Using the formula GDP = National Income + Depreciation + (indirect taxes – subsidies) + Net factor payments to the rest of the world, calculate GDP using the Income Approach. (all figures are in billions of dollars): ItemAmount ($)Government purchase of goods and servicesExportsReceipts of factor income from the rest of the worldDepreciation (consumption of fixed capital)1,721.61,096.3382.7990.8Net fixed Investments688.2Corporate income taxesConsumption expendituresIndirect business taxes265.26,739.4664.6| ImportsPayments of factor income to the rest of the world| Inventory changeSocial security contributionsUndistributed corporate profits (retained earnings)Government transfer and interest paymentsPersonal interest payments1,475.8343.756.5702.7130.31,366.3286.2Personal taxes1,235.7

Use the below formula to find the GDP: GDP = National Income + Depreciation + (indirect taxes –…

Item Amount ($) Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Net fixed Investments 1,721.6 1,096.3 382.7 990.8 688.2 Corporate income taxes Consumption expenditures Indirect business taxes 265.2 6,739.4 664.6 Imports Payments of factor income to the rest of the world Inventory change Social security contributions Undistributed corporate profits (retained earnings) Government transfer and interest payments Personal interest payments 1,475.8 343.7 56.5 702.7 130.3 1,366.3 286.2 Personal taxes 1,235.7

Item Amount ($) Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Net fixed Investments 1,721.6 1,096.3 382.7 990.8 688.2 Corporate income taxes Consumption expenditures Indirect business taxes 265.2 6,739.4 664.6 Imports Payments of factor income to the rest of the world Inventory change Social security contributions Undistributed corporate profits (retained earnings) Government transfer and interest payments Personal interest payments 1,475.8 343.7 56.5 702.7 130.3 1,366.3 286.2 Personal taxes 1,235.7

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Consumers' Expenditure 294 General government consumption 92 Gross domestic fixed capital formation 89 Valve of physical increase in stock 4 Exports of goods & services 109 Imports of goods & services 125 Taxes on expenditure 75 Subsidies 6 Capital consumption 55 D. Using the data above, calculate gross domestic product using the Expenditure method.
Given the following information for a country: Year 1981 1986 1991 GDP(current prices, mil) 282,596 608,807 1,244,741 Population (mil) 49.54 56 62.87 GDP deflator (1997= base year) 16.45 37.93 64.49 Calculate real GDP for all the years. Calculate real GDP per capita for all the years.
Answer (iv) and (v)
Describe the relationship among GDP, net domestic product, national income, personal income and disposal income
Suppose you are given the following data for a particular economy (unit: Millions of Euros):Gross National Income mp (GNImp) =1650Investment (I) = 220(Iliq) Net investment = 210Private consumption(C) =1100Net External Income (NEI) = 0Net Indirect Taxes (NIT) = 231Public Spending (G) = 363 Calculate: a) Balance of Goods and Services or Net Exports (NX) and Amortizations/Depreciations (A). b) Net National Product at Base Prices (NNPbp) and Net Domestic Product at Base Prices (NDPbp)
Consider the following national accounts data for Westeros: Westeros' National Accounts (2019) GDP Item (S billions) Corporate income 140 Еxports 50 Wages and salaries 550 Net international income to the rest of the 8 world Gross investment 160 Government purchases 184 Indirect taxes 75 Personal consumption 500 Imports 27 Depreciation 79 Proprietors' incomes and rents Which is the following is the income-based estimate of GDP for Westeros? 65 $909 billion $751 billion $558 billion $939 billion
(i) Final goods that are produced but remain unsold in the current year should be excluded in the calculation of GDP for the current year. (ii) Under expenditure method, the value of apples used in the production of apple juice for retail purposes should not be added in the final production when measuring GDP. (iii) Ignoring transaction charges, a purchase of $50,000 worth of Singtel shares should be included in GDP measurement. Are these statements true or false?
Find the last year GDP data and the personal consumption expenditure data (in billions) for the US economy. Section 1: Domestic Product and Income
Question 11 Gross domestic product (GDP) is best defined as the total market value of all a) final goods produced within a country within a given time. b) goods and services produced within a country within a given time. c) final goods and services produced within a country within a given time. d) goods produced within a country within a given time. e) services produced within a country within a given time.
Find the attached file.
GDP minus depreciation is the formula used to calculate a- Net national product b- Gross natioal Product c- Gross Domestic Product d- Natioal income
Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Base year 2019, dollars) GDP Deflator Year (Dollars) 2019 2020 2021