Which of the following would not be included as government spending in the calculation of GDP? Question 15 options: a) military spending b) new roads c) spending money to build a new Federal prison d) unemployment benefits
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- Determine if the following would be included (I) or excluded (E) from the calculation of GDP. (d) An increase in business inventories _______ (e) The income of a tax accountant working for a business _______ (f) Income received from interest on a corporate bond ________ (g) Business expenditures on pollution control equipment ______ (h) Dr. Jung grows tomatoes in his backyard for home consumption _______Consumption $400 Imports $ 10 Net investment $ 20 Government purchases $ 100 Exports $ 20 Capital consumption allowance $ 20 Statistical discrepancy $ 6 Receipts of factor income from the rest of the world $ 10 Payments of the factor income to the rest of the world $ 13 What is the GDP for this economy? What is the GNP for this economy? What is the NNP for this economy? What is the national income for this economy? What is the gross investment in for this economy?Using 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 billion
- 21) Assume that with existing tax and spending laws, government spending exceeds government tax revenues. To cover the resulting shortfall, the government must: A) increase consumers' incomes. B) print more money. C) Borrow money in the financial markets. D) lower interest rates. 22) Gross Domestic Product (GDP) is defined as the market value of: A) all goods and services sold during the year by domestic and foreign producers. B) all final consumer goods produced during the year by domestic and foreign suppliers. C) all intermediate goods produced during the year by domestic and foreign suppliers. D) all final goods and services produced within the boundaries of an economy during the year by domestic and foreign-supplied resources. 23) In the equation GDP = C + I + G + F, in which F equals net export spending (i.e., total spending on exports minus total spending on imports), imports are subtracted from the other types of expenditures because: A)…Refer to the following table when answering the following questions. Table 2.2: U.S. 2014-2015 Domestic Income ($ billions) Compensation of employees, paid Wages and salaries Supplements to wages and salaries Business taxes Business subsidies Net operating surplus Private enterprises Surplus of government enterprises Depreciation of fixed capital (Source: Bureau of Economic Analysis) $13,219 $17.651 $17.765 Consider Table 2.2. From this data, total GDP in 2014 was about $14.963 2014 $18.527 9,264 7,487 1,777 1,210 57 4,489 4,509 -20 2,745 2015 9,704 7,866 1,838 1,238 57 4,575 4,593 -19 2,831 billion.Question 15 Which of the following statements is correct regarding measuring GDP? GDP can be measured either as the total spending on domestically produced goods and services, or the total value added in domestic production, or sum of all incomes received from domestic production A B C D E GDP can be measured only as the total spending on domestically produced goods and services Information about exports but not imports is necessary to calculate GDP- Government production is not included in the GDP The value added of government production is computed using the price that public goods and services are sold at in the market
- Gross domestic product (GDP) is a key measure of the national economy. a) Define GDP and describe three ways of calculating the size of GDP in an economyQUESTION 5 Refer to the table (all figures in billions of dollars). The disposable income (DI) for this economy is #3 Items Amount (i) (1) Personal Taxes $40 (2) Social Security Contributions $15 (3) Taxes on Production and Imports $20 (4) Corporate Income Taxes $40 (5) Transfer Payments $22 (6) U.S. Exports $24 (7) Undistributed Corporate Profits $35 (8) Govemment Purchases $90 (9) Gross Private Domestic Investment $75 (10) U.S. Imports $22 (11) Personal Consumption Expenditures $250 (12) Consumption of Fixed Capital $25 (13) Net Foreign Factor Income $10 (14) Statistical Discrepancy $0 O $274 $284 O $329 O $402 O $447 Click Save and Submit to save and submit. Click Save All Answers to save all answers.QUESTION 3 Refer to the table (all figures in billions of dollars). The national income (NI) for this economy is #3 Items Amount (i) (1) Personal Taxes $40 (2) Social Security Contributions $15 (3) Taxes on Production and Imports $20 (4) Corporate Income Taxes $40 (5) Transfer Payments $22 (6) U.S. Exports $24 (7) Undistributed Corporate Profits $35 (8) Government Purchases $90 (9) Gross Private Domestic Investment $75 (10) U.S. Imports $22 (11) Personal Consumption Expenditures $250 (12) Consumption of Fixed Capital $25 (13) Net Foreign Factor Income $10 (14) Statistical Discrepancy $0 $314 $362 $382 O $402 O $417 O 0 0 0 0
- Question 51 Which of the following would NOT be counted in gross domestic product? Question 51 options: a) Hamburgers sold by McDonalds in China b) Beauty supply products (final goods) sold by a Korean-owned store in Detroit c) Hamburgers sold by Wendy’s in Farmingon Hills d) Cars manufactured in the state of Tennessee by ToyotaQuestion 1 In a simple economy, suppose that all income is either compensation of employees or profits. Suppose also that there are no indirect taxes. Calculate gross domestic product from the following set of numbers. Show that the expenditure approach and the income approach add up to the same figure. Consumption $9500 Investment $3000 Depreciation $1750 Profits $2400 Exports $850 Compensation of employees $11500 Government purchases $3200 Direct taxes $1200 Saving $1600 Imports $900Which of the following would be included in the calculation of gross domestic product (GDP)? The value of transfer payments The value of the sale of a used car The value of the sale of 1,000 shares of Apple stock The value of spending on new machinery and equipment The investment (I) portion of GDP includes the amount spent on capital goods. the amount spent on stocks and bonds. the amount spent on consumer goods that last more than one year. the amount spent on purchases of jewelry.
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