GDP = $ BillionUse the data below to calculate GDP using the income approach. (I intentionally left out some of the expenditure categories so that you must use the incomeapproach).All figures are in billions of dollars:Gross Private Domestic Investment848.3Proprietor's Income413.9Dividends190.6Wages and Salaries3183.1Undistributed Corporate Profits62.3Corporate Income Taxes199.6Imports638.6Government Expenditures| 1296.2Rents51.9Transfer Payments693.1Exports562.6Indirect Business Taxes447.4Consumption of fixed capital (depreciation)778.3Net foreign factor income earned in the U.S.33.7Social Security Contributions483.6Interest429.5Personal Taxes591.9....

GDP = Compensation of employees + mixed income of self employed + operating surplus + depreciation +…

Answered: All figures are in billions of dollars:…

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 13SQ

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Calculate GDP using the Income and Expenditure Approach.(all figures are in billions of dollars): Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world…
Calculate the GDP using Income OR Expenditure Approach (all figures are in billions of dollars) ITEM Amount ($) Government purchase of goods and services 1,721.6 Exports 1,096.3 Receipts of factor income from the restof the world 382.7 Depreciation (consumption of fixed capital) 990.8 Net fixed Investments 688.2 Corporate income taxes 265.2 Consumption expenditures 6,739.4 Indirect business taxes 664.6 Imports 1,475.8 Payments of factor income to the rest of the world 343.7 Inventory change 56.5 Social security contributions 702.7 Undistributed corporate profits (retained earings) 130.3 Government transfer and interest payments 1,366.3 Personal interest payments 286.2 Personal Taxes 1,235.7 Type answer please
Based on the tables below, answer the questions posed. Component of Gross Domestic Product (GDP) RM million Consumption on durable and non-durable goods 1,600 Consumption of services 700 Residential and non-residential investment 860 Change in inventories – 50 Corporate profit 610 Export 370 Import 230 Receipt of factor income from the rest of the world 840 Payment of factor income to the rest of the world 770 a) Calculate the Gross Domestic Product (GDP) using the expenditure approach.
mment exE published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data (Billions of dollars) Consumption (C) 13,321.4 Investment (I) 3,368.0 Exports (X) 2,350.2 2,928.6 Imports (M) Net Exports of Goods and Services 3,374.4 Government Purchases (G) Gross Domestic Product (GDP)
A. The table below shows the national income of a country in 2012. Use the data to answer the questions that follow: ITEMS $ MILLIONS Personal Consumption Expenditure 640.00 Gross private Domestic Investment 180.00 Government Expenditure 220.00 Exports of goods and services 175.00 Imports of goods and services 202.00 Subsidies 48.00 Indirect business taxes 322.00 Consumption of fixed capital 115.00 Net property income from Abroad 80.00 i. Define Gross Domestic Product (GDP ii. Calculate the: a. Gross Domestic Product (GDP) b. Gross National Product (GNP)
Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your research has uncovered the following data: Price of Crude Oil $ 80 90 100 110 GDP 17.0 16.9 16.8 16.7 #of New Mustaches Grown Price of Gasoline $2.75 3.00 3.25 3.50 3,000 2,000 5,000 1,000 Your client has asked you to plot GDP and gasoline prices on a graph. 1.) Using the multipoint curve drawing tool, plot GDP against gasoline prices on the graph to the right. Carefully follow the instructions above and only draw the required object. Click to enlarge graph Came Gasoline Prices ($per Galon) 3.75 3.50- 3.25 3.00- 2.75 2.50+ 16,5 16.9 GOP Q 16.7 17.1 17.3 After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.
National income accounting for a certain country in the year for 2020 is given in Table 2. Based on the table, answer the following questions. Amount in $ (million) 180 8,120 3,800 1,320 4,230 12,000 10,120 12,100 8,000 3,120 3,240 Items Net factor income Consumption expenditure Public investments Import Export Government expenditure Wages Interest, rent and profit Indirect taxes Subsidies Depreciation a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price. b) By using income approach, calculate Gross Domestic Product 9GDP) at market price. c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think that GDP Ís important, and what is the limitation of GDP?
1.1Definition of GDP and explanation of why this is equal to national income (an explanation of how expenditure apptoach and income approach to GDP are related) 1.2 List the most recent quarterly values for consumption, investment, government purchases, and net exports, from table 1.1.5. show that these values are equal to the most recent quarterly GDP value in table 1.1.5 in a calculation. example ($5+$10+$24=$39) "Be clear what quartely values you use in your calculations"
TTT Consumption Government Real GDP, Y expenditure, C Investment, I expenditure, G Exports, X Imports, M (trillions of (trillions of 2009 dollars) 2009 dollars) 2009 dollars) 2009 dollars ) 0.00 0.75 (trillions of (trillions of (trillions of (trillions of 2009 dollars) 2009 dollars) 0.00 0.00 1.75 1.00 0.75 3.00 2.00 1.75 1.00 0.75 6.00 4.00 1.75 1.00 0.75 1.50 9.00 6.00 1.75 1.00 0.75 2.25 12.00 8.00 1.75 1.00 0.75 3.00 The above table gives data for the nation of Mojo. The amount of autonomous expenditure is the equilibrium real GDP is and when real GDP equals $9 trillion the unplanned inventory changes equal O $2.75 trillion; $3.0 trillion; $6.0 trillion O $3.5 trillion; $6.0 trillion; $1.75 trillion $2 trillion; $9.0 trillion; $3.0 trillion $3 trillion; $12.0 trillion; $7.25 trillion
2010 2011 2012 2013 2014 $700 $600 $800 $750 $1000 a. Plot the aggregate consumption function. b. The Marginal Propensity to Consume= c. The Marginal Propensity to Save = d. The Aggregate Consumption formula is $760 $680 $840 $800 $1000
docs.google.com a Problem 2 10. The table below provides Cocoland's national income accounting. Use this data to compute the GDP * Transfer Payments $ 54 $ 186 $ 36 $ 67 S 124 $ 274 $ 74 $ 75 $ 18 $ 12 $ 156 $ 304 Interest Income Depreciation Wages Gross Private Investment Business Profits Indirect Business Taxes Rental Income Net Exports Net Foreign Factor Income Government Purchases Household Consumption GDP= $206 GDP= $506 GDP $502 GDP = $602 11. Which of the following are not included in GDP statistics? * The value of goods and services

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