Which of the following answer choices best describes a consumption expenditure category in the national income accounting? Multiple Choice both new and used consumer goods automobiles for personal use, but not newly constructed houses consumer durable and nondurable goods, but not services consumer nondurable goods and services, but not consumer durable goods

Q: If consumption is $220 and income is $460 Calculate APC

A: According to the above mentioned question, we have:- Consumption = $220  Income = $460  We have to…

Q: The following table shows data on consumption, investments, exports, imports, and government…

A: Gross Domestic Product: Gross Domestic Product (GDP), refers to the total market value of all final…

Q: The following is production data: Orange Orange Toaster Toaster Waffles Waffles Year (Quantity)…

A: PLEASE FIND THE ANSWER BELOW.

Q: What items are included in the calculation of GDP using the income approach ?

A: GDP refers to market value of good and services produced in a country in current period of time  So…

Q: The income in the Economy is $2000 million and the investment Expenditure is $1100 Calculate the…

A: According to the question, we are given that:- Income = Y = $2000 million Investment expenditure = I…

Q: Identify whether or not each of the following transactions would be included in GDP, and if so,…

A: e.A homeowner buys shingles to re-do her roof. Yes, this will be included in GDP, in consumption…

Q: What distinguishes national income, GNP, and NNP

A: The total factor incomes earned and received inside the domestic economy's territory make up the…

Q: escribe the circular flow of income and discuss why GDP can be computed using either income or…

A: Macroeconomics refers to the branch of economics that deals with the performance, structure,…

Q: d. If imports were to increase by $16000 so they are now equal to $32000, solve for net exports…

A: Real GDP Consumption Ig Government Export Import Net Export…

Q: Your answer: 1 ​​​​​​Countries with a high gross domestic product are low consumers of energy. 2…

A: There is direct relationship in energy consumption and gross domestic product.

Q: Discuss various methods of calculating national income.

A: National income is the total monetary value of all goods and services generated within the…

Q: Which of the following is not included in the computation of the consumption component of gross…

A: The consumption function does include spending on durable and nondurable goods, and services in the…

Q: Explain any two items which are included in the expenditure method of national income?

A: According to the given question According to the expenditure method the national income is basically…

Q: Which of the following statements best describe how economists calculate GDP? Group of answer…

A: Gross domestic product is one of the methods of national income accounting.

Q: What is the formula for income and expenditure approach of GDP?

A: The market value of all final goods and services produced in the economic territory of the country…

Q: Disposable income Consumption (dollars) expenditure (dollars) 0 100 300 500 700 900 In the above…

A: Savings, disposable income, and consumption are all interconnected concepts in economics. The…

Q: What is the level of private consumption in GDP is 10,000, investment is 2,900, government spending…

A: The GDP is the value of all the final goods and services that are produced in an economy in a given…

Q: What are intermediate goods? Why do economists exclude the value of intermediate goods while…

A: Intermediate goods, producer goods or semi-completed products are goods, like mostly completed…

Q: Question 1: For each of the activities listed below, determine if it should be included in…

A: The expenditure approach to calculating GDP includes all final goods and services produced in a…

Q: The following table shows data on personal consumption expenditures, gross private domestic…

A: GDP (Gross Domestic Product) refers to the sum of all the final value of gods and services produced…

Q: Use the table to answer the questions. Assume firms pay all profits out to resource owners, there is…

A: The total financial or market value of all finished merchandise and services made within a country's…

Q: Explain some reasons why consumption spending and gross private domestic investment spending are so…

A: GDP (Gross Domestic Product): It refers to the total of market value of all produced final goods and…