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- Using the following national income accounting data, compute GDP, NDP, and NI. All figures are in billions. Round your answers to one decimal place. category value compensation of employees $ 196.2 U. S. exports of goods and services 19.8 Consumption of fixed capital 11.8 government purchases 59.4 taxes on production and imports 14.4 net private domestic investment 52.1 transfer payments 13.9 U. S. imports of goods and services 16.5 personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy 40.5 2.2 219.1 0Gross domestic product is a measure of _______.the nonmarket production of goods and services.the volume of goods and services, which involved in international tradethe goods and services produced strictly by corporations.the money value of all final goods and services produced in a year by the economy.the size of the largest industry in an economy.Discuss the items excluded from the calculation of Grss Domestic Product (GPD) and explain why in four to five paragraphs
- What is the value for Gross Domestic Product if households receive $315 in net interest income, wages equal $10,169, rental receipts on land are $884, total business profits before taxes are $1,862, and indirect business taxes are $1,139? Assume depreciation and net foreign income are zero. Enter the value without a $ and without commas.The table below contains data for country A for the year. Household purchases of durable goods Household purchases of nondurable goods Household purchases of services Household purchases of new housing Purchases of capital equipment Inventory changes Purchases of new structures Depreciation Salaries of government workers Government expenditures on public works Transfer payments Foreign purchases of domestically produced goods Domestic purchases of foreign goods What was country A's GDP? $1293 $1717 $301 $704 $310 $374 $611 $117 $1422 $553 $777 $88 $120Which of the following is added to the GDP? A. Exports B. Imports C. Net Exports D. Personal Income Tax
- Assume you bought the following items last year: a new Honda CRV built in Ohio, a used boat, a jacket made in France, 500 shares of stock, a movie ticket, and a cheeseburger. Which of these items should likely be counted in last year’s gross domestic product?Explain the concepts Gross national product, Net national product, National income and Disposable income and the connection between these. Which of these terms do you think is best suited to say something about the income development in a country?Net Foreign Factor Income Corporate Profits Gross Private Domestic Investment Proprietors' Income Dividends Consumption of Fixed Capital Social Security Contributions US Exports Government Purchases Personal Consumption Expenditures Transfer Payments Imports of the US Personal Taxes Corporate Income Taxes Taxes on Production and Imports Interest $8 47 73 $372 billion. $317 billion. 46 13 41 10 23 97 314 27 24 46 23 50 16 Undistributed Corporate Profits Statistical Discrepancy 66 Refer to the accompanying national income statistics (in billions of dollars). Personal income is Multiple Choice $483 billion. $376 billion. 11
- Net domestic product (NDP) is determined by...2015 2016 2017 Nominal GDP (in millions) Gross domestic product Q1 Q1 Q1 17,874.7 18,325.2 19,057.7 Personal consumption expenditures Gross private domestic investment Net exports of goods and services Exports Imports Government consumption expenditures and gross investment 12,142.2 12,571.5 13,191.6 3,094.6 3,031.6 3,128.7 -538.2 -526.2 -582.8 2289 2,166.5 2,295.6 2,827.3 2,692.8 2,878.4 3,176.2 3,248.3 3,320.2 12, Calculate the percentage change in nominal GDP between 2015 Q1 and 2016 Q1. a. 4.0% b. 3.84% 2.46% d. 2.52%The country of Econostan had the following expenditures last year: $600,000 in consumption expenses, $90,000 in government purchases, and $150,000 in investment expenses. Further, $75,000 of the products bought last year in Econostan were made in other countries and $55,000 of the products made in Econostan were exported to other countries. What was the gross domestic product of Econostan?
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