Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points(diamond symbol) for expenditures and the green points (triangle symbol) for revenues.Note: your points in the order in which you would like them connected. Line segments will connect the points automatically.?EXPENDITURES AND REVENUES (Percent of GDP)2520O101019291948YEAR196719562005ExpendituresARevenues 6. Budgetbalances and the national debtThe following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years.RevenuesYear (Billions of dollars)19293.9194819671986200541.6148.8769.22,153.9Expenditures(Billions of dollars)3.129.8157.5990.42,472.2GDP(Billions of dollars)103.6269.2832.64462.812,421.9

Budget balances in macroeconomics refer to the difference between a government's total revenue and…

Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for expenditures and the green points (triangle symbol) for revenues. Note: our points in the order in which you would like them connected. Line segments will connect the points automatically. EXPENDITURES AND REVENUES (Percent of GDP) P 20 15 10 O 1010 1948 YEAR 1967 1906 2005 Expenditures A Revenues

Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for expenditures and the green points (triangle symbol) for revenues. Note: our points in the order in which you would like them connected. Line segments will connect the points automatically. EXPENDITURES AND REVENUES (Percent of GDP) P 20 15 10 O 1010 1948 YEAR 1967 1906 2005 Expenditures A Revenues

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Deriving net exports By definition, net exports from Japan are equal to exports from Japan minus imports into Japan. In a hypotheticall two-country world, imports into Japan are equal to exports from the United States. So the value for net exports from Japan is equal to exports from Japani minus exports from the United States, Graphically, at each exchange rate, the value for net exports is the horizontal distance from U.S. exports to Japanese exports. Use the graph input tool to answer the following questions. You will not be graded on any changes you make to this graph. (Note: To avoid dealing with decimal places, this calculator reports the price of yen in terms of dollars per 1,000 yen. That is, the price on the vertical axis is the dollar price of a 1,000-yen note instead of a single yen. As you have already seen, a price of 8 dollars per 1,000 yen is the same as 125 yen per dollar. Once you enter a value in a white field, the graph and any corresponding amounts in each grey…
2. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Consumption 1700 Investment 700 Government 100 Expenditure Еxports 50 Imports 40 Using the expenditure approach, calculate GDP for China.
4. Suppose that you are given the following data for the country of Trumpland: consumption net factor income from abroad 12,800 10,000 3,100 2,200 2,700 2,900 200 interest payments capital consumption allowance government spending on goods and services 2,400 2,900 3,200 wages investment exports imports profits rental payments 700 From the data provided, find a. GDP using the expenditure approach. b. GNP and NNP. c. NI using the income approach. d. statistical discrepancy. e. GDP using the income approach. (HINT: TrumRland is similar to the US economy for 2016, in billions of dollars.)
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Consider the following data for a hypothetical economy that produces two goods: milk and honey. Quantity Produced Prices Milk (litres) Honey (kg) Milk ($/litre) Honey ($/kg) Year 1 110 45 2 6 Year 2 125 40 37 Compute nominal GDP for each year in this economy. Using year 1 as the base year, compute real GDP for each year. What is the percentage change in real GDP from year 1 to year 2? Using year 1 as the base year, compute the price deflator for each year. Now compute the GDP deflator for each year, using year 2 as the base year. Explain why the measures of real GDP growth (and growth in the deflator) depend on the choice of base year.
3. Categories of expenditures Shen and Valerie Ferrari live in Swarthmore, PA. Valerie's father, Antonio, lives in Sweden. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply. Transaction Shen's employer upgrades all of its computer systems using U.S.-made parts. Valerie gets a new video camera made in the United States. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. Valerie's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. Shen buys a bottle of Italian wine. OOOoo 0 I 00000 G 00 000 X 00000 M OC 0 0 0 0
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