Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Compensation of employees U.S. exports of goods and services Consumption of fixed capital Government purchases Taxes on production and imports Net private domestic investment Transfer payments U.S. imports of goods and services Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI=$1 billion Billions $195.2 18.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 219.1 0.0

Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Compensation of employees U.S. exports of goods and services Consumption of fixed capital Government purchases Taxes on production and imports Net private domestic investment Transfer payments U.S. imports of goods and services Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI=$1 billion Billions $195.2 18.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 219.1 0.0

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

The table below shows the values for several different components of GDP. Category Personal consumption expenditures Net foreign factor income Transfer payments Rents Consumption of fixed capital (depreciation) Statistical discrepancy Social Security contributions Interest Proprietor's income Net exports Dividends Compensation of employees Taxes on production and imports Undistributed corporate profits Personal taxes Corporate income taxes Corporate profits Government purchases Net private domestic investment Personal saving Imports Instructions: Enter your answers as whole number. a. What is the value of exports? $ b. What is the value of national income? $ 23 billion $ billion c. What is the GDP? billion d. What is the value of personal income? billion Billions of Dollars $ 250 3 10 15 25 12 18 12 31 10 14 228 16 19 24 17 50 70 31 18 13 2
#4 Personal Taxes $ 40 Social Security Contributions 15 Taxes on Production and Imports 20 Corporate Income Taxes 40 Transfer Payments 22 U.S. Exports 24 Undistributed Corporate Profits 35 Government Purchases 90 Gross Private Domestic Investment 75 U.S. Imports 22 Personal Consumption Expenditures 250 Consumption of Fixed Capital (depreciation) 25 Net Foreign Factor Income 10 Statistical Discrepancy 0 Refer to the accompanying data (all figures in billions of dollars). NDP is Multiple Choice $402. $370. $392. $467.
The table below shows the National Income data. National Income Data (all figures are in billions of dollars) Business retained earnings 240 Corporate profits 276 Personal Consumption Expenditures 1491 Interest Income (Net Interest) 46 Personal Interest Income 46 Total Transfer Payments 274 Dividend Income 36 Depreciation (Capital Consumption Allowance) 234 Gross Capital Investment 378 Changes in Business Inventories 26 Rental Income 28 Imports 248 Federal Government Purchases of Goods & Services 148 State and Local Government Purchases of Goods & Services 286 Personal Income Taxes 514 Exports 261 Indirect Business Taxes (and miscellaneous adjustments) 177 You are required to Calculate Gross Domestic Product (GDP) Net National Product (NNP) National Income (NI) Personal Income (PI) Personal Disposable Income Analyse…
Explain how gross domestic product is calculated using each of the following: the income approach and the expenditure approach. Tour response must be at least 200 words in length.
#5
The following table presents 2015 data from the national-income accounts of the United States. Indicate the various expenditures used to determine GDP under the expenditure approach. Then indicate the various income payments and indirect costs used to determine GDP under the resource cost-income approach. Component Personal Consumption Employee Compensation Rents Gov't Consumption & Investment Imports Depreciation Corporate Profits Interest Income Exports Gross Private Investment Indirect Business Taxes Self-Employment Income Net Income of Foreigners Billions of Dollars Expenditure approach Resource cost-income approach 12,269.1 9,655.3 656.6 3,183.0 2,782.9 2,582.6 2,048.0 Using the expenditure approach, GDP is 525.1 2,325.60 3,021.1 1,302.8 1,388.5 -143.00 Using the resource cost-income approach, GDP is $ kkkkkkk P
24
Dollar Amount Item Durable goods Nondurable goods Services Fixed investment Inventory investment Government purchases Exports (Billion Dollars) 220 400 700 130 20 500 110 Imports 150 Capital consumption allowance 20 Compensation of employees 700 Proprietors' income 480 Corporate profits Rental income Income earned from the rest of the world Income earned by the rest of the world 200 200 200 40 Indirect business taxes 80 Statistical discrepancy 30 Undistributed corporate profits 20 Social insurance taxes 80 Corporate profits taxes Transfer payments Personal taxes Net interest 30 50 80 20 Complete the following table by calculating GDP, NDP, national income, personal income, disposable income, and net exports. Item Dollar Amount (Billion Dollars) GDP NDP $ National income $ Personal income $ Disposable income Net exports If purchases of new capital goods are $90 billion, then purchases of new residential housing are equal to $ billion.
Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditures and the income approaches. Category Billions Category Personal consumption expenditures $285 Net exports Billions 11 Net foreign factor income 4 Dividends 16 Transfer payments 12 Compensation of employees 263 Rents 14 Taxes on production and imports 18 Statistical discrepancy 8 Undistributed corporate profits 21 Consumption of fixed capital (depreciation) 27 Personal taxes 26 Social Security contributions 20 Corporate income taxes 19 Interest 13 Corporate profits 56 Proprietors' income 43 Government purchases 82 Personal saving 30 Net private domestic investment 33 Instructions: Enter your answers as a whole number. a. Using the above data, determine GDP by both the expenditures approach and the income approach. Then determine NDP. GDP using the expenditures approach = $…
Gross Domestic Product is the sum total of all the goods and ______________, produced and __________, within a country’s borders, for a given period, calculated in a monetary value, which are allocated to the ______________ purchaser. The expenditure approach is the sum of all purchases in the categories of consumption, ______________, government, and net exports on final goods and services for a given period. The largest component of the expenditure approach is ______________ purchases of ______________ goods. The income approach is the sum of all incomes paid to the ______________ categories of ______________, landlords, capitalists, and entrepreneurs for the production of fi nal goods and services for a given period. __________ or employee compensation is the largest component of gross domestic income or factor income in GDP accounting.
Expenditures for consumer goods and services Exports Government purchases of goods and services Social Security taxes Net investment Indirect business taxes Imports Gross investment Corporate income taxes Personal income taxes Corporate retained earnings Net foreign factor income Government transfer payments to households Net interest payments to households $4,565 $740 $1,465 $510 $225 $520 $825 $865 $185 $750 $45 $20 $690 $0 Table 5.1 National Income Accounts (dollar figures are in billions) On the basis of Table 5.1, personal income is $5,620 billion. $5,790 billion. $6,530 billion. $6,445 billion.
Consider the following national accounts data for Westeros: Westeros' National Accounts (2019) GDP Item (S billions) Corporate income 140 Еxports 50 Wages and salaries 550 Net international income to the rest of the 8 world Gross investment 160 Government purchases 184 Indirect taxes 75 Personal consumption 500 Imports 27 Depreciation 79 Proprietors' incomes and rents Which is the following is the income-based estimate of GDP for Westeros? 65 $909 billion $751 billion $558 billion $939 billion