Title Use the following data to work Problems 27 and 28. The table lists some macroeconomic data for the.. Description Use the following data to work Problems 27 and 28. The table lists some macroeconomic data for the United States in 2009 Item Billions of dollars Wages paid to labor 8,000 Consumption expenditure 10,000 Net operating surplus 3,400 Investment 1,500 Government expenditure 2,900 Net exports −340 27.Calculate U.S. GDP in 2009. 28.Explain the approach (expenditure or income) that you used to calculate GDP.
Title
Use the following data to work Problems 27 and 28. The table lists some
Description
Use the following data to work Problems 27 and 28.
The table lists some macroeconomic data for the United States in 2009
Item
Billions of dollars
Wages paid to labor
8,000
Consumption expenditure
10,000
Net operating surplus
3,400
Investment
1,500
Government expenditure
2,900
Net exports
−340
27.Calculate U.S. GDP in 2009.
28.Explain the approach (expenditure or income) that you used to calculate GDP.
Use the following data to work Problems 29 to 31.
Quantities
2009
2010
Apples
60
160
Oranges
80
220
Prices
2009
2010
Apples
$0.50
$1.00
Oranges
$0.25
$2.00
An economy produces only apples and oranges. The base year is 2009, and the table gives the quantities produced and the prices.
29.Calculate nominal GDP in 2009 and 2010.
30.Calculate real GDP in 2009 and 2010 expressed in base-year prices.
31.GDP Expands 11.4 Percent, Fastest in 13 Years
China’s
Source: The China Daily, January 24, 2008
Use the expenditure approach for calculating China’s GDP to explain why “each 1 percent drop in the U.S. economy will shave 1.3 percent off China’s growth.”
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