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Q.3.3 Why does GDP includes net exports instead of simply exports?
Q.3.4 How can GDP increase if production of goods and services is constant?
Q.3.5 What is meant by a perfectly equal distribution of income?
(Hint: Give a numerical example to illustrate your answer)
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Solved in 2 steps
- This question has four parts. (its not a writing assignment, just asking for a numerical value or simple answer) 1.1. What is the US GDP for the first quarter and second quarter of 2020? What is the personal consumption expenditures for the first quarter and second quarter of 2020? Go to the website for the Bureau of Economic Analyses (BEA): https://www.bea.gov/ Section 1: Domestic Product and Income; Table 1.1.5 1.2. Use the information in Table 1 to analyze aggregate expenditures (AE) model below (Figure 1. Equilibrium in a Private Closed Economy). (table 1 and figure 1 are in the attachments) 1.3. Identify the mistake and explain why the graph of the aggregate expenditures line does not correctly illustrate the economy's equilibrium. 1.4. Create a graph for the aggregate expenditures (AE) model using the data from Table 1: A Private Closed Economy. Tips: Remember, the 45degree line (also known as the Keynesian Cross) is a tool that shows how differences in aggregate…Refer to the data for 2019 below to answer the following questions: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services 1: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output % b. Corporate profits? $14,561 % 3,744 3,754 2,504 Wages and salaries Corporate profits Proprietors' income Instructions: Enter your responses as a percentage rounded to one decimal place. What share of U.S. total income in 2019 consisted of a. Wages and salaries? Income Rents Interest Taxes on output and imports Depreciation Statistical discrepancy (3,136) $21,427 = Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427The table given below reports the value of different economic variables of a country during a year.Table 5.4 GNP Data(Adjusted for net factor income from abroad) Net Investment $400 Capital Consumption Allowance $800 Indirect Business Taxes $600 U.S. Exports $200 U.S. Imports $300 Government Purchases $150 Consumption Spending $2,030 Refer to Table 5.4. What will be the value of gross investment? Group of answer choices $1,000 $1,200 $400 $1,800 Indeterminate
- 1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document): Expenditure Components of GDP by Country, 2018 (billions of US dollars) Denmark Finland Australia Canada India Japan New Zealand UK US Consumption 808.7 996.9 165.9 146.1 1650.6 2763.3 120.0 1870.5 13998.7 Investment Business fixed investment 336.9 385.1 78.8 65.6 842.7 1202.5 49.1 487.3 4260.7 Changes in inventories 0.1 9.4 2.9 3.4 27.4 11.2 0.1 5.8 54.7 Government 275.5 357.1 86.6 62.7 312.1 981.6 38.4 528.3 2904.3 Net Exports Exports Imports 348.5 544.9 197.9 106.8 548.6 917.1 58.2 856.8 2510.2 312.0 581.1 176.4 108.8 657.0 904.4 58.1 907.1 3148.5 GDP Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices – US dollars 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports? Which one(s)? Which country has the largest negative net…Consumers in a small economy spend $50,000 on goods and services annually. Also annually, investment is $10,000, government spending is $7,000, exports are $400, and imports are $200. What is the value of GDP in this economy? Provide your answer below:When a U.S. consumer buys Canadian maple syrup at the grocery store, this purchase is:A) an importB) an exportC) gross domestic productD) a transfer payment. Below is economic data for Germany for 2016 (measured in billions of current euros). What was total spending? Consumption 1,649.79 Investment 636.42 Government spending 620.01 Exports 1,442.41 Imports 1,211.64 A) 2,675B) 4,348C) 2,906D) 3,137 Please ans both questions and you will get thumbs up.
- The table below includes data for a one-year period required to calculate GDP from the income side for a teeny-tiny economy. Gross investment expenditure Wages and salaries Consumption expenditure Interest and investment income Business profits Depreciation Indirect taxes less subsidies Net exports TABLE 20-4 $402.00 $1741.00 $1302.40 $99.40 $70.40 $199.20 $175.20 $94.00 Refer to Table 20-4. What is the value of GDP, as calculated from the income side? $2010.00 $1982.60 $1986.00 $2584.40 $2285.20Suppose the current GDP is $11.3 trillion. Assuming that consumption is $6.7 trillion, investment is $2.1 trillion, exports are$1.8 trillion, and imports are $1.4 trillion, government purchases are $___ trillion. If GDP measured in billions of current dollars is $5,465, consumption is $3,657, investment is $741, and net exports are -$1,910, then government purchases are:Table 11-6 Government Real GDP Consumption Investment Purchases 1 Net Exports $1,000 $1,000 $100 $150 -$50 2 3 2,000 1,900 100 150 -50 3,000 2,800 100 150 -50 4 4,000 3,700 100 150 -50 Using the table above, answer the following question. The numbers in the table are in billions of dollars. 13) Refer to Table 11-6. What is the value of MPC? A) 0.2 B) 0.5 C) 0.75 D0.9 E) None of the above