5. Table: Hypothetical Canadian National Income and Product Accounts DataCategoryConsumption (personal consumption expenditures)Investment (gross private domestic investment)Government consumption (government expenditures)ExportsImportsForeign income payments to domestic factorsDomestic income payments to foreign factorsNet unilateral transfersThe GNI for the economy is:a. $10 billion.b. $20 billion.c. $780 billion.$790 billion.d.Billions of Dollars40015080210602010

GNI is the sum of Consumption ,Investment , Government consumption , net export , Foreign income…

Answered: 5. Table: Hypothetical Canadian…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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The link between gross domestic product and national income is a. Indirect business taxes,net foreign factor income,savings b. Indirect business taxes,net foreign factor income, investment c. Indirect business taxes,net foreign factor income,consumption of fixed capital d. Indirect business taxes,profits,investment
Item Personal consumption expenditure Government expenditure on goods and services Net taxes Gross private domestic investment Imports of goods and services Exports of goods and services Millions of dollars 80 30 35 20 10 20 Use the information in the table above to calculate the value of net exports. O $10 million $30 million $0 -$10 million
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Refer to the information provided in Table Table $Billions 625 Compensation of employees Proprietors' income Corporate profit 70 50 Net interest 40 Rent al income 15 Deprecation Indirect taxes 90 35 Direct taxes 60 Subsidies 10 Payments of factor income to the rest of the world Receipts of factor income from the rest of the world 25 20 If GNP is $625 billion and depreciation is $125 billion, then net national product is Select one: a. $750 billion b. $500 billion C. $700 billion d. $5 billion
ITEMS RM (millions) Agriculture 18,000 Mining 12,000 Manufacturing 22,000 Constructions 8,000 Electricity, gas and water 1,800 Transportation and communication 900 Indirect tax 800 Subsidies 700 Government services 1,700 Other services 900 Capital consumption 500 Income received from abroad 750 Income paid to abroad 450 Based on the table above, calculate: Gross Domestic Product (GDP) at market price. Gross Domestic Product (GDP) at factor cost. 3. Gross National Product (GNP) at factor cost
6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply. The quality of goods available to consumers O The loss of enjoyment people incur when scenic land is converted to commercial use The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government O Federal government paychecks to soldiers When a U.S. company purchases and imports automotive parts from Canada to use to build cars within the United States, this purchase increases the net exports by the same amount. Therefore, the purchase component of GDP while also in US GDP. automotive parts from Canada causes
B. The table below lists Jamaica's transactions in 2007. Particulars $ Consumers' expenditure 100 000 Government expenditure 40 000 Gross investment 37 000 Value of increase in stock 2 000 Exports of goods 18 000 Imports of goods 17 130 Income paid abroad 7 400 Income received from abroad 7 900 Subsidies 1 390 Taxes on expenditure 1 740 Capital consumption 5 500 Calculate: i. GDP at market price 11. GDP at factor cost iii. GNP at factor cost iv. National Income at factor cost C. Comment on THREE (3) types of information that national income statistics provide.
2. Saving and investment in the national income accounts The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $1,800 million. Enter the amount for government purchases. National Income Account Value (Millions of dollars) Government Purchases (G�) Taxes minus Transfer Payments (T�) 585 Consumption (C�) 675 Investment (I�) 675 Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. National Saving (S)National Saving (�) = = G - TG - T = = I� million Complete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data from the initial table. Private SavingPrivate Saving = = = = million Public SavingPublic…
Table 1 Government Purchases $15 Consumption 90 Gross Investment 20 Consumption of Fixed Capital Exports 8 Imports 12 5. Refer to Table 1 (all figures in billions of dollars). NDP (net domestic product) is. a. $116. b. $121. c. $125. d. $150. 12
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