**Instructions:** In part (a), enter your answer as a whole number. In parts (b) and (c), round your answers to 2 decimal places.**a. What is Upper Mongoose’s GDP for the year?** [______] billion**b. What is the size of the underground economy as a percentage of GDP?** [______] percent**c. By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP?** [______] percent---**Table: Components of Upper Mongoose's Economy** | Category | Value ($ billion) || --------------------------------------------------------- |:-----------------:|| Net exports | 50 || Value of new goods and services produced in the underground economy | 100 || Personal consumption expenditures | 350 || Value of the services of stay-at-home parents | 50 || Gross domestic investment | 100 || Government purchases | 100 || **Total** | **750** |

Category Value Net exports $50 Value of new goods and services produced in the underground economy 100 Personal consumption expenditures 350 Value of the services of stay-at-home parents 50 Gross domestic investment 100 Government purchases 100 Total 750 Instructions: In part a, enter your answer as a whole number. In parts b-c, round your answers to 2 decimal places. a. What is Upper Mongoose's GDP for the year? billion b. What is the size of the underground economy as a percentage of GDP? percent c. By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP? percent

Category Value Net exports $50 Value of new goods and services produced in the underground economy 100 Personal consumption expenditures 350 Value of the services of stay-at-home parents 50 Gross domestic investment 100 Government purchases 100 Total 750 Instructions: In part a, enter your answer as a whole number. In parts b-c, round your answers to 2 decimal places. a. What is Upper Mongoose's GDP for the year? billion b. What is the size of the underground economy as a percentage of GDP? percent c. By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP? percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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