 billion Investment $ 3.7 billion Taxes $ 6.4 billion a) Calculate the value of government public savings. b) Calculate the value of household private savings. (
1. Given the following national income and product accounts data, compute I, NX, NI, PI, DI, NNP, GNP, and GDP Depreciation Amount of national income not going to households Compensation of employees Corporate profits Dividends Exports Government consumption and gross investment Imports Indirect taxes minus subsidies Net business transfer payments Net interest Net private domestic investment Personal consumption expenditures Receipts of factor income from the rest of the world Personal income taxes Proprietors' income Payments of factor income to the rest of the world Rental income Statistical discrepancy Surplus of government enterprises 3. 12,532 2005 489.4 2006 505.7 12,746 2007 526.7 13,011 2008 553.0 13,275 2009 565.8 13,503 2010 563.1 2011 553.5 13,757 1,215 The following table provides information about Canadian economy for a seven-year period, given 2006 is the base year. Year Real GDP Labor force Unemployed Employed Unemployment Population (Billions) (Thousands) (Thousands)…
2. Which of the following is NOT included in the calculation of GDP? a) Investment spending b) Government spending
What is the value for Gross Domestic Product if households receive $315 in net interest income, wages equal $10,169, rental receipts on land are $884, total business profits before taxes are $1,862, and indirect business taxes are $1,139? Assume depreciation and net foreign income are zero. Enter the value without a $ and without commas.
Consider below information about Jacaranda Economy and answer the question that follow. Components Value per annum Wages and salaries R12 000 Exports R50 000 Rentals R22 000 Imports R63 700 Interest R9 300 Consumer spending R85 250 Government spending R33 200 Gross capital formation R6600 Using the table above, which approach can be used to calculate Jacaranda’s Gross Domestic Product? A. Income B. Production C. Expenditure D. Depreciation
Depreciation equals ________. a. capital minus gross investment b. capital minus net investment c. net investment minus gross investment d. gross investment minus net investment
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5 Use Table: National Income Accounts. The value of national savings is: Table 1: National Income Accounts $ Trillions GDP 20.00 Consumption 14 Government Spending 3 Budget Balance -1.2 a) $14 trillion b) $3 trillion c) $3.5 trillion d) $0.2 trillion e) $3.2 trillion.
1. Based on this table, the Gross Domestic Product is $_______ billion.