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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