Solve this The following table shows the data for a hypothetical economy in a specific year. All figures are in billions of dollars.CategoryPersonal consumption expendituresBI11ions of Dollars$50Purchases of stocks and bonds30-10Net exportaGovernment purchasesSales of secondhand items20Gross investment25Instructions: Enter your answer as a whole number.What is the country's GDP for the year?billion

GDP is the production of goods and services within a country at point of time here we calculate the…

The following table shows the data for a hypothetical economy in a specific year. All figures are in bilions of dollars. Category BI1lions oE Dollars $50 30 Personal consumption expenditures Purchases of stocks and bonde Net export Government purchases Sales of secondhand itema Gross investnent -10 20 25 Instructions: Enter your answer as a whole number. What is the country's GDP for the year? billion

The following table shows the data for a hypothetical economy in a specific year. All figures are in bilions of dollars. Category BI1lions oE Dollars $50 30 Personal consumption expenditures Purchases of stocks and bonde Net export Government purchases Sales of secondhand itema Gross investnent -10 20 25 Instructions: Enter your answer as a whole number. What is the country's GDP for the year? billion

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 6P

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Similar questions

Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
What are the two main difficulties that arise in comparing different comparing GDP?
Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?
Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?
Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declines
What are the main components of measuring GDP with what is produced?
What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?
Use data below to answer the following questions:Consumption expenditures $300 billion, Government purchases $50 billionTaxes $40 billion, Investment $80 billion, Social Security payments $20 billionImports $30 billion, Exports $40 billiona) How much is GDP?b) How much are net exports?c) Social Security payments are government expenses. Should they be included in GDP? Explain.
ces IC raw ill ady Answer five questions given the following data for 2019: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services I: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output b. Gross private investment d. Exports % c. Total government purchases e. Imports FI Instructions: Enter your responses as a percentage rounded to one decimal place. Calculate the following as a percentage of GDP for 2019: a. Personal consumption expenditures % % % EL Q Search @ F2 A $14,561 # 3,744 3,754 2,504 F3 (3,136) $21,427 F6 A $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427 Q F7 & PrtScn 18. * Home F9 F
the annual output and prices of a 3-good economy are shown in the table below. Good Price year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Quarts of ice cream $ 4.00 3 $ 4.00 5 Bottles of shampoo 3.00 1 3.00 2 Jars of peanut butter 2.00 3 2.00 2 instructions: enetr your answers as whole numbers. What was the economy's GDP in year 1? What was its GDP in year 2?
Describe the graph and its trend.
For the following question , please indicate whether current GDP of the United States will be affected and, if so, by how much .In each case, indicate also which component(s) of GDP will be affected and by how much This month, a manufacturer in colorado sells $60,000 worth of t-shirts to a distributor in New York City, who sells them to the public. Then the New York distributor buys corporate bonds for a value of $10,,000, which promise to return $9400 one year from now.