Using any relevant information below, calculate GDP using the expenditure approach.Inventory investment$ 50 billionFixed investment120 billionConsumer durables420 billionConsumer nondurables275 billionInterest140 billionIndirect business taxes45 billionGovermment wages and salaries300 billionGovernment purchases of goods and services 110 billionImportsS0 billionExports40 billionProfits320 billionServices600 billion

Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Answered: Using any relevant information below,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using the relevant information below: Gross Domestic Product (GDP) gross domestic product = consumption + investment + government purchases + net exports GDP = C + I + G + (X − M), calculate GDP using the expenditure approach. Inventory investment $50 billion Fixed investment $120 billion Consumer durables $420 billion Consumer nondurables $275 billion Interest $140 billion Indirect business taxes $45 billion Government wages and salaries $300 billion Government purchases of goods and services $110 billion Imports $80 billion Exports $40 billion Profits $320 billion Services $600 billion
Using the following national income accounting data, compute GDP, NDP, and NI. All figures are in billions. Round your answers to one decimal place. category value compensation of employees $ 196.2 U. S. exports of goods and services 19.8 Consumption of fixed capital 11.8 government purchases 59.4 taxes on production and imports 14.4 net private domestic investment 52.1 transfer payments 13.9 U. S. imports of goods and services 16.5 personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy 40.5 2.2 219.1 0
Consumption Investment Indicate what components of GDP (if any) each of the following transactions would affect. Check all that apply. 3. Problems and Applications Q1 Transaction Uncle John receives a check from the federal government for unemployment insurance benefits. You pay a hairdresser for a haircut. New York hires workers to plow snow after a snowstorm. Uncle Henry buys a new refrigerator from a domestic manufacturer. Uncle John orders 10 new computers for his finance business. Ford sells a Mustang from its inventory to the Martinez family. Ford manufactures a Focus and adds it to its inventory. You buy a new Toshiba computer. ☐ ☐ ☐ ☐ Government Purchases Net Exports ப ☐ ☐ ☐ ☐ ☐ 000
Can you use the list below to compute GDP using the Expenditures approach? Personal Consumption expenditures $600 Transfer payments $15 Consumption of fixed capital $20 Interest $11 Exports $15 Government purchases $85 Compensation of employees $225 Imports $18 Net private domestic investment $65
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 _______
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
GDP 1. Calculate the values for the blanks in the shaded areas of the table below: Expenditure Components of GDP by Country, 2020 (83Son of current US dollars) Australia Canada Denmark Finland Japan India 1617 137.9 873 65.9 C E FOOD 80.0 65.3 16 0.5 L M N 195.4 97.G 1725 96.7 Household consumption Government expenditure Investments Gross fixed Investments Changes in inventories Net Exports Exports Imports A: ÄÜÄ÷ B: C: D: E: F: G: H: I: J: 746.5 K: L: 297.2 A 316.9 4.3 3152 254.7 943.7 371.8 B 377.7 (147) K 476.0 509.8 M: N: 0: P: 1,591.7 Q: R: 292.1 722.0 97.0 4973 $11.3 કીડી || T: 2.700.7 Y: 1,066.4 1,279.5 106 785.4 786.2 New Zealand UK 122.0 43.7 G 47.3 (p.s) P 46A GDP S U W Y Source: GOP by Type of Expenditure at current prices-US dollars, Retrieved 7/27/2022. National Accounts Estimates of Main Aggregates United Nations feste Division 472 Z: ZZ: 1,683.7 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports?…
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
The table shows some of the items in a country's National Income and Product Accounts in 2017. Use the expenditure approach to calculate GDP in 2017. GDP in 2017 using the expenditure approach is $ trillion. Item Consumption expenditure Government expenditure Indirect taxes less subsidies Depreciation Net factor income from abroad Investment Net exports Statistical discrepancy Amount (trillions of dollars) 10.2 3.1 1.0 1.9 0.2 1.7 -0.5 0
Which two of the following are not included in GDP? Select all that apply: business investment U intermediate goods Onon-market activities net exports

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