For the next three questions, conside closed economy with the following information: • Economic investment = $4500 • Private savings = $3000 • Output (income) = $16,000 • Consumption = $11,000 This economy has no transfer payme in other words, total taxes and "net t are the same thing. Carefully following all numeric ve ote olaulete this

For the next three questions, conside closed economy with the following information: • Economic investment = $4500 • Private savings = $3000 • Output (income) = $16,000 • Consumption = $11,000 This economy has no transfer payme in other words, total taxes and "net t are the same thing. Carefully following all numeric ve ote olaulete this

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Search 1 X Chap7 Hw (1).docx Format Tools Help a Assignments - Principles of M No Spacing 2 W S # 3 BIU A. A. E Consider the following national income accounting data for an economy in a recent year. All figures are in billions of dollars. Personal Taxes Social Security Contributions Rents Taxes on Production & Imports Corporate Income Taxes Interest Proprietor's Income. Transfer Payments Dividends e X Compensation of Employees Net Exports Undistributed Corporate Profits Government Purchases Net Private Domestic Investment Econ 2105 Chap7 Fw 111.docx x + /bomcoldodma figpchkicefolgmifalc/views/app.html Imports Personal Consumption Expenditures Consumption of Fixed Capital (Depreciation) Net Foreign Factor Income Corporate Profits Statistical Discrepancy d C $ 4 r With the above data, follow Tables 7.3, 7.4, and 7.5 in the textbook for guidelines and acceptable steps to calculate: (a) Gross Domestic Product (GDP) by both the expenditures and the income approaches. EXTI Th % 5 t g Oll 6…
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Figure 4 Expenditures 9000 6000 3000 3000 6000 Disposible Income 1. In Figure 4, how much is government spending when disposable income is 3000? CH-G 9000 2. In Figure 4, how much is government spending when disposable income is 9000?
3. If your grandparents buy a new retirement home, this transaction would be counted in what component of GDP? Consumption Investment Government purchases None of the above.
4. According to the following figure, what is the GDP? Please show how you computed it. Assume this is a closed economy. Does the "magic* equation hold? Show your work. Figure 2-2 Income (Y = ?) Transfer Payments = $300,000 Households Taxes = $300,000 Capital Market Private Savings = $900,000 Government Government Deficit = $300,000 Business Firms Private Investment = $600,000 Gov't Purchase of G&S = $300,000 Consumption Expenditures = $2,400,000
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