us imagine that there is a country which displays the following statistics. C (Consumption) is one-half of GDP, and I (Investment) is one-sixth of GDP. G (Government expenditure) is $2000 larger than investment. The country has a trade deficit of $700. What is the country's approximate GDP? $1300 $9100 $7800
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Let us imagine that there is a country which displays the following statistics. C (Consumption) is one-half of GDP, and I (Investment) is one-sixth of GDP. G (Government expenditure) is $2000 larger than investment. The country has a
$1300 |
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$9100 |
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$7800 |
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$6500 |
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- Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. GDP Exports Imports Exports - Imports Year (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 1983 3,535.0 277.0 328.6 -51.6 -1.46 1984 3,931.0 302.4 405.1 -102.7 -2.61 1985 4,218.0 302.0 417.2 -115.2 -2.73 1986 4,460.0 320.3 452.9 -132.6 -2.97 1987 4,736.0 363.8 508.7 -144.9 -3.06 Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1984 and 1985, the in dollar terms and as a percentage of GDP.The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year GDP Exports Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 2006 13,399.0 1,471.0 2,240.3 2007 14,062.0 1,661.7 2,375.7 2008 14,369.0 1,843.4 2,553.8 2009 14,119.0 1,578.4 1,964.7 2010 14,660.0 1,837.5 2,353.9 Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html.…The following table shows the approximate value of exports and imports for the United States from 1983 through 1987. Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year GDP Exports Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 1983 3,535.0 277.0 328.6 1984 3,931.0 302.4 405.1 1985 4,218.0 302.0 417.2 1986 4,460.0 320.3 452.9 1987 4,736.0 363.8 508.7 Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1983 and…
- What term is used to describe the total value of all the goods and services produced in a country over a specific time period? A) Gross Domestic Product (GDP) B) Consumer Price Index (CPI) C) Balance of Trade D) Fiscal DeficitThe following table shows the approximate value of exports and imports for the United States from 2006 through 2010. Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year GDP Exports Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 2006 13,399.0 1,471.0 2,240.3 2007 14,062.0 1,661.7 2,375.7 2008 14,369.0 1,843.4 2,553.8 2009 14,119.0 1,578.4 1,964.7 2010 14,660.0 1,837.5 2,353.9 Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html.…Generally, how does the standard of living in the United States today compare to the standard of living in other countries? To the standard of living in the United States a century ago?The Bureau of Economic Analysis, or BEA, is a government agency collecting various U.S. economy statistics. From the BEA’s website, find data for the most recent year available on U.S. exports and imports of goods and services. Is the United States running a trade surplus or deficit? Calculate the ratio of the surplus or deficit to U.S. exports.There are many people out there providing opinions on the economy. How can differences of opinion about economic policy recommendations be resolved?
- You have the following annual data for the New Zealand economy ($bn): GDP (Y) = 190 Gross National Disposable Income (Yd) = 183 Net exports of goods and services (NX) = 5 Private Consumption (C) = 112 Government consumption (G) = 38 Based on this data, complete the following paragraph (enter numbers only). Investment (I) is equal to $____bn. The current account (surplus or deficit?) is equal to $_____bn. The capital account part of the balance of payments (which for the purposes of this question includes both capital and financial accounts) therefore shows a ____ of $_____bn. National savings is equal to $______bn.Assume that GDP is $6500, personal disposable income is $5600, and the government budget deficit is $400. Consumption is $3800, and the trade deficit is $100. Calculate the saving (S), investment (I), and government spending (G).The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year GDP Exports Imports Exports – Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of Dollars) (Percentage of GDP) 2006 13,399.00 1,471.00 2,240.30 -769.30 -5.74 2007 14,062.00 1,661.70 2,375.70 -714.00 -5.08 2008 14,369.00 1,843.40 2,553.80 -710.40 -4.94 2009 14,119.00 1,578.40 1,964.70 -386.30 -2.74 2010 14,660.00 1,837.50 2,353.90 -516.40 -3.52 Step 3 In 2006, Net Exports = $1471.0 - $2240.30 = -$769.30. Net Exports as percentage of GDP = -769.30 / 13399 * 100 = - 5.74% Similarly has been calculated for other years Between 2007 and 2008, the _____________ in dollar terms and…
- Use some of the information below to determine which statement is TRUE. Corporate profits: 45 Depreciation: 28 Exports: 100 Government Purchases of Goods and Services: 320 Government Transfer Payments: 255 Gross Private Domestic Investment: 160 Imports: 119 (Net) Indirect Business Taxes: 7 Net Factor Payments to Rest of World: 25 Personal Consumption Expenditures: 626 Total government tax and fee revenue: 368 Wages and Salaries: 829 The trade deficit is 19 The trade deficit is 12 The trade deficit is 20 The trade surplus is 58 The trade surplus is 24If consumption is $12 billion, investment is $5 billion, government purchases are $6 billion, exports are $3 billion, and imports are $5 billion, calculate GDP. (Do not include the dollar sign or billion in your answer. So, if your answer is $35 billion, just write in 35 ) is there a trade surplus or deficit?Question 5 What is meant by "a tariff on imports?" Summarize the domestic effect of a tariff on the price of imported goods? Question 6 What is meant by discretionary fiscal policy? Give an example of how the government can use fiscal policy to stimulate consumer spending. (You must use the terms disposable income and demand). Question 7 What is meant by economic growth and why is it one of the most important goals macroeconomists seek to achieve? In your explanation, show the relationship between production, consumption, and investment in periods of economic growth? Question 8 What is meant by the "National Debt?" Explain why the "National Debt" has been both a"benefit and a burden". Give one example showing a benefit and one example that shows the "National Debt" is a burden.