This question examines the expenditures approach to calculating GDP. You will use data on different macroeconomic expenditures to calculate the value of nominal GDP, and its four components, in a particular year Below, you are provided data on macroeconomic expenditures last year in Asartaland: Durable Goods: $25 Gross Investment: $23 Nondurable Goods: $18 Exports: $11 Imports: Services: Depreciation: Government Purchases: $6 $20 $8 $35 Task 1: Calculate the value of consumption in the economy of Asartaland. (Durables + Nondurables + Services) Task 2: Calculate the value of net investment in the economy of Asartaland. (Gross Investment - Depreciation - Net Investment) Task 3: What is the value of government purchases in the economy of Asartaland? Task 4: Calculate the value of net exports in the economy of Asartaland. Task 5: Following the expenditures approach, calculate the value of GDP for Asartaland.
This question examines the expenditures approach to calculating GDP. You will use data on different macroeconomic expenditures to calculate the value of nominal GDP, and its four components, in a particular year Below, you are provided data on macroeconomic expenditures last year in Asartaland: Durable Goods: $25 Gross Investment: $23 Nondurable Goods: $18 Exports: $11 Imports: Services: Depreciation: Government Purchases: $6 $20 $8 $35 Task 1: Calculate the value of consumption in the economy of Asartaland. (Durables + Nondurables + Services) Task 2: Calculate the value of net investment in the economy of Asartaland. (Gross Investment - Depreciation - Net Investment) Task 3: What is the value of government purchases in the economy of Asartaland? Task 4: Calculate the value of net exports in the economy of Asartaland. Task 5: Following the expenditures approach, calculate the value of GDP for Asartaland.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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