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A) How does consumption affects GDP?
[[ GDP = Gross Domestic Product ]]
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- GDP Problem. Given the following information, compute GDP by either the Expenditures or the Income approach. [You do not have to compute GDP both ways.] Name which of the two approaches you are using, and identify all the accounts (e.g., “All profits” or “Gross Private Investment”) you use in your computation of GDP. All profits $ 800 Government purchases of goods & services 300 Imports 50 Government transfer payments 250 Exports 50 Gross private investment 500 Rent 20 Wages, salaries 5000 Personal saving 1600 Depreciation 60 Net foreign income 0 Personal consumption expenditures 5200 Taxes on production & tariffs 40 Sales of stocks and bonds 1200 Interest 80 IDENTIFY: ______________________ APPROACH USED ACCOUNT…2. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Consumption 1700 Investment 700 Government 100 Expenditure Еxports 50 Imports 40 Using the expenditure approach, calculate GDP for China.23. Which of the following is used to calculate GDP through the expenditure approach? a.C + I + G + (X - M) b.C + I + G + (M -X ) c.C + I + G + X d.C + I + G + SClear my choice
- 1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document): Expenditure Components of GDP by Country, 2018 (billions of US dollars) Denmark Finland Australia Canada India Japan New Zealand UK US Consumption 808.7 996.9 165.9 146.1 1650.6 2763.3 120.0 1870.5 13998.7 Investment Business fixed investment 336.9 385.1 78.8 65.6 842.7 1202.5 49.1 487.3 4260.7 Changes in inventories 0.1 9.4 2.9 3.4 27.4 11.2 0.1 5.8 54.7 Government 275.5 357.1 86.6 62.7 312.1 981.6 38.4 528.3 2904.3 Net Exports Exports Imports 348.5 544.9 197.9 106.8 548.6 917.1 58.2 856.8 2510.2 312.0 581.1 176.4 108.8 657.0 904.4 58.1 907.1 3148.5 GDP Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices – US dollars 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports? Which one(s)? Which country has the largest negative net…List and describe the components of Gross Domestic Product on the demand side. Provide an example of each component. Also, be sure to account for the relative size of each component within the total GDP.2. Which of the following is NOT included in the calculation of GDP? a) Investment spending b) Government spending
- Compute: (Refer to the photo below for the given data) GDP NY2. Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2018. 2018 GDP Scenario Included Excluded Calculo, a U.S. electronics company, produces a calculator at a plant in Indonesia on March 17, 2018. Calculo imports the calculator into the United States on May 21, 2018. Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 13, 2018. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2018. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) Zippycar, a U.S. automobile company, produces a convertible at a…1. What is the distinction between Nominal GDP and Real GDP? Which is more important in terms of satisfying humans wants? Why? 2. Use list to compute GDP from the Expenditures approach. Personal Consumption expenditures $600 Transfer payments $15 Consumption of fixed capital $20 Interest $11 Exports $15 Government purchases $85 Compensation of employees $225 Imports $18 Net private domestic investment $65
- 1. Which of the following are included in this year’s GDP? Explain your answer in each. A 2-hour decrease in the length of the workweek. The purchase of an AT&T corporate bond. A $2 billion increase in business inventories.GDP 1. Calculate the values for the blanks in the shaded areas of the table below: Expenditure Components of GDP by Country, 2020 (83Son of current US dollars) Australia Canada Denmark Finland Japan India 1617 137.9 873 65.9 C E FOOD 80.0 65.3 16 0.5 L M N 195.4 97.G 1725 96.7 Household consumption Government expenditure Investments Gross fixed Investments Changes in inventories Net Exports Exports Imports A: ÄÜÄ÷ B: C: D: E: F: G: H: I: J: 746.5 K: L: 297.2 A 316.9 4.3 3152 254.7 943.7 371.8 B 377.7 (147) K 476.0 509.8 M: N: 0: P: 1,591.7 Q: R: 292.1 722.0 97.0 4973 $11.3 કીડી || T: 2.700.7 Y: 1,066.4 1,279.5 106 785.4 786.2 New Zealand UK 122.0 43.7 G 47.3 (p.s) P 46A GDP S U W Y Source: GOP by Type of Expenditure at current prices-US dollars, Retrieved 7/27/2022. National Accounts Estimates of Main Aggregates United Nations feste Division 472 Z: ZZ: 1,683.7 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports?…Table 1: Items for GDP Calculation Item Billions of Dollars 250 Government expenditure on goods and services Compensation of employees 1,675 325 Gross private domestic investment Rental income 20 1425 Personal consumption expenditures Net interest 40 Net exports of goods and services 100 Indirect business taxes and depreciation 300 1. The table 1 above shows some (but not all) national income accounting data for a hypothetical country. According to these data, the value of GDP is billion. a) £2100 b) £2050 c) £1850 d) £2000 2. When a worker quits a job to look for a better job, a) frictional unemployment increases. b) structural unemployment decreases. c) structural and cyclical unemployment increase. cyclical unemployment increases. d) Student ID number: X W 0 Labor (billions of hours per year) 3. Based on the above figure, the country of Kemper is on its aggregate production function at point W. The government of Kemper passes a law that makes 4 years of college mandatory for all…
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