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Which of the following is added to the
GDP ?A. ExportsB. ImportsC. Net ExportsD. Personal Income Tax
Step by step
Solved in 2 steps
- Identify the statement that describes the Gross Domestic Product of a country. a. All goods and services that are imported to the country b. All goods and services that are produced within a nation's borders. c. The amount of intermediate goods produced inside the country d. All goods and services that are produced outside a country's bordersUsing the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions 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 $ 224.2 17.8 11.8 59.4 14.4 52.1 13.9 16.5 Personal taxes 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 249.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ 373.7 billion in b. NDP = $ 376.3 billion c. NI = $ 378.5 billionHow does the GDP deflator deal with imports?
- If national income (output) is $8.5 Trillion, Consumption is $6 Trillion, Exports are $1 Trillion, Investment is $2 Trillion, Government Expenditures are $2 Trillion, what is the value of Imports?what makes the USA GDP up?Is it reasonable or does it make sense, that while US exports are added to GDP, US imports are subtracted from GDP?
