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

See similar textbooks

Similar questions

i need help with this macro econmics question 4
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
Do not use chatgpt.
Identify whether or not each of the following transactions would be included in GDP, and if so, which method of calculating (income or expenditures), and further, which category? f. A shareholder sells $5000 of their stock to another buyer. g. A Canadian marketing agency is hired by a European company to design a marketing campaign.h. A shareholder is paid dividends.
Q.01 a) Explain why the Income and Expenditure approach yield the same value for GDP. b) Examine the values for National Income (NI), Personal Income (PI), and Disposable Personal Income (DPI) on Template. Rank them in order from largest to smallest. Based on the information in the template, list and explain one or two items that are being added or subtracted as we move from NI to PI to DPI.
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
Measure GDP and NDP from the following data Consumption Expenditure $ 28,500 Government Expenditure $ 21,000 Investment Expenditure $ 18,000 Exports $ 7,500 Imports $ 8,700 Depreciations $ 1,400 Retained Earnings $ 1,100 Indirect Business Taxes $ 1,000

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS