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The four parts of Gross Domestic Product (GDP) are:
A. consumption, investment, government, and net exportsB. consumption, investment, government, and importsC. consumption, investment, government, and exportsD. consumption, investment companies, government, and net exports
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- ACTIVITY 1: Components of GDP Which component of GDP would each of these fit into? 1. Mechanic fixes a transmission 2. A business purchases computer software and a PC 3. A local library purchases new audio books 4. A retailer purchases tennis shoes from a manufacturer in China and sells them 5. Mother purchases those tennis shoes from the retailer Write one more example of each of the four components. 6. Consumption 7. Investment 8. Government spending 9. Net exports 10. Explain why the sale of used goods is not included in GDP. ACTIVITY 2: Nominal and real GDP You are an economist who has been asked to calculate your nation’s GDP, which produces only three goods/services. Calculate nomincal GDP for Year 1 and Year 2. GDP = price x quantity. Year 1 Nominal GDP Year 2 Nominal GDP Price Quantity GDP Price Quantity GDP Oil changes $15 5 $75 Oil changes $18 6 $108 Hamburgers $2 20 $40 Hamburgers $3 25 $75 MP3 players $150 3 $450 MP3 players $175 5 $875 Total $565…Gross domestic product (GDP) is defined as the: A. value of all final goods and services produced in a country during a period of time B. value of all final goods produced by a country’s resources that are in foreign countries during a period of time. C. value of all final goods that can be produced in a country by utilizing all resources during a period of time. D. value of the income earned by the owners of resources in a country during a period of time E. value of all intermediate goods and services produced in a country during a period of timeConsider the small economy represented in the following table. All values are in dollars. Firm A Wages paid to employees Taxes paid to government Input purchased from Firm C Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm C Sold from inventory to Public Unsold production After-tax profit Firm B Wages paid to employees Taxes paid to government Input purchased from Firm C Input imported Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm C Sold to a foreign country Sold from inventory to Public Unsold production After-tax profit Firm C Wages paid to employees Taxes paid to government Input purchased from Firm A Input purchased from Firm B Revenue received Sold to Public (newly produced) Sold to Government Sold to Firm A Sold to Firm B Sold to a foreign country Sold from inventory to Public After-tax profit Additional Information Government transfers Interest on government's debt Private Saving 162 96 79 691 61 354 175 124 93…
- The table gives data on the economy of Iberia. Calculate Iberia's GDP. Iberia's GDP is $ billion. Item Net taxes Government expenditure on goods and services Saving Consumption expenditure Investment Exports of goods and services (billions of dollars) 10 20 15 65 18 35The value of GDP can be found by adding together... A. wages, consumption, investment, and imports. B. government purchases, consumption, net exports, and investment. C. consumption, government purchases, transfer payments, and net exports. D. wages, investment, government purchases, and depreciation.Which spending category of GDP does each of the following transactions count in? Please enter the letter C, I, G, NX, or N to represent consumption, investment, government spending, net exports, or none. The government paid a total of $30,000 in subsidies to people who had installed solar panels on their homes . Bill spent his $400 social security check on rent and food . Company X produces $5,000 of wine this year but they do not sell it . Your parents pay $8,000 for tuition to UCF . The government pays $1 million to people it hires to collect census data
- Using the following national income accounting data, compute GDP, NDP, and NI. All figures are in billions. Round your answers to one decimal place. category value compensation of employees $ 196.2 U. S. exports of goods and services 19.8 Consumption of fixed capital 11.8 government purchases 59.4 taxes on production and imports 14.4 net private domestic investment 52.1 transfer payments 13.9 U. S. imports of goods and services 16.5 personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy 40.5 2.2 219.1 01. 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…List and describe the components of Gross Domestic Product on the demand side. Provide an example of each component. Also, be sure to account for the relative size of each component within the total GDP.
- Which of the following is added to the GDP? A. Exports B. Imports C. Net Exports D. Personal Income TaxThe table below shows the values for several different components of GDP. Composition of Gross Domestic Product Component LA Consumer durables Consumer nondurables Services Business fixed investment Residential fixed investment Inventories Exports Imports Government purchases What is the value of total gross investment? Instructions: Round your answer to 1 decimal place. Value (billions of dollars) $1,292.7 2,615.4 8,038.8 2,805.0 558.5 80.4 billion 2,320.5 2,863.1 3,093.6The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. Gross investment expenditure Wages and salaries Consumption expenditure Interest and investment income Business profits Depreciation Indirect taxes less subsidies Net exports TABLE 20-4 $402.00 $1741.00 $1302.40 $99.40 $70.40 $199.20 $175.20 $94.00 Refer to Table 20-4. What is the value of GDP, as calculated from the income side? $2010.00 $1982.60 $1986.00 $2584.40 $2285.20