<2/2Part BGDP: Where and what is counted?For each of the following items, write one of the following in the space provided.C if the item is counted as consumption spendingI if the item is counted as investment spending▶G if the item is counted as government spendingXif the item is counted as exportsM if the item is counted as importsNC if the item is not counted in the calculation of the GDP11. You spend $7.00 to see the latest Justin Bieber movic.12. A family pays a contractor $100,000 for a house he built for them this year.13. A family pays $75,000 for a house built three years ago.14. An accountant from Ernst & Young purchases a new Italian suit.15. The government increases defense expenditures by $1,000,000,00016. A homemaker works hard caring for her spouse and two children.17. Ford Motor Company buys new auto-making robots.18. Apple Computer builds a new factory in the United States.19. You buy a new Toyota Tacoma that was made in Japan.20. A Japanese airline purchases two new Boeing 747s (*these are made in WA)

When an individual makes an exchange of goods and services, it will be counted in different…

Answered: Part B GDP: Where and what is counted?…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 % % c. Total government purchases % d. Exports e. Imports % $14,561 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 % 3,744 3,754 2,504 (3,136) $21,427 Wages and salaries Corporate profits Proprietors' income Income Rents Interest Taxes on output and imports Depreciation Statistical discrepancy Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427
Use the data below to answer the questions. Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 GDP $5,803 5,995 6,337 6,657 7,072 7,397 7,816 8,304 8,747 9,268 9,817 10,128 10,469 10,960 11,685 12,422 13,178 13,808 14,291 13,939 14,527 15,518 16,163 16,768 17,393 18,037 18,754 19,543 20,612 21,433 Total Government Spending (billions) $1,180 1,234 1,271 1,291 1,325 1,369 1,416 1,468 1,518 1,620 1,721 1,825 1,961 2,092 2,217 2,355 2,508 2,675 2,878 2,918 3,000 3,169 3,169 3,143 3,152 3,218 3,299 3,407 3,595 3,748 Federal Spending (billions) $508 527 533 525 519 519 527 530 530 555 578 612 679 756 826 876 932 979 1,080 1,143 1,223 1,304 1,291 1,232 1,219 1,225 1,235 1,264 1,339 1,419 State and Local Spending (billions) $671 706 737 766 806 850 888 937 987 1,065 1,142 1,212 1,281 1,336 1,391 1,480 1,576 1,696 1,798 1,775 1,780 1,865 1,878 1,912 1,933 1,993 2,065 2,143 2,256 2,329
Using the table below, calculate the indicated values. Sector Consumption Investment Government spending Net exports Population Value (millions) $770,000 $165,000 $220,000 $-60,000 55 Instructions: Round your answers to the nearest dollar. a. Total gross domestic product = $ million. GDP per person is $ b. Consumption, investment, government spending, and net exports each as a percentage of total GDP. (Note: Enter your answers in the table below.) c. Consumption, investment, government spending, and net exports per person. (Note: Enter your answers in the table below.) % of total GDP Per person ($) Consumption Investment Government spending Net exports
Which of the following statements best describe how economists calculate GDP? a. Economists at the Census bureau collect data from surveys sent to consumers, private firms and government agencies and add them up on a yearly basis. b. Economists at the Bureau of Economic Analysis pull together data on sales, imports, exports, government purchase and investments from various government sources every 3 months. c. Economists at the Bureau of Labor Statistics collect data from surveys sent to consumers, private firms and government agencies and add them up every 3 months. d. Economists at the Congressional Budget Office calculate GDP for a given year by adjusting the previous year’s GDP with inflation. Which statement best describes the difference between Nominal and Real GDP? a. Nominal GDP is Real GDP that has been adjusted to remove the distorting effects of inflation. b. Real GDP is calculated using current market prices, while Nominal GDP is calculated using the…
Dollars (trillions) 25 20 15- 10- 0 -5 11 Expenditure components of nominal GDP 1950 GDP (Y) Consumption (C) Investment (1) Government spending (G) Exports (X) Imports (M) 1960 Figure Data Notes 1970 198 1990 2000 2010 The following will refer to the data table in the chart above, to access the data table for this graph you will need to click on the data button at the bottom of the chart. In Q2 of 2008 which of the following were above 9 trillion dollars (annualized)? Select the two correct answers.
Problem Country produces 100 pizza at price $8, 20 tomatoes at price $2 and 45 meat at price $6. One fourth of tomatoes and one third of meat is used in production of pizza. Question: Calculate GDP of this country.
The table shows an economy's total production and the prices of the final goods it produced in 2020 and 2021. The base year is 2020. Calculate real GDP in 2020 and real GDP in 2021.
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…
What component of the GDP (Gross Domestic Product) would you classify a product or service Microsoft creates ?
Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: Show all calculations and formulae Calculate the value of the country’s GDE (Gross Domestic Expenditure).
Which of the following items is not part of the GDP calculation? Select one: a. Local citizens receiving medical care b. A person purchases a local car c. The government expands the highway between two main cities d. A number of unemployed citizens receive unemployment insurance benefit

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