Homework Assignment #2 (Due Sunday, March 28th at 11:59pm CST) Spring 2021 Econ 215 Instructor: Kelly Gollan Name 1. (1 pt) List the four components of GDP. Give one example of each component. (You are not allowed to use any of the examples from the textbook, this homework, or that were used in class.) – expenditure approach

Homework Assignment #2 (Due Sunday, March 28th at 11:59pm CST) Spring 2021 Econ 215 Instructor: Kelly Gollan Name 1. (1 pt) List the four components of GDP. Give one example of each component. (You are not allowed to use any of the examples from the textbook, this homework, or that were used in class.) – expenditure approach

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 3P

See similar textbooks

Similar questions

Give typing answer with explanation and conclusion what is the US GDP for the first quarter and second quarter of 2021? What is the personal consumption expenditures for the first quarter and second quarter of 2021?
a)Suppose you are given the following information about the New Zealand economy, with the values in billions of Dollars. What is the GDP of New Zealand? Personal consumption $680Private investment $370Government expenditure $430Exports $710Imports $295b) Discuss 2 transactions that are not included in the calculation of GDP and provide an example for each.
Please answer and explain the formula and take like
2
i need help with this macro econmics question 4
What is the formula for measurement on the demand side of GDP? Include a brief definition of each of the formula components
Typed and correct answer please. I ll rate
Typed plz and Asap thanks
Typed plz and Asap thanks
Table 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…
Suppose the data BELOW is for a given year from the annual Economic Report of the President. Calculate GDP using the expenditure approach (Amount in billions of dollars): Corporate profits: $ 305Depreciation: $ 479Gross private domestic investment: $716Personal taxes: $ 565Personal saving: $120Government spending: 924Imports: $ 547Exports: $ 427Personal consumption expenditures: $ 2,966Indirect business taxes: $ 370Contributions for Social Security (FICA): $ 394Transfer payments and other income: $ 967
The gross domestic product (GDP) of the United States is defined as the _market value of v all final goods and services produced within the United States 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 2020. 2020 GDP Scenario Included Excluded Fastlane, a Japanese automobile company, produces a sedan at a plant in Indiana on December 14, 2020. A family buys the sedan on December 24. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2020. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2020. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.) You chop down a cherry tree on your property in California and make a dining room table in…