The table below shows the values for several different components of GDP. Billions of Dollars Category Personal consumption expenditures Net foreign factor income Transfer payments $ 265 4 14 Rents 14 Consumption of fixed capital (depreciation) Statistical discrepancy Social Security contributions Interest Proprietor's income Net exports Dividends Compensation of employees Taxes on production and imports Undistributed corporate profits Personal taxes 19 16 12 14 25 14 16 243 10 13 18 Corporate income taxes Corporate profits Government purchases Net private domestic investment Personal saving 11 40 54 25 12 Tmnorts

The table below shows the values for several different components of GDP. Billions of Dollars Category Personal consumption expenditures Net foreign factor income Transfer payments $ 265 4 14 Rents 14 Consumption of fixed capital (depreciation) Statistical discrepancy Social Security contributions Interest Proprietor's income Net exports Dividends Compensation of employees Taxes on production and imports Undistributed corporate profits Personal taxes 19 16 12 14 25 14 16 243 10 13 18 Corporate income taxes Corporate profits Government purchases Net private domestic investment Personal saving 11 40 54 25 12 Tmnorts

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The table below shows the values for several different components of GDP.
Billions of
Dollars
Category
Personal consumption expenditures
Net foreign factor income
Transfer payments
$ 265
4
14
Rents
14
Consumption of fixed capital (depreciation)
Statistical discrepancy
Social Security contributions
Interest
19
16
12
14
Proprietor's income
Net exports
Dividends
Compensation of employees
Taxes on production and imports
Undistributed corporate profits
25
14
16
243
10
13
Personal taxes
18
11
Corporate income taxes
Corporate profits
Government purchases
Net private domestic investment
Personal saving
Imports
40
54
25
12
7.

Instructions: Enter your answers as whole number.
a. What is the value of exports?
2$
billion
b. What is the value of national income?
billion
c. What is the GDP?
billion
d. What is the value of personal income?
billion
%24
%24
%24

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24
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.
NATIONAL INCOME DATA (in current prices) 1992 III Personal consumption expenditures Gross private domestic investment Government purchases of goods and services 01. Based on this table, the Gross Domestic Product is $ (in billions of dollars) Exports Imports Capital consumption allowance (depreciation) Source: Survey of Current Business, Vol. 72, Number 10, (October 1992), p. 8, 10 billion. 4,105.0 776.9 1,122.5 626.8 664.2 697.3
Calculate the value of consumption of fixed capital National income = $4000 GDPMP = $5000 Net indirect tax = $300 Net factor income from abroad = $200 All values are in million
I got the answer 621, but that was wrong so I’m not real sure where I derailed.
gross private domestic investment $1593 personal taxes 1113 transfer payments 1683 taxes on production & imports 695 corporate income taxes 213 personal consumption expenditures 7304 consumption of fixed capital 1393 US Exports 1059 dividends 434 government purchases 1973 net foreign factor 10 undistributed corporate profit 290 sociual security contributions 748 US imports 1483 statistical discrepency 50 Refer to the accompanying national income data (in billions of dollars) CORPORATE PROFITS are equal to?
Problem Using the following national income accounting data, calculate GDP in this country
Personal consumption expenditures in billions of dollars are
Table 1 Federal Government receipts and expenditures and nominal GDP, billions of dollars. 1967 1978 1984 1999 2009 2018 Tax receipts 108 280 410 1175 1124 1956 Other receipts 38 144 302 732 1116 1542 Government purchases and subsidies 92 173 317 501 993 1121 Government transfer payments 52 234 397 986 2141 2846 Interest payments 22 79 194 352 355 541 Net government investment 9 5 25 -3 49 4 Nominal GDP 860 2,352 4,339 9,631 14,449 20,580 Source: Bureau of Economic Analysis Assume the table above represents all federal government revenues and expenditures. I need your help in the following question: -Refer to Table 1. Of the years included, when were tax receipts relative to GDP the greatest? and when were interest payments relative to GDP the greatest?
Determine if the following would be included (I) or excluded (E) from the calculation of GDP. (d) An increase in business inventories _______ (e) The income of a tax accountant working for a business _______ (f) Income received from interest on a corporate bond ________ (g) Business expenditures on pollution control equipment ______ (h) Dr. Jung grows tomatoes in his backyard for home consumption _______
Net Foreign Factor Income Corporate Profits Gross Private Domestic Investment Proprietors' Income Dividends Consumption of Fixed Capital Social Security Contributions US Exports Government Purchases Personal Consumption Expenditures Transfer Payments Imports of the US Personal Taxes Corporate Income Taxes Taxes on Production and Imports Interest $8 47 73 $372 billion. $317 billion. 46 13 41 10 23 97 314 27 24 46 23 50 16 Undistributed Corporate Profits Statistical Discrepancy 66 Refer to the accompanying national income statistics (in billions of dollars). Personal income is Multiple Choice $483 billion. $376 billion. 11
1. Based on this table, the Gross Domestic Product is $_______ billion.