Question 8 The largest component of GDP as measured using the expenditure approach is:wages and salary earningsnet profits of corporationsconsumptionO investmentgovernment spending

The measure that depicts the value of goods and services being produced in an economy during…

Answered: The largest component of GDP as…

The largest component of GDP as measured using the expenditure approach is: wages and salary earnings O net profits of corporations consumption investment government spending

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

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Calculate GDP using the Income and Expenditure Approach.(all figures are in billions of dollars): Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world…
Calculate the GDP using the Income Approach: Corporate Profits $200 Interests $150 Indirect Business Taxes $230 Depreciation $200 Compensation of Employees $1,350 Proprietors' Income $150 Rental Income $70 Consumption Expenses $1,400 Government Expenditure $500 Net Exports $40 Net Foreign Income $50 Group of answer choices $1,920 $2,400 $2,450 $1,940
Item Personal consumption expenditure Government expenditure on goods and services Net taxes Gross private domestic investment Imports of goods and services Exports of goods and services Millions of dollars 80 30 35 20 10 20 Using the information in the table above, calculate the value of GDP. Enter only the whole number of millions of dollars (no units)
GDP minus depreciation is the formula used to calculate a- Net national product b- Gross natioal Product c- Gross Domestic Product d- Natioal income
Using the expenditure approach, compute the value of the GDP? Transfer Payments $54 Interest Income $150 Depreciation $36 Wages $67 Gross Private Investment (I) $124 Business Profits $200 Indirect Business Taxes $74 Rental Income $75 Net Exports (X-M) $18 Net Foreign Factor Income $12 Government Purchases (G) $156 Household Consumption (C) | $304
The gross domestic product (GDP) of the United States is defined as the _market value of v all final goods and services produced within the United States in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2020. 2020 GDP Scenario Included Excluded Fastlane, a Japanese automobile company, produces a sedan at a plant in Indiana on December 14, 2020. A family buys the sedan on December 24. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2020. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2020. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.) You chop down a cherry tree on your property in California and make a dining room table in…
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions Compensation of employees $226.2 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 40.5 Net foreign factor income 2.2 Personal consumption expenditures 249.1 Statistical discrepancy 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI= $ billion
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National income accounting deals with the aggregate measure of the outcome of economic activities. The most common measure of the aggregate production in an economy is Gross Domestic Product (GDP). The table below provides Country’s national income accounting. Use this data to answer the following questions. Transfer Payments $ 54 Interest Income $ 186 Depreciation $ 36 Wages $ 67 Gross Private Investment $ 124 Business Profits $ 274 Indirect Business Taxes $ 74 Rental Income $ 75 Net Exports $ 18 Net Foreign Factor Income $ 12 Government Purchases $ 156 Household Consumption $ 304 Calculate the GDP by using the Expenditure Approach Method Calculate the GDP by using the Factor Payment Approach or the Income Approach Method.