Economics. Suppose the following information was published by the Australian Bureau of Statistics in 2017: ItemAmount (AUD billion)Household consumption5,029.81Government consumption20,340.92Exports1,386.39Value of cocaine seized at Sydney Airport20,500Value of intermediate goods in tractor manufacturing 502,003Gross private domestic investment352.69Imports386.95Components used in the manufacture of cars40,000Gifts15,236Government investment88.19Value of second-hand goods500.00Value of banned endangered species elephant tasks seized at Melbourne Airport600.00 Use the information provided to calculate Australia’s GDP in 2017

In the calculation of gross domestic product, there are some items that can not be included such as…

Answered: Suppose the following information was…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A bottle of wine that was produced in France is purchased in New York by a US citizen. This transaction should: Group of answer choices 1. be subtracted under imports but not show up anywhere else 2. be added under Investment 3. be added under Consumption 4. be added under consumption and subtracted under imports so that it has no net effect on US GDP.
Calculate the value of consumption of fixed capital National income = $4000 GDPMP = $5000 Net indirect tax = $300 Net factor income from abroad = $200 All values are in million
The following expenditure equation is utilised to measure the economy: GDP = C + I + G + (X-M) Analyse each of the situations below and state which expenditures (or parts of the expenditures) would be counted under which of the four segments of the GDP expenditure equation, ie C, I, G or (X-M). a. The purchase of Australian made furniture by a business for use in its cafe. b. The purchase of foreign made furniture by a business for use in its café. c. The purchase of wood by a business to manufacture furniture which will then be sold to Australian and foreign customers. d. The purchase of 100 shares in ANZ Bank through a stockbroker. e. Purchase of a 10-year-old foreign-made second-hand car from a Car Sales business in Parramatta, NSW. f. A pension paid by the Australian Government to an old age pensioner. g. You babysit for your nieces and nephews so your sister and her husband can go out for dinner.
For the purpose of calculating GDP, investment is spending on a)capital equipment, inventories, and structures, excluding household purchases of new housing. b)capital equipment, inventories, and structures, including household purchases of new housing. c)stocks, bonds, and other financial assets. d)real estate and financial assets such as stocks and bonds.
Household purchases of education services AED108,720 Household purchases of new housing AED293,760 Purchases of capital equipment AED119,880 Inventory changes AED27,000 Purchases of new structures AED96,120 Local government spending on goods and services AED84,960 State government spending on goods and services AED150,840 Federal government spending on goods and services AED425,520 Transfer payments AED254,520 Foreign purchases of domestically produced goods AED78,120 Domestic purchases of foreign goods AED46,440 Household purchases of durable goods AED398,880 Household purchases of nondurable goods AED252,720 Household purchases of non-education services AED73,080 Current account Balance AED96,840 GDP Net Transfers GNP Complete table 3 by calculating the GDP, Net transfers and GNP.
gross private domestic investment $1593 personal taxes 1113 transfer payments 1683 taxes on production & imports 695 corporate income taxes 213 personal consumption expenditures 7304 consumption of fixed capital 1393 US Exports 1059 dividends 434 government purchases 1973 net foreign factor 10 undistributed corporate profit 290 sociual security contributions 748 US imports 1483 statistical discrepency 50 Refer to the accompanying national income data (in billions of dollars) CORPORATE PROFITS are equal to?
Consumption reflects _______ income. (sales. government expenditures. net exports. investment spending. ( do not use any Ai )
1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document): Expenditure Components of GDP by Country, 2018 (billions of US dollars) Denmark Finland Australia Canada India Japan New Zealand UK US Consumption 808.7 996.9 165.9 146.1 1650.6 2763.3 120.0 1870.5 13998.7 Investment Business fixed investment 336.9 385.1 78.8 65.6 842.7 1202.5 49.1 487.3 4260.7 Changes in inventories 0.1 9.4 2.9 3.4 27.4 11.2 0.1 5.8 54.7 Government 275.5 357.1 86.6 62.7 312.1 981.6 38.4 528.3 2904.3 Net Exports Exports Imports 348.5 544.9 197.9 106.8 548.6 917.1 58.2 856.8 2510.2 312.0 581.1 176.4 108.8 657.0 904.4 58.1 907.1 3148.5 GDP Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices – US dollars 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports? Which one(s)? Which country has the largest negative net…
choose the correct answer:
Definition of GDP and explanation of why this is equal to national income [ an explanation of how expenditure approach and income approach to GDP are related ]
The following data pertains to the economy of Ghana for the year 2018; GHc’000,000 Exports of goods and services 18 Depreciation of fixed capital 12 Government purchases of goods and services 60 Indirect business taxes 15 Net private domestic investment 53 Transfer payments 14 Imports of goods and services 17.5 Personal taxes 41.5 Net foreign factor income earned in Nigeria. 3.1 Personal consumption expenditures 224.2 compute the following economic statistics in relation to the economy 1. Gross domestic product 2. Gross National Product 3. Net national product 4. National income 5. Personal income 6. Disposable personal income
Which of the following is not included in personal consumption expenditures? Group of answer choices 1. Purchases of existing shares by consumers in the stock market 2. Food purchased at supermarkets 3. Payments for cable and Internet services to homes 4. New furniture and appliances bought by homeowners

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Item	Amount (AUD billion)
Household consumption	5,029.81
Government consumption	20,340.92
Exports	1,386.39
Value of cocaine seized at Sydney Airport	20,500
Value of intermediate goods in tractor manufacturing	502,003
Gross private domestic investment	352.69
Imports	386.95
Components used in the manufacture of cars	40,000
Gifts	15,236
Government investment	88.19
Value of second-hand goods	500.00
Value of banned endangered species elephant tasks seized at Melbourne Airport	600.00