Economics. Suppose the following information was published by the Australian Bureau of Statistics in 2017: ItemAmount (AUD billion)Household consumption5,029.81Government consumption20,340.92Exports1,386.39Value of cocaine seized at Sydney Airport20,500Value of intermediate goods in tractor manufacturing 502,003Gross private domestic investment352.69Imports386.95Components used in the manufacture of cars40,000Gifts15,236Government investment88.19Value of second-hand goods500.00Value of banned endangered species elephant tasks seized at Melbourne Airport600.00 Use the information provided to calculate Australia’s GDP in 2017

In the calculation of gross domestic product, there are some items that can not be included such as…

Answered: Suppose the following information was…

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 1CQ

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Economics.

Suppose the following information was published by the Australian Bureau of Statistics in 2017:

Item	Amount (AUD billion)
Household consumption	5,029.81
Government consumption	20,340.92
Exports	1,386.39
Value of cocaine seized at Sydney Airport	20,500
Value of intermediate goods in tractor manufacturing	502,003
Gross private domestic investment	352.69
Imports	386.95
Components used in the manufacture of cars	40,000
Gifts	15,236
Government investment	88.19
Value of second-hand goods	500.00
Value of banned endangered species elephant tasks seized at Melbourne Airport	600.00