5. What are the four categories of expenditures which comprise GDP. (1). (2) (3). (4). That is, GDP = C+ Or, GDP=C+(. +G+ + Depreciation)+ G + (X- M)
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- TOTAL EXPENDITURE (Billions of dollars) 500 475 450 425 400 375 350 325 300 H 300 425 REAL GDP (Billions of dollars) 325 350 375 400 If Real GDP is $425 billion, inventories 450 475 I 500 (TP = Real GDP) TE the firms production, and Real GDPThe table gives data about Northland's economy in 2017. What is the value of GDP in Northland in 2017? The value of GDP in Northland in 2017 is _______. A. $2,262 billion B. $1,291 billion C. $971 billion D. $1,439 billion Item Amount (billions) Consumption expenditure 720 Wages 652 Indirect taxes less subsidies 148 Investment 235 Net exports of goods and services 54 Profit 171 Government expenditure on goods and services 282Use the following data to answer the questions below: Category Consumption Depreciation Retained earnings Gross investment Imports Exports Net foreign factor income Government purchases a. How much is GDP? Instructions: Enter your responses as a whole number. $ $ billion b. How much is net investment? $ Billions of Dollars $200 20 12 30 60 billion c. How much is national income? billion 50 10 80
- Question 7 The expenditures approach to GDP equals a) Consumption + Gross Investment + Government Purchases + Net Exports. b) Employee Compensation + Profit + Net Property Income + Indirect Business Taxes + Depreciation - Income Earned Abroad. c) Consumption + Net Investment (Gross Investment-Depreciation) + Government Purchases + Net Exports. d) Employee Compensation - Profit - Net Property Income - Indirect Business Taxes-Depreciation - Income Earned Abroad.3. Categories of expenditures Dmitri and Frances Doherty live in Conshohocken, PA. Their son, Jake, owns his own plumbing business. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (1), government purchases (G), exports (X), or imports (M). Check all that apply. Transaction Dmitri's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China. The Pennsylvania Department of Transportation, a state administration, fixes potholes along PA highway: 23, which feeds into the center of Conshohocken, Frances gets a new video camera made in the United States. Dmitri buys a sweater made in Guatemala. Jake buys a new set of tools to use in his plumbing business. с 00 I O O G O X 0 M O O 0 000 00 000 0002. In a couple sentences, explain the definition of GDP. What kinds of spending are included, and which are not?
- The figure below shows the market conditions facing two firms, Brooks, Inc., and Spring, Inc., in the domestic market for large utility pumps. Each firm has constant long-run costs, so that MC0 = AC0. As competitors in a duopoly, there are a number of models to determine output and prices. Assume that the Bertrand duopoly model applies, so that they both set price equal to their marginal cost. Initial output in this market will be 16,000 per year (this is split between the two firms), at a price of $300. Suppose that Brooks, Inc. and Spring, Inc. form a joint venture, River Company, whose utility pumps replace the output sold by the parent companies in the domestic market. Assuming that River Company operates as a monopolist and that its costs equal MC0 = AC0, what is: (f) Assume River Company’s formation leads to technological advances that yield cost reductions, such that MC1 = AC1. Compared to the original equilibrium (in (a)), what is the net effect of River Company’s…Determine if the following would be included (I) or excluded (E) from the calculation of GDP. (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 _______Which of the following is added to the GDP? A. Exports B. Imports C. Net Exports D. Personal Income Tax
- Which of the following will be counted in the Gross Domestic Product for this year (2023)? A) A new 2023 Ford Escape that was just produced in Detroit during January 2023 and was recently sold to a consumer. B) A Ford Escape that was produced in Detroit during January 2023 and was ready for sale, but hasn't been sold yet. C) Each of the scenarios listed above would all count as U.S. GDP. D) A new 2023 Ford Escape that is manufactured within the borders of the U.S.Question 12 of 75 > O Macmillan Learning (Table) According to the table, net exports of goods and services are equal to GDP Expenditures for 2010 Expenditure Personal consumption Gross private domestic investment Exports Imports Government purchases Capital consumption allowance -$505.4 billion. $505.4 billion. $738.9 billion. -$738.9 billion. Billions $10,353.5 1,769.1 1.746.1 2,251.5 2,975.1 1,030.25 GDP (Y) Consumption (C) Investment (I) $ 0 $ 60 $ 30 100 120 40 200 180 50 300 240. 60 400 500 300 360 70 BO (Advanced analysis) The table gives data for a private closed economy. The letters Y, C, S, and /are used to represent real GDP, consumption, saving, and Investment, respectively. The equation representing the Investment schedule for the economy is O Multiple Choice 1=0.3Y /= 80-03Y =30+0.1Y 10-30