The national income accounts for 20XX are Income on Capital Owned by U.S. Residents but Located Abroad Labor Income of U.S. Residents Working Abroad Payments to Capital in the U.S. Owned by Foreigners Payment to Foreigners Working in the U.S. Depreciation of capital stock Corporate profits, taxes on production, business transfers, and net interest Personal transfer payments and personal income receipts on assets Personal taxes 91.90 99.57 70.74 62.48 122.95 191.34 177.28 211.52

The national income accounts for 20XX are Income on Capital Owned by U.S. Residents but Located Abroad Labor Income of U.S. Residents Working Abroad Payments to Capital in the U.S. Owned by Foreigners Payment to Foreigners Working in the U.S. Depreciation of capital stock Corporate profits, taxes on production, business transfers, and net interest Personal transfer payments and personal income receipts on assets Personal taxes 91.90 99.57 70.74 62.48 122.95 191.34 177.28 211.52

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table contains a random selection of items from the National Account of a country. Item UDD (Million) Compensation of Employees 500 Corporate Profit 250 Rental Income 200 Net Interest 150 Proprietor’s Income 95 Transfer payment 100 Corporate tax 80 Depreciation 50 Private Investment 1,000 Personal income tax 20 Employees Provident Fund 50 Net factor income abroad 400 Calculate the: 1. Net domestic product at factor cost 2. Gross domestic Product at factor cost 3. National Income 4. Personal income 5. Disposal Personal income.
If the net national Product at market price is 320 billion and the net current transfer receipt from the rest of the world is 240 billion what would be the net national disposable income?
Current Account Value Exports of goods 107,941 Exports of services 44,133 Primary income receipts 36,063 Imports of goods 132,484 Import of services 29,443 Primary income payments 29,750 Net unilateral -8,349 transfers Capital account -63 Net acquisition of 20,972 financial assets Net incurrence of liabilities 54,471 Financial derivatives Statistical discrepancy Based on the table above, the balance on services is -9,853 -14,690 9,853 14,690
Personal Taxes Social Security Contributions Rents Taxes on Production & Imports Corporate Income Taxes Interest Proprietors' In come Transfer Payments Dividends Compensation of Employees Exports Undistributed Corporate Profits Government Purchases Net Private Domestic Investment Imports Personal Consumption Expenditures Consumption of Fixed Capital (Capital Depreciation) Net Foreign Factor Income Corporate Profits Statistical Discrepancy $ Billions 35 15 28 31 20 31 26 52 43 16 320 45 36 55 35 25 395 45 10 83 -14 a. With the data above, clearly show your steps including the economic variables involved and calculate: 1. Gross Domestic Product (by any approach of your choice). Interpret your estimated GDP value. 2. National Income (by any approach of your choice). Interpret your estimated national income value. 3. Personal Income. Interpret your estimated personal income value.
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Solve part 4 and part 5 only typed answer
U.S. International Transactions Table 20XX ($ bill.) 1. Merchandise exports 2. Merchandise imports 3. Service exports 4. Service imports 5. Income receipts on U.S. assets abroad 20 -30 10 -5 10 6. Income payments on foreign assets in the U.S. -5 7. Government grant, private remittances 8. Change in U.S. private assets abroad, net -5 -10 9. Change in foreign private assets in the U.S., net 20 10. Statistical discrepancy ? 11. Change in U.S. Official Reserves, net -5 12. Change in Foreign Official Reserves, net 10 Use the above table to the question. The official reserve transactions balance is 10. 110 -10. 5. -5.
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From the following data for Country X, you are required to calculate: GDP at market prices GDP at factor cost NNP Total consumer expenditure 400 000 Government spending 148 000 Gross domestic capital formation 160 000 Value of physical increases in stock 8 000 Export of goods 72 000 Import of goods 68 520 Subsidies 5 560 Taxes on expenditure 6 960 Capital consumption 22 000 Income from abroad 31 600 Income paid abroad 29 600 Discuss two uses of the National Income statistics Explain why ‘transfer payments’ are excluded…
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Table 23-2 The table below contains data for the country of Crete for the year 2018. Total income Household purchases of durable goods Household purchases of nondurable goods Household purchases of non-education services Household purchases of education services Household purchases of new housing Purchases of capital equipment Inventory changes Purchases of new structures Depreciation Local government spending on goods and services State government spending on goods and services Federal government spending on goods and services Transfer payments Foreign purchases of domestically produced goods Domestic purchases of foreign goods 8. Refer to Table 23-2. What was Crete's GDP in 2018? a. $4623 b. $5731 c. $6037 d. $6839 $5731 $1108 $702 $203 $302 $816 $333 $75 $267 $401 $236 $419 $1182 $707 $217 $129 9. Refer to Table 23-2. What was Crete's consumption in 2018? a. $1810 b. $2013 c. $2315 d. $3131