The following table presents 2015 data from the national-income accounts of the United States. Indicate the various expenditures used to determine GDP under the expenditure approach. Then indicate the various income payments and indirect costs used to determine GDP under the resource cost-income approach. Component Personal Consumption Employee Compensation Rents Gov't Consumption & Investment Imports Depreciation Corporate Profits Interest Income Exports Gross Private Investment Indirect Business Taxes Self-Employment Income Net Income of Foreigners Billions of Dollars Expenditure approach Resource cost-income approach 12,269.1 9,655.3 656.6 Using the expenditure approach, GDP is 3,183.0 2,782.9 2,582.6 2,048.0 525.1 2,325.60 3,021.1 1,302.8 1,388.5 -143.00 Using the resource cost-income approach, GDP is s kkkkk ► ► ► ►

The following table presents 2015 data from the national-income accounts of the United States. Indicate the various expenditures used to determine GDP under the expenditure approach. Then indicate the various income payments and indirect costs used to determine GDP under the resource cost-income approach. Component Personal Consumption Employee Compensation Rents Gov't Consumption & Investment Imports Depreciation Corporate Profits Interest Income Exports Gross Private Investment Indirect Business Taxes Self-Employment Income Net Income of Foreigners Billions of Dollars Expenditure approach Resource cost-income approach 12,269.1 9,655.3 656.6 Using the expenditure approach, GDP is 3,183.0 2,782.9 2,582.6 2,048.0 525.1 2,325.60 3,021.1 1,302.8 1,388.5 -143.00 Using the resource cost-income approach, GDP is s kkkkk ► ► ► ►

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Government purchases of goods and services = $200 $150 = Taxes Consumer spending = $700 Markets for goods and services Gross domestic product Investment spending = $120 Exports = $30 Imports = $50 Government | Households Firms Rest of world Government borrowing = $70 Government transfers = $20 Reference: Ref 7(22)-2 Figure 7-2: Expanded Circular-Flow Model Private savings = $170 Wages, profit, interest, rent = $1,000 D) net exports of $80 Wages, profit, interest, rent = $1,000 Factor markets Borrowing and stock issues by firms = $120 Foreign borrowing and sales of stock = $110 Foreign lending and purchases of stock = $130 C) investment spending of $120 (Figure 7-2: Expanded Circular-Flow Model) Use Figure 7-2: Expanded Circular-Flow Model. How does the government finance its spending? A) taxes of $150 plus borrowing of $70 Financial markets B) foreign borrowing and sales of stock of $110
Use the following to answer questions 1114: Exhibit: Totals Recorded for the United States (billions of dollars)* Durable goods consumption $ 497 Nondurable goods consumption 1,301 Services consumption 2,342 Business fixed investment 566 Residential fixed investment 224 Inventory investment 7 Federal government purchases 449 State and local government purchases 683 Exports 640 Imports 670 Excess of GNP over GDP 7 Depreciation 658 Indirect business taxes 551 Corporate profits (includes wage accruals less disbursements) 387 Social insurance contributions 556 Net interest 442 Dividends (includes business transfer payments) 162 Government transfers to individuals 837 Personal interest income 694 Personal tax and nontax…
GDP is often calculated using the expenditures approach, where you add up all spending in four categories: Consumption (C) + Business Investment (I) + Government Spending (G) + Net Exports (Xn). Based on the data you viewed, you can assume that due to the COVID-19 pandemic, the US GDP took the largest hit from which of the expenditure categories?  -Consumption   -Business Investment  Government -Spending   -Net Exports
Hello. Can you please assist on the follwing question below. You have been appointed chief economist of a small economy of Uhuru. Use the information below which relates to Uhuru in 2020 and answer the questions that follow: National income Accounting Total in uhuru for 2020 Consumption 86 495 Gross capital formation 9 897 Government spending 12 458 Net exports 8 891 Primary income payments to the rest of the world 2 154 Primary income receipts 924 Consumption of fixed capital 165 Subsidies 325 Taxes 467 Q.1 Calculate the gross domestic product (GDP) at market prices for Uhuru in 2020. Q.2 Calculate the net domestic product at market prices for Uhuru in 2020. Q.3 Calculate the net national product at factor cost for Uhuru for 2020.
Government Purchases = $____ billion Private Gross Investment = $______ billion GDP = $______ billion Disposable Income = $______ billion
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Using the expenditure approach, calculate GDP using the following data: Item Amount in dollars (billions) Consumption 7,600 Consumption of Durable Goods 1,600 Consumption of Non Durable Goods 2,800 Consumption of Services 3,200 Investment 2,750 Fixed Investment 1,000 Government purchases of Goods & Services 1,675 Government Transfer Payments 450 Exports 750 Imports 1,600 GDP Equals
In a farway country, banana is the most important crop exported to rest of the world. Data about economic indicators for farway country are given in Table 1. Table 1: Macro Economic Indicators of Farway Country (all figures in million $) Year Consumption Expenditure Investment Expenditure Government Expenditure Exports Imports 2012-13 100 20 50 60 70 2013-14 120 25 60 65 75 2014-15 140 30 70 65 78 2015-16 160 28 40 50 75 2016-17 165 25 30 45 75 2017-18 170 24 20 40 80 2018-19 170 20 20 35 80 In recent years, a life style change, leading to more consumption of processed food, than raw food has led to reduction in demand for Bananas for consumption. Since the manufacturing sector in Farway Country is not developed, the country has to import most of its processed food needs, leading to increase in imports. The Government of Farway country is contemplating inviting foreign investors to establish industries to manufacture banana products such as candies,…
The participation of women in the Gambian labor force has risen dramatically since 2000. How do you think this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change in this measure of well-being compare to the change in GDP? Can you think of other aspects of well-being that are associated with the rise in women’s labor-force participation? Would it be practical to construct a measure of well-being that includes these aspects?
Q.7.2 Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: COMPONENT R millions Consumption expenditure (C) 9 000 Investment (I) 6 500 Government spending (G) 7 000 Exports (X) 1 800 Imports (Z) 2 400 Depreciation 700 Foreign payment to the rest of the 300 world Foreign payment from the rest of the 250 world Show all calculations and formulae. Q.7.2.1 Calculate the value of the country's GDE (Gross Domestic Expenditure). © The Independent Institute of Education (Pty) Ltd 2020 20 Q.7.2.2 Compute the value for the country's GDP (Gross Domestic Product) at market price. Q.7.2.3 Determine the value of the country's NNI (Net National Income) at market price. Q.7.2.4 If it is predicted that the GDP will increase to 22 000 in 2020, calculate the growth rate between 2019 and 2020. Q.7.2.5 The measure of GDP for economic growth is not always ect. Describe any two problems that are…
Consider the data in the following table, which represents the total production of the country Byzantium, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y 100 105 103 Quantity of X 5 3 1 Price of Y $5 $5 $5 Price of X $100 $105 $110 1. Calculate the nominal GDP for all three years ( 2. Calculate real GDP for all three years, using 2018 as the base year 3. Calculate the GDP deflator, using 2018 as the base year. Identify whether there was inflation from the previous year (*
Dollar Amount Item Durable goods Nondurable goods Services Fixed investment Inventory investment Government purchases Exports (Billion Dollars) 220 400 700 130 20 500 110 Imports 150 Capital consumption allowance 20 Compensation of employees 700 Proprietors' income 480 Corporate profits Rental income Income earned from the rest of the world Income earned by the rest of the world 200 200 200 40 Indirect business taxes 80 Statistical discrepancy 30 Undistributed corporate profits 20 Social insurance taxes 80 Corporate profits taxes Transfer payments Personal taxes Net interest 30 50 80 20 Complete the following table by calculating GDP, NDP, national income, personal income, disposable income, and net exports. Item Dollar Amount (Billion Dollars) GDP NDP $ National income $ Personal income $ Disposable income Net exports If purchases of new capital goods are $90 billion, then purchases of new residential housing are equal to $ billion.