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Discuss the relevance of the national accounts to the economy of Ghana supported by specific examples?

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 13SQ

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Concept explainers

Public Saving

Public saving deals with the amount which has been in excess after meeting all the obligatory expenses and investment of the government. Taxes are collected by the government to meet its day-to-day expenditures. The obligatory expenses include all those expenses which are mandatory for the government. It cannot be avoided as it is inevitable.

Question

National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money. Discuss the relevance of the national accounts to the economy of Ghana supported by specific examples?

Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.

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Step 3: Macroeconomic indicators for the growth of Country G.

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The GNP of a country is $200 billion, receipts of factor income from the rest of the world are $10 billion, payments of factor income to the rest of the world are $30 billion, and depreciation is $25 billion. What is the GDP and the Net National Product?
what are the different concepts of national income
National Income Accounts (dollar figures are in billions) Expenditures for consumer goods and services $8,200 Exports $1,700 Government purchases of goods and services $2,500 Social Security taxes $1,900 Net investment $1,400 Indirect business taxes $1,400 Imports $1,900 Gross investment $1,800 Corporate income taxes $600 Personal income taxes $1,500 Corporate retained earnings $130 Net foreign factor income $100 Government transfer payments to households $1600 Net interest payments to households $500 On the basis of Table 5.3, the value of the income aggregate that is defined as "the part of disposable income not spent on current consumption" (also known as savings) is Multiple Choice -$500 billion. $500 billion. $370 billion. $8,570 billion.
how much was the net primary income from the rest of the world in 2019?
Describe the national income and product accounts (NIPA).
Nominal GDP for this simple economy in year 1 equals
Given the following data for an open economy at current market prices for the year 2016 measured in billion dollars. Net investment spending Government Expenditure Consumption expenditure Depreciation Net export Export GDP deflator 2016 (unit free) 1000 700 1500 200 100 600 60 Instructions: 1. What is the value of Gross Domestic Product GDP? 2. What is the value of Nominal GDP? 3. What is the value of RGDP? 4. What is the value of import?
Expenditures for consumer goods and services Exports Government purchases of goods and services Social Security taxes Net investment Indirect business taxes Imports Gross investment Corporate income taxes Personal income taxes Corporate retained earnings Net foreign factor income Government transfer payments to households Net interest payments to households $4,565 $740 $1,465 $510 $225 $520 $825 $865 $185 $750 $45 $20 $690 $0 Table 5.1 National Income Accounts (dollar figures are in billions) On the basis of Table 5.1, personal income is $5,620 billion. $5,790 billion. $6,530 billion. $6,445 billion.
The base year in a country for the calculation of national income data is 2012. Real GDP in this country grows at the rate of 5 percent per year. The GDP deflator in this country increases at the rate of 2 percent per year. If the real GDP in this country in 2011 was 20,000 manats, what would be the value of nominal GDP in 2013? Nominal GDP in 2013 = manats. Do you know what country uses manat as its currency? Part B: The base year in a country for the calculation of national income data is 2012. Real GDP in this country grows at the rate of 5 percent per year. Nominal GDP in this country increases at the rate of 8 percent per year. If the real GDP in this country in 2011 was 50,000 tenges, what would be the value of GDP deflator in 2013? GDP deflator in 2013 = tenges. Do you know what country uses tenge as its currency?
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Assume that over the last 10 years the gross domestic product of Econostan increased by 25% while the population of the country increased by 35%. Over that time period, what likely happened to the standard of living for people living in that country?
The requirements of foreign trade and government (Y), total consumption (C) and total savings (S)). The total expenditure (AE) of all people in this country is equal to the total income (Y) at the end of the year. In the mentioned period, the rate or rate of change depending on income is used as 0.1. Find the country's income-related savings (S) function, compared to the year-end total expenditure (AE) 20000 and total consumption 19500 this year.