1.5 Which method of calculating GDP do illegally imported used cars distort? a) Production method. b) Income method. c) Value added method. d) Expenditure method.
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- What are the main components of measuring GDP with what is produced?3. Determine if the following would be included (I) or excluded (E) from the calculation of GDP. (a) The cashing in of a U.S. savings bond (b) The purchase of a new truck by a trucking company (c) Government purchase of missiles from a private business (d) An increase in business inventories (e) The income of a tax accountant working for a business (f) Income received from interest on a corporate bond (g) Business expenditures on pollution control equipment (h) Dr. Jung grows tomatoes in his backyard for home consumption Cashing a savings bond is a financial transaction)5. GDP during a period can be calculated by summing either (A) the purchases of domestically produced final goods and services or the cost incurred in the production of those goods. (B) the amount received by business firms for consumer goods and services or the spending of business firms on investment goods and services. (C) all household expenditures on final goods and services or all business purchases of factors of production. (D) sales of goods and services to foreigners or the purchase of goods and services from foreigners. (E) the final market value of all goods purchased or the income generated from all labor services rendered. 6. Which one of the following would count as investment in the national income accounts? (A) buying a U.S. government bond (B) buying 100 shares of Wal-Mart stock (C) buying an existing house (D) a freight-hauling firm buying a new domestically produced truck (E) a car manufacturer buying tires from a tire manufacturer
- (1f) If Nominal GDP is $16,000 billion and the GDP deflator is 50, then Real GDP is: $25,000 billion. $32,000 billion. $8,000 billion. (1g) For productivity to increase the total number of hours worked has to increase. the value of the production per hour worked has to increase. the total production or output has to increase. (1a) The Helper Company’s customer service representatives received new computers and training on how to utilize them best. In regards to measuring productivity, these new computers and updated technology knowledge have increased profit for the Helper company. increased capital deepening for the Helper company. increased costs for the Helper company. (1b) Of the following examples, which one has little or no effect on labor productivity? The frequency of business cycles. (my guess) Technological change. The quality and quantity of available capital resources. (1c) What can you conclude when a nation’s production possibilities frontier shifts outward?…1. Calculate GDP using the expenditures approach for year 1 and year 2. Explain your rationale with numbers. In other words, you must show the following; ▪ What is Personal Consumption Expenditures in year 1 and 2 ▪ What is Gross Private Domestic Investment in year 1 and 2 ▪ What is Government Purchases of Goods and Services in year 1 and year 2 What is Net Exports in year 1 and year 2 ▪ What is GDP in year 1 and year 2 2. In percentage terms, which of the 4 categories of spending changed more from year 1 to year 2. In other words, looking at the results from year 2, which of the categories experienced the highest percentage change. Explain your rationale with numbers. 3. What was the percentage change in GDP? Explain your rationale with numbers. Use 2 decimal points. 4. In your own words, explain why GDP is such an important metric that is used to understand the economic performance of nations. How does looking at GDP per capita help when comparing economic performance of different…1. What does Gross Domestic Product (GDP) measure? a) The total population of a country b) The total value of goods and services produced within a country's borders c) The total value of imports and exports d) The total government spending in a country 2. Which of the following is NOT included in the calculation of GDP? a) Investment spending b) Government spending
- 3) Answer the following questions about country A. a) What was GDP equal? b) What was the value of total production equal to? c) What approach did you use to make this calculation? Items RM (million) Agriculture, Forestry & Fishing 25874 Construction 89756 Mining & Quarrying 12345 Electricity, Gas & Water 96325 Manufacturing 70002 Government Services 78953 Wholesale, Retail, Hotel & Restaurant 258 Finance, Insurance & Real Estate 456 Transport, Storage & Communication 999 Other Services 451 Factor Income Paid Abroad 452 Indirect Taxes 200 Factor Income Received From Abroad 500 Subsidies - 85 Depreciation 891(a) Use either the expenditure approach or the income approach to calculate the following national income statistics based on the data given in Table 1. Calculate the net domestic product (NDP),(a) Which of the following are included and which are excluded in calculating this year's GDP? Provide a brief explanation in ONE LINE ONLY in each instance. (a) Stephanie sues her former client for harassment and hires a lawyer. (b) Geoffrey is offering his family members hair styling at home due to COVID -19 for free while earlier the family members were getting them done at salons. (c) Covid-19 relief payments.
- Q5) The following information is extracted from the National Income Accounts of an economy. Values 130 Particulars Exports of goods and services Depreciation Government expenditure Gross domestic investment 525 450 750 Imports of goods and services 135 27,500 Personal consumption expenditure Find the value of net domestic product.3. Which of the following is included in the measurement of GDP?(A) The beauty of art.(B) The love of our family.(C) The production of new cars.(D) The mining of raw metals to make cars.I. Based on the data in Table 2 below, calculate Indonesia's 2011-2016 by measuring changes in the GDP Deflator. Table 2.Indonesia's Gross Domestic Product 2011-2016 year Product Domestik Bruto (Miliar Rp.) Nominal IHK (%) Deflator 2010 6,864,133.1 6.96 100.0 2011 7,831,726.0 3.79 107.5 2012 8,615,704.5 4.30 111.5 2013 9,546,134.0 8.38 117.0 2014 10,569,705.3 8.36 123.4 2015 11,531,716.9 3.35 128.4 2016 12,406,809.8 3.02 131.5