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The balancing item in the PRODUCTION ACCOUNT is:
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Intermediate Consumption
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- The GNP of a country is $200 billion, receipts of factor income from the rest of the world are $10 billion, payments of factor income to the rest of the world are $30 billion, and depreciation is $25 billion. What is the GDP and the Net National Product?Gross Domestic Product represents...Which of the following is the equation for Gross Domestic Product A. G + D + P B. C + G + I + X C. C + G + I + Xn D. C x G x I x Xn
- Gross domestic product (GDP) is defined as the: A. value of all final goods and services produced in a country during a period of time B. value of all final goods produced by a country’s resources that are in foreign countries during a period of time. C. value of all final goods that can be produced in a country by utilizing all resources during a period of time. D. value of the income earned by the owners of resources in a country during a period of time E. value of all intermediate goods and services produced in a country during a period of timeResidents of several European countries spend less time working and more time on leisure activities than do people in the U.S. How is this great leisure time accounted for in Gross Domestic Product measurements?Why does gross domestic product measure the final value of goods and services produced in a country over a given period of time?
- The factor payments measure of GDP a. is found by summing all interest, profit, rent, and wages and salaries generated during the year b. calculates how much workers paid for goods and services during the year c. is found by summing all expenditures on final goods and services during the year d. can be expressed as GDP = C + I + G + NXPurchase of electricity by a family is: a. not counted in GDP b. counted as part of net exports c. counted as part of government purchases d. counted as part of private investment e. counted as part of consumptionWhat does GDP stand for in economics?A) Gross Domestic ProfitB) Gross Domestic PriceC) Gross Domestic ProductD) Gross Domestic Percentage
- What variables determine gross domestic product? What are the two approaches used to measure gross domestic product?Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions Compensation of employees $226.2 U.S. exports of goods and services 19.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures 249.1 Statistical discrepancy 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI= $ billionExplain how gross domestic product is calculated using each of the following: the income approach and the expenditure approach.