Suppose the current GDP is $11.3 trillion.Assuming that consumption is $6.7 trillion,investment is $2.1 trillion, exports are$1.8trillion, and imports are $1.4 trillion,government purchases are $___ trillion.If GDP measured in billions of current dollarsis $5,465, consumption is $3,657, investmentis $741, and net exports are -$1,910, thengovernment purchases are:

Gross domestic product estimates the financial worth of definite labor and products — that is, those…

Answered: Suppose the current GDP is $11.3…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider a closed economy in which total output equals $13,000. The economy also has the following information: Consumption totals $6500 Government spending totals $2500 Private savings totals $3800 Carefully following all numeric instructions, tell me this economy's net taxes (T). Carefully following all numeric instructions, tell me this economy's public savings. Carefully following all numeric instructions, tell me this economy's economic investment.
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Assume an open economy in which GDP is $20 trillion. If consumption is $14 trillion, government spending is $3 trillion, taxes are $2 trillion, government transfers are $0, exports are $2 trillion, and imports are $3 trillion, what is investment spending? a) $2 trillion b) $1 trillion c) $4 trillion d) $3 trillion
1.1. What is the US GDP for the first quarter and second quarter of 2020? What is the personal consumption expenditures for the first quarter and second quarter of 2020?
GDP in an economy is $8,000 billion. Consumer expenditures are $4,800 billion, government purchases are $1,600 billion, and gross investment is $1,500 billion. Net exports must be $_____ billion. Your Answer: Answer 4
< 2/2 Part B GDP: Where and what is counted? For each of the following items, write one of the following in the space provided. C if the item is counted as consumption spending I if the item is counted as investment spending ▶ G if the item is counted as government spending Xif the item is counted as exports M if the item is counted as imports NC if the item is not counted in the calculation of the GDP 11. You spend $7.00 to see the latest Justin Bieber movic. 12. A family pays a contractor $100,000 for a house he built for them this year. 13. A family pays $75,000 for a house built three years ago. 14. An accountant from Ernst & Young purchases a new Italian suit. 15. The government increases defense expenditures by $1,000,000,000 16. A homemaker works hard caring for her spouse and two children. 17. Ford Motor Company buys new auto-making robots. 18. Apple Computer builds a new factory in the United States. 19. You buy a new Toyota Tacoma that was made in Japan. 20. A Japanese…
The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $1,800 million. Enter the amount for government purchases.
The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $1,540 million. Enter the amount for government purchases. National Income Account Value (Millions of dollars) Government Purchases (GG) Taxes minus Transfer Payments (TT) 455 Consumption (CC) 700 Investment (II) 490 Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. National Saving (S)National Saving (S) = = (y-t-g, g-t, y-c, y-c-g) = = (C,G,Y,I) $ ______million
In 2022, Tom spent $70,000 renovating his house. In the same year, he sold his house to a couple from Bacchus Marsh for $850,000. As part of the sale, Tom paid $17,000 for real estate agent fee, $8,000 for advertising fee and $95,000 for capital gain tax. Considering all of the above numbers, how much would GDP in 2022 increase by? A) $850,000, which is how much Tom sold the house for B) $95,000 C) $190,000 D) $0, GDP would be unchanged because the sale of this already established house is considered the sale of a second-hand good.
Q6
What is the value for net exports if consumer spending is $24,258, gross private domestic investment is $8,082, government purchases are $9,528, exports are $1,542, imports are $2,447, wages are $11,481, and indirect business taxes are $1,229? Other potentially useful components are unknown. Enter the value without a $ and without commas.
The figure shows the flows of expenditure and income in an economy. In 2013, U was $2.0 trillion, V was $0.5 trillion, W was $5.0 trillion, J was $1.5 trillion, and Z was - $1.5 trillion. Calculate total income, net taxes, and GDP.

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