In Hong Kong as in much of the world, National Income and GDP data are revised from time to time as new information about the economy comes in. What effects will the following revisions have on consumption, investment, government purchases, net exports, and GDP? Part (a) It is discovered that consumers bought $8 billion more furniture than previously thought. This furniture was manufactured in Sweden. Part (b) It is discovered that domestic businesses bought $4 billion less furniture than previously thought. This furniture was manufactured in Hong Kong.

In Hong Kong as in much of the world, National Income and GDP data are revised from time to time as new information about the economy comes in. What effects will the following revisions have on consumption, investment, government purchases, net exports, and GDP? Part (a) It is discovered that consumers bought $8 billion more furniture than previously thought. This furniture was manufactured in Sweden. Part (b) It is discovered that domestic businesses bought $4 billion less furniture than previously thought. This furniture was manufactured in Hong Kong.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

As per attached file

In Hong Kong as in much of the world, National Income and GDP data are revised from time to time
as new information about the economy comes in. What effects will the following revisions have on
consumption, investment, government purchases, net exports, and GDP?
Part (a)
It is discovered that consumers bought $8 billion more furniture than previously thought. This
furniture was manufactured in Sweden.
Part (b)
It is discovered that domestic businesses bought $4 billion less furniture than previously thought. This
furniture was manufactured in Hong Kong.

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Subject: finance
Please see attachment and type out step by step the correct answer within 40 minutes , n give explanation of each option given below . Will give thumbs up only for the correct answer. Thank you
Exhibit 1-A Future value (compounded sum) of $1 after a given number of time periods Period 5% 1.050 1% 1.010 1.020 1.030 2% 1.020 1.040 1.061 4% 1.040 6% 1.060 1.124 3% 7% 8% 9% 10% 11% 1.030 1.061 1.093 1.126 1.159 1.090 1.188 1.295 1.412 1.539 1.677 1.828 1.080 1.166 1 1.070 1.100 1.110 1.145 1.210 1.331 1.232 1.368 1.082 1.103 1.158 1.216 1.276 3 1.125 1.191 1.225 1.260 1.170 1.217 1.262 1.338 1.041 1.082 1.311 1.360 1.464 1.518 1.051 1.403 1.104 1.126 1.149 1.469 1.611 1.772 1.949 1.685 1.870 2.076 2.305 2.558 6. 1.062 1.194 1.265 1.340 1.419 1.501 1.587 1.072 1.230 1.316 1.407 1.504 1.606 1.714 8 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993 2.144 1.094 1.105 1.116 1.195 1.219 1.243 2.172 2.367 2.580 2.813 3.066 3.342 3.642 3.970 4.328 4.717 5.142 5.604 8.623 2.358 2.594 2.853 3.138 3.452 1.305 1.423 1.551 1.689 1.838 1.999 1.344 1.629 1.710 10 1.480 1.791 1.967 2.159 2.839 11 1.539 2.105 2.332 2.518 2.720 2.937 3.172 3.426 3.700 3.996 4.316 1.384 1.898 3.152 12 1.127…