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- The table below gives some of the items in the U.S. National Income and ProductAccounts in 1995.ItemAmount(trillions ofdollars)Consumption expenditure 4.97Investment 1.14Government expenditures 1.37Net exports 0.08Wages 4.20Interest, rent, and profit 1.68Depreciation 0.89a) Use the expenditure approach to calculate U.S. GDP in 1995.b) Use the income approach to calculate U.S. net domestic product at factor cost inThe following table provides data for an economy in a certa e Consumpticn expenditure Tmports 1000 600 Government 700 purchases of goods and services Construction 500 of new homes and aparchenta Sales of 600 existing homen and apertmenta Exporta 500 Government 200 payments to retirees Household purchases of durable goods Change in inventory 300 100 A Calculate the value of investment spending B. What is the value of government spending C. What is the value of consumer spending D. What is the value of net exports spending E Calculate the value of GDP according to the spending approachWha t components of GDP (if any) would each of thefollowing tt"a:nsactions affc,: t? Explain.a. Uncle Henry buys a new refrigerator from adomestic manufactu=.b. Aunt Jane buys a new house from a local builder:c. The Jackson famil}' bU}'S an old Victorian housefrom the Walker fan1ily.d. You pay a hairdresser for a haircut.e. Ford sells a Mustang from its inventory to theMartinez family.f. Ford manufactures a Focus and sells il to Avis, thecar rental company.g. Cal.ilornia hires workers to repave Highway JOI.h. The federal government sends your grandmothera Social Securil y check.i. Your parents buy a bo ttle of French wine.j. Honda expands its factory in Ohio.
- QUESTION TWOSuppose that the economy of Mwaliteta Republic has the following data for some economic variables. Assume that Mwaliteta Republic has a population of 500,000 people.Variable Amount in million ZMWExpenditure on Non-durable goods 98Non-residential fixed investment 79Central government expenditure 60Local government expenditure 82Expenditure on durable goods 82Expenditure on services 99Export expenditure 60Inventory Investment 5Depreciation 4Property income from abroad 12Indirect taxes 12Residential fixed investment 42Personal income tax…Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Wages and Salaries 1000Consumption 1700Investment 700Depreciation 50Government Expenditure100Taxes 300Exports 50Imports 40Income receipts from rest of the world10Income payment to rest of the world50 What are net exports for China? 4. Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions)What is the growth rate of GDP in Japan?Use the following information to answer questions 5 through 15: The tables below show data on prices and quantities of Oranges and Shoes produced in China. Data for 2014Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes0.7 200 10 270Data for 2015Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes0.9 150 14 250Data for 2016Price of Oranges Quantity of Oranges Price of Shoes Quantity of Shoes1.4 300 15 3305. Given this data, what is the Nominal GDP in 2014?6. What is the Nominal GDP in…National Income DeterminationThe following figures are from data on Good Island EconomyItems $mNet private investment 940Depreciation 56Compensation of employees 2 256Corporate taxes 416Personal taxes 756Personal Consumption expenditure 4 386Government purchases 3 182Indirect business taxes minus subsidies 482Payment of factor income to the rest of the world 95Corporate profits minus dividends 56Government transfer payments and interest 243Exports 855Receipts of factor income from abroad 186Imports of goods and services 385Social insurance payments 332 Required: Use the above information to answer the followingi.) Calculate for Good Island:a. Gross private investment b. Gross Domestic product c. Gross National Product d. Net National Product e. National income f. Personal Income g. Disposable Personal Income
- How do i trace this scenario on the circlar flow model, firms inventories unexpectedely rise?1. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500Consumption Expenditures $30,000Government Expenditures $15,000Imports $18,000Exports $20,000Property Taxes $16,000Sales Taxes $9,715Retained earnings $1,310Personal Income Taxes $2,200Private Investment Expenditures $14,000Interest Income $1,940Pay Roll taxes $1,000Transfer Payments $800 Depreciation $1,200Net Income Made Abroad by Americans $160Indirect Business taxes $2,000Corporate Income Taxes $300 2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 240 million people out which 70 million are under the age of 16, 30 million don't want to work and 10 million are looking for work. 3. Calculate the inflation rate from 2019-2020 if the index number in 2019 was 115 and the index number in 2020 was 119.Use data below to answer the following questions:Consumption expenditures $300 billion, Government purchases $50 billionTaxes $40 billion, Investment $80 billion, Social Security payments $20 billionImports $30 billion, Exports $40 billiona) How much is GDP?b) How much are net exports?c) Social Security payments are government expenses. Should they be included in GDP? Explain.
- Imagine that a country produces only three goods: npples, bananas, and cerrots. The quantaies produced and the prices ut the thee goods are fisted below Seve & tah S Onoda Produced Apples Bananas Carrots 12 22 Price $2.00 1.50 1.00 Instructions: Round your answers to 2 decimal places. a. What is this country's GDP? b. Suppose that a drought hits the country, causing the quantity of apples produced to fal to 3. Assuming that ali prices remain constant, what is this country's new level of GDP? E. Assume, once again, that the quantities produced and the prices of the three goods are as listed in the table. Given this situation, carrot sellers decide that the price of carrots is too low and agree to raise the price of carrots. If GDP is $80.00, what will be the new rice of carrots? per carrotces IC raw ill ady Answer five questions given the following data for 2019: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services I: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output b. Gross private investment d. Exports % c. Total government purchases e. Imports FI Instructions: Enter your responses as a percentage rounded to one decimal place. Calculate the following as a percentage of GDP for 2019: a. Personal consumption expenditures % % % EL Q Search @ F2 A $14,561 # 3,744 3,754 2,504 F3 (3,136) $21,427 F6 A $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427 Q F7 & PrtScn 18. * Home F9 FWhich of the following components makes up the largest percentage of GDP measured by aggregate spending? O imports O government purchases of goods and services consumer spending investment spending О ехрorts