Using the expenditure approach, calculate GDPusing the following data:Item Amount in dollars (billions)Consumption 7,600Consumption of Durable Goods 1,600Consumption of Non Durable Goods 2,800Consumption of Services 3,200Investment 2,750Fixed Investment 1,000Government purchases of Goods & Services 1,675Government Transfer Payments 450Exports 750Imports 1,600GDP Equals

we have many method for calculating the national income but here we can use the expenditure method…

Answered: Using the expenditure approach,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Find the last year GDP data and the personal consumption expenditure data (in billions) for the US economy. Section 1: Domestic Product and Income
Item Measuring U.S. GDP: Using the information in the table below, calculate GDP via the expenditure approach. Expenditure Approach: Consumption expenditure Wages Investment Interest, Rent, Profits Government expenditure Exports Indirect Taxes less subsidies Depreciation Imports Dollars 15,400 8,500 2,100 4,100 3,200 3,000 1,100 2,000 8,000
Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Base year 2019, dollars) GDP Deflator Year (Dollars) 2019 2020 2021
Homework The Aggregate Economy Revenues Expenditures GDP Year (Billions of dollars) (Billions of dollars) (Billions of dollars) 2000 2,025 1,789 9,817 2001 1,991 1,863 10,128 2002 1,853 2,011 10,470 2003 1,783 2,160 10,961 2004 1,880 2,293 11,686 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for expenditures and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 EXPENDITURES AND REVENUES (Percent of GDP) 15 10 0 2003 > Expenditures 2004 2005 1999 2000 2001 2002 YEAR In which years was the government's budget in deficit? Check all that apply. 2000 2001 2002 U 2003 2004 In 2001, the national debt by 4 Revenues X A-Z हे
Find the last year GDP data (in billions) and the personal consumption expenditures data (in billions) for the US economy.
Consider an economy that produces only wood and houses within its borders each year. $200,000 worth of wood is produced; $800,000 worth of homes is produced. Of the $200,000 worth of wood that's produced, $120,000 of it is used in home construction. Assuming this is the only relevant information, calculate this economy's GDP, carefully following all numeric instructions.
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
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
GDP measures an economy’s production, but it is calculated by looking at the buying and selling that occurs in an economy. Using the expenditures (buying/approach to calculate GDP) list the four sectors of the economy that can buy goods/services and what we call the components of buying from each of these sectors.
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
Your aunt, who lives in Royal Oak decides to buy a new, American made dress. In GDP accounting this expenditure counts as Question 5 options: a) export spending b) investment spending c) consumption spending d) government spending
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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Using the expenditure approach, calculate GDP using the following data: Item Amount in dollars (billions) Consumption 7,600 Consumption of Durable Goods 1,600 Consumption of Non Durable Goods 2,800 Consumption of Services 3,200