Use the following table to answer the next question. The following national incomedata for an economy is in billions of dollars.Consumption = 5,100Investment = 1,100Government Taxes = 1,050Government Purchases = 1,400Exports = 950Imports = 850Net foreign factor income = 20GDP for this economy is$7,700 billion$6,400 billion$10,470 billion$8,500 billion

Gross Domestic Product (GDP) is the value of final goods and services produced within the domestic…

Answered: Use the following table to answer the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the data for 2019 below to answer the following questions: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services 1: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output % b. Corporate profits? $14,561 % 3,744 3,754 2,504 Wages and salaries Corporate profits Proprietors' income Instructions: Enter your responses as a percentage rounded to one decimal place. What share of U.S. total income in 2019 consisted of a. Wages and salaries? Income Rents Interest Taxes on output and imports Depreciation Statistical discrepancy (3,136) $21,427 = Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427
< 2/2 Part B GDP: Where and what is counted? For each of the following items, write one of the following in the space provided. C if the item is counted as consumption spending I if the item is counted as investment spending ▶ G if the item is counted as government spending Xif the item is counted as exports M if the item is counted as imports NC if the item is not counted in the calculation of the GDP 11. You spend $7.00 to see the latest Justin Bieber movic. 12. A family pays a contractor $100,000 for a house he built for them this year. 13. A family pays $75,000 for a house built three years ago. 14. An accountant from Ernst & Young purchases a new Italian suit. 15. The government increases defense expenditures by $1,000,000,000 16. A homemaker works hard caring for her spouse and two children. 17. Ford Motor Company buys new auto-making robots. 18. Apple Computer builds a new factory in the United States. 19. You buy a new Toyota Tacoma that was made in Japan. 20. A Japanese…
The table gives data on the economy of Iberia. Calculate Iberia's GDP. Iberia's GDP is $ billion. Item Net taxes Government expenditure on goods and services Saving Consumption expenditure Investment Exports of goods and services (billions of dollars) 10 20 15 65 18 35
The table gives data about Northland's economy in 2017. What is the value of GDP in Northland in 2017? The value of GDP in Northland in 2017 is _______. A. $2,262 billion B. $1,291 billion C. $971 billion D. $1,439 billion Item Amount (billions) Consumption expenditure 720 Wages 652 Indirect taxes less subsidies 148 Investment 235 Net exports of goods and services 54 Profit 171 Government expenditure on goods and services 282
Suppose GDP in this country is $1,540 million. Enter the amount for government purchases. National Income Account Value (Millions of dollars) Government Purchases (GG) Taxes minus Transfer Payments (TT) 455 Consumption (CC) 700 Investment (II) 490 Complete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data from the initial table. Private SavingPrivate Saving = = (t-g, y-t-i, c-t,y-c-t) = = million Public SavingPublic Saving = = (t-g, y-t-i, c-t, y-c-t) = = million Based on your calculations, the government is running a budget (surplus, deficit) .
Use the following data to answer the questions below: Category Consumption Depreciation Retained earnings Gross investment Imports Exports Net foreign factor income Government purchases a. How much is GDP? Instructions: Enter your responses as a whole number. $ $ billion b. How much is net investment? $ Billions of Dollars $200 20 12 30 60 billion c. How much is national income? billion 50 10 80
se the information in the table to answer the following questions All numbers are in billions of 2012 dollars Real GDP (Y) $10,000 $11,000 $12,000 Consumption (C) $8.500 $0,300 $10,100 $10,000 $11.700 Planned Investment (1) $1,000 $1,000 $1,000 $13,000 $14,000 The equilibrium level of GDP is $ 12000 billion. The MPC is 0.8 (enter your response to two decimal places) Suppose that not exports increase by $200 billion. Using the multiplier formula, determine the new level of GDP A $200 billion increase in net exports leads to a change in spending of spillon, so the new level of GDP will be $billion $1,000 $1,000 Government Purchases (G) $1,400 $1,400 $1,400 $1,400 $1,400 Net Exports (NX) -$500 -$500 $500 -$500 -$500
The table below shows the values for several different components of GDP. Composition of Gross Domestic Product Component LA Consumer durables Consumer nondurables Services Business fixed investment Residential fixed investment Inventories Exports Imports Government purchases What is the value of total gross investment? Instructions: Round your answer to 1 decimal place. Value (billions of dollars) $1,292.7 2,615.4 8,038.8 2,805.0 558.5 80.4 billion 2,320.5 2,863.1 3,093.6
The following table shows the data for a hypothetical economy in a specific year. All figures are in billions of dollars. Category Billions of Dollars Personal consumption expenditures Purchases of stocks and bonds Net exports Government purchases $60 30 -10 30 Sales of secondhand items 8 Gross investment 25 Instructions: Enter your answer as a whole number. What is the country's GDP for the year? $ billion
Question 12 of 75 > O Macmillan Learning (Table) According to the table, net exports of goods and services are equal to GDP Expenditures for 2010 Expenditure Personal consumption Gross private domestic investment Exports Imports Government purchases Capital consumption allowance -$505.4 billion. $505.4 billion. $738.9 billion. -$738.9 billion. Billions $10,353.5 1,769.1 1.746.1 2,251.5 2,975.1 1,030.2
The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. Gross investment expenditure Wages and salaries Consumption expenditure Interest and investment income Business profits Depreciation Indirect taxes less subsidies Net exports TABLE 20-4 $402.00 $1741.00 $1302.40 $99.40 $70.40 $199.20 $175.20 $94.00 Refer to Table 20-4. What is the value of GDP, as calculated from the income side? $2010.00 $1982.60 $1986.00 $2584.40 $2285.20
In 2012, the economy of country Z had consumption of $2,200,000, exports of $65,000, investment of of $530,000 and imports of $80,000. The GDP was $3,355,000. How big were government purchases that year? $625,000 $610,000 $640,000 We do not have enough information to answer this quesiton.

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