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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Which of the following items is not part of the GDP calculation? Select one: a. Local citizens receiving medical care b. A person purchases a local car c. The government expands the highway between two main cities d. A number of unemployed citizens receive unemployment insurance benefit
Which of the following would be included in the level of an economy's GDP? Select one: a. Private purchases of government bonds b. Interest payments on government debt c. The purchase of a vehicle from overseas d. The construction of new houses and dwellings
Using the data below, calculate GDP by using expenditure approach: Year 2017 RM (million) 700 2500 790 670 1000 3200 2300 9000 450 900 2000 1000 500 9300 3100 5500 4500 Item Factor income paid abroad Import of goods and services Corporate taxes Retained earnings Depreciation Export of goods and services Subsidies Private Investment Personal Income tax Social security contribution Change in stock Transfer payment Indirect business tax Public Investment Consumption Government expenditure Factor income receive from abroad Calculate the Year 2018 RM (million) 450 3000 900 590 1200 4500 3790 8900 600 900 -350 1200 650 7800 8000 5600 3200 Gross domestic product at market price Gross National product at market price Gross National product at factor cost а. b. С. National Income Personal Income d. е. Disposable personal Income Gross domestic product at factor cost f. g.
Please explain the difference between calculating GDP using the expenditure approach and the income approach.
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
Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: Show all calculations and formula Compute the value for the country’s GDP (Gross Domestic Product) at market price.
Why do we calculate GDP using the expenditure approach?
Which of the following is NOT included in Canadian GDP calculations? air pollution that contaminates the air you breathe car parts manufactured in Canada for assembly of a car in Mexico toxic waste cleanup performed by a local company cleaning services performed by a local cleaning company
Please provide answer in 1 hr please urgent
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.
Q)The sum of expenditure by consumers is $32B, investment by businesses is $40B, and government expenditure is $28B. Exports are $10B and imports are$15B. Determine what approach will you use to find GDP and calculate it.

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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