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- Please describe the effect that changes in business taxes, personal income, and transfer payments have on a country’s gross domestic product (GDP).Consider the following table: GDP Depreciation Corporate earnings Transfer Payments Personal Tax Payments National income (NI) equals $11800 billion. (Enter your response as an integer.) Personal income (PI) equals $ billion. (Enter your response as an integer.) Billions of dollars $13,200 1,400 1,250 700 1,000Using 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
- 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.When products cannot be produced domestically, they are often produced internationally and shipped to various countries. The products sold in the U.S. that are made in other countries are called _____. domestic gross exports importsA criticism of gross domestic product (GDP) is that it can both underestimate and overestimate production and well-being in an economy. Which of the following is a reason that GDP might underestimate the actual production and well-being in an economy? GDP is adjusted for changes in product quality and variety over time. GDP includes how difficult production is for workers. GDP ignores sustainability. GDP excludes production not traded in markets.
- What is usually the smallest component of spending in GDP in Australia? A) Consumption spending B) net export spending C) Government spending D) Investment spendingThe following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government consumption expenditures and gross investment for the United States in 2007, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the following table to calculate GDP. Components Personal Consumption Expenditures (CC) $9,734.2 Gross Private Domestic Investment (II) $2,125.4 Exports (XX) $1,643 Imports (MM) $2,351 Net exports of goods and services (X−MX−M) Government Consumption Expenditures and Gross Investment (GG) $2,689.8 Gross domestic product (GDP) This method of calculating GDP, which involves summing the , is called the approach.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?
- The country of Econostan had the following expenditures last year: $600,000 in consumption expenses, $90,000 in government purchases, and $150,000 in investment expenses. Further, $75,000 of the products bought last year in Econostan were made in other countries and $55,000 of the products made in Econostan were exported to other countries. What was the gross domestic product of Econostan?The consumer price index (CPI) is not used to convert nominal GDP to real GDP because the CPI calculation has measurement errors that are avoided in the real GDP calculation. the CPI includes prices of imports which consumers buy which are not relevant to GDP. the CPI does not track government spending, business investment or net exports. All of the answers are correct.The gross domestic product (GDP) of the United States is defined as the _________ (options: cost of producing, market value of, wholesale cost of) all _______________ (options: final and intermediate goods and services produced, final goods and services produced, final goods and services consumed) by _________________ (options: U.S. citizens, U.S.-owned companies, resources within the United States) in a given period of time, usually a year.
