(1a) Your boss has asked you to calculate the needed figures for a government report. The figure you need to calculate is the GDP using the numbers in the table. What is the GDP? Government Purchases $158 billion Depreciation $28 billion Consumption $427 billion Investment $43 billion Exports $87 billion Imports $103 billion Income receipts from rest of the world $7 billion Income payments to rest of the world $5 billion (a) $858 billion (b) $586 billion (c) $612 billion (1b) Which of the following factors important in determining our standard of living are not reflected in the Gross Domestic Product? The value of our imports and exports, the value of leisure. The value of our imports, the improvements in product quality. The value of leisure, the quality of our environment, improvements in product quality. (1c) Which of the following is included in GDP? The cost of eggs for a baker who sells donuts and cakes. The tickets to a football game that were bought but never used. Revenue from the sale of a three-year-old car. (1d) Use the data from the following table to calculate the GDP per capita of each country. The GDP per capita for Estonido and for Galicia in 2018 is Country Year GDP (billions in U.S. $) Population (millions) Estonido 2017 525.50 73 Galicia 1,658.00 118.25 Estonido 2018 721.75 78 Galicia 1,724.30 121.8 (a) $925 for Estonido and $1,412 for Galicia in 2017. (b) $9,253 for Estonido and $14,157 for Galicia in 2017. (c) $7,199 for Estonido and $14,021 for Galicia in 2017. (1e) When calculating GDP as the sum total of all spending, which of the following should be included? government purchases of labor, goods, and services. government transfer payments. savings.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(1a) Your boss has asked you to calculate the needed figures for a government report. The figure you need to calculate is the GDP using the numbers in the table. What is the GDP?

Government Purchases	$158 billion
Depreciation	$28 billion
Consumption	$427 billion
Investment	$43 billion
Exports	$87 billion
Imports	$103 billion
Income receipts from rest of the world	$7 billion
Income payments to rest of the world	$5 billion

(a) $858 billion

(b) $586 billion

(1b) Which of the following factors important in determining our standard of living are not reflected in the Gross Domestic Product?

The value of our imports and exports, the value of leisure.
The value of our imports, the improvements in product quality.
The value of leisure, the quality of our environment, improvements in product quality.

(1c) Which of the following is included in GDP?

The cost of eggs for a baker who sells donuts and cakes.
The tickets to a football game that were bought but never used.
Revenue from the sale of a three-year-old car.

(1d) Use the data from the following table to calculate the GDP per capita of each country. The GDP per capita for Estonido and for Galicia in 2018 is

Country	Year	GDP (billions in U.S. $)	Population (millions)
Estonido	2017	525.50	73
Galicia		1,658.00	118.25
Estonido	2018	721.75	78
Galicia		1,724.30	121.8

(a) $925 for Estonido and $1,412 for Galicia in 2017.
(b) $9,253 for Estonido and $14,157 for Galicia in 2017.
(c) $7,199 for Estonido and $14,021 for Galicia in 2017.

(1e) When calculating GDP as the sum total of all spending, which of the following should be included?

government purchases of labor, goods, and services.
government transfer payments.
savings.

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