Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 19, Problem 5SQ
To determine
The equilibrium GDP of the economy.
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Suppose that the economy has consumption $90,
investment $50, government purchases $30,
imports $20, and exports $50. The economy's GDP
is
If consumption is $15 trillion, investment spending $8 trillion, government purchases $7 trillion, exports $5 trillion, and imports $6 trillion, calculate GDP.
if consumption is $3.8 trillion, investment is $1.1
trillion, government spending is $1.1 trillion,
imports are $1.6 trillion, and exports are $1.4
trillion, how much is GDP?
Chapter 19 Solutions
Economics For Today
Ch. 19.4 - Prob. 1YTECh. 19 - Prob. 1SQPCh. 19 - Prob. 2SQPCh. 19 - Prob. 3SQPCh. 19 - Prob. 4SQPCh. 19 - Prob. 5SQPCh. 19 - Prob. 6SQPCh. 19 - Prob. 7SQPCh. 19 - Prob. 8SQPCh. 19 - Prob. 9SQP
Ch. 19 - Prob. 10SQPCh. 19 - Prob. 1SQCh. 19 - Prob. 2SQCh. 19 - Prob. 3SQCh. 19 - Prob. 4SQCh. 19 - Prob. 5SQCh. 19 - Prob. 6SQCh. 19 - Prob. 7SQCh. 19 - Prob. 8SQCh. 19 - Prob. 9SQCh. 19 - Prob. 10SQCh. 19 - Prob. 11SQCh. 19 - Prob. 12SQCh. 19 - Prob. 13SQCh. 19 - Prob. 14SQCh. 19 - Prob. 15SQCh. 19 - Prob. 16SQCh. 19 - Prob. 17SQCh. 19 - Prob. 18SQCh. 19 - Prob. 19SQCh. 19 - Prob. 20SQ
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- In Zionville, GDP is $26,500. Consumption spending is $12,000, Investment spending is $5000, exports are $2000, and imports are $500. What is government spending? Question 4 options: A) $6500 B) $8000 C) $3000 D) $7000arrow_forwardIn 2020, Delorse Greenlee purchased a 1892 painting by Paul Cezanne for $250 million. She also paid a 1 percent commission to the auction house that sold the painting. What was the contribution of these transactions to GDP in the year 2020? Select one: a. $2.5 million b. $252.5 million C. $25 million d. $0arrow_forwardConsumption is $5.5 trillion, investment is $1 trillion, government expenditures are $1.5 trillion, transfer payments are $.5 trillion, exports are $.75 trillion and imports are $1.25 trillion. What is GDP?arrow_forward
- The following data about a hypothetical economy are in billions of dollars. Personal Consumption Expenditures $4,500 Consumption of Fixed Capital 150 Gross Private Domestic Investment 800 Government Purchases 950 Exports 65 Imports 85 Refer to the above data. GDP in this economy is: Multiple Choice $6080 billion. $6230 billion. $6380 billion. $6400 billion.arrow_forwardWhat would be the answer?arrow_forwardSuppose you are given the following information: Qs = 100 + 3P Qd = 400 – 2P where Qsis the quantity supplied, Qdis the quantity demanded and P is price. 1. Years ago, Ricky paid $500 for CDs to put together a collection. Today, he sold hisCDs for $200. How does this sale affect current GDP?arrow_forward
- The figure shows the flows of expenditure and income in an economy. In 2013, U was $2.0 trillion, V was $0.5 trillion, W was $5.0 trillion, J was $1.5 trillion, and Z was - $1.5 trillion. Calculate total income, net taxes, and GDP.arrow_forwardGive typing answer with explanation and conclusionarrow_forwardeconomicarrow_forward
- am. 69.arrow_forwardIf consumption expenditure is $30 billion, investment spending is $15 billion, government spending is $12 billion, exports are $4 billion and imports $5 billion, GDP will bearrow_forwardb. Assume the budget deficit in a closed economy is $2b, GDP is $100b and private savings is $10b, what is Investment? c. Calculate GDP using the following information only: A flour mill produces $1000 worth of flour, of which $600 goes to a bakery (where bread is produced) and $400 to consumers. A water supplier produces $300 worth of water, of which $200 goes to the bakery and $100 to consumers. The bakery produces $1500 worth of bread and sells all of it to consumers. d. The country of Tinbutu does not trade with any other country. Its GDP is $20 billion. Its government collects $4 billion in net tax revenue. Consumption equals $15 billion, CPI equals 120, and investment equals $2 billion. What is the value of private saving in Tinbutu?arrow_forward
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