Using the expenditure approach, calculate GDP using the following data: Item Amount in dollars (billions) Consumption 7,600 Consumption of Durable Goods 1,600 Consumption of Non Durable Goods 2,800 Consumption of Services 3,200
Q: Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data…
A: Net Exports=Exports -Imports NX=X-M Exports=2350.2 Billion Dollars Imports=2928.6 Billion Dollars…
Q: The index used most often to measure prices paid by households is the: a) producer price index…
A: The measure that depicts for a given class of goods or services the average of price relatives being…
Q: Define GDP
A: GDP or Gross Domestic Product is an indicator of growth.
Q: The Income Approach calculates GDP with all of the following except: wages, interest, profits and…
A: The market value of all final goods and services produced in the economic territory of the country…
Q: The consumption portion of the demand measurement of GDP is the purchase of goods and services by: O…
A: GDP measures the market value of goods and services produced in the economy within a given period of…
Q: Gross National Product (GNP) and Gross Domestic Product (GDP) are used interchangeably to mean the…
A: Gross domestic product refers to the total monetary value of all the final good and services…
Q: When calculating GDP using the expenditure, double counting is avoided by:
A: In expenditure method GDP is the sum of expenditures of final consumption, investment, government…
Q: The largest component of GDP as measured using the expenditure approach is: wages and salary…
A: The measure that depicts the value of goods and services being produced in an economy during…
Q: 1. Calculate the GDP by using both Income and Expenditure approaches. (Solution 8,300) Consumption…
A: Gross Domestic Product is the total value of goods and services produced within the domestic…
Q: Explain three shortcomings of using GDP to measure the size of the economy.
A: GDP: It is used to measure economic well-being.
Q: Calculate GDP using the information in the table below: SBillions Durable goods 250 Nonresident…
A: GDP computation by using expenditure method: Y= C+I+G+NX Where C is the consumer expenditure on…
Q: After reading a report that says that around 70% of U.S. GDP is consumption, your friend Alex…
A: GDP or the Gross Domestic Product is the monetory value of all the goods and services that is…
Q: Assume that the base year is 2012. Consider the following data on nominal GDP: Year Nominal GDP 2011…
A: The base year is 2012 In the base year, nominal GDP and real GDP are equal. The nominal GDP in 2012…
Q: Saved Intermediate goods, which are goods that go into the production of other goods, are directly…
A: Answer to the question is as follows:
Q: many goods and services are illegally sold or legally sold but not reported to the government. how…
A: Gross Domestic Product is an economic or market values of the products produced in the economy in a…
Q: In an economy:- Nominal GDP = 17,000 Real GDP = 11,000 We have to calculate the value of GDP…
A: The given information is as follows:- Nominal GDP = $17,000 Real GDP = $11,000 We need to find the…
Q: Calculate GDP deflator if real GNP is $47,000 and the nominal GNP is $60,000
A: The data presented in the question above is:- Real GNP = $47,000 Nominal GNP = $60,000 The value of…
Q: Calculate national domestic income when national consumption expenditure is $2200 million and…
A: The data presented in the question above is as follows:- National consumption expenditure = $2200…
Q: Survey of Economics: GDP Accounting Worksheet Place the transactions below in their appropriate…
A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Given are the following sets of accounts: RM (Million) Compensation to employees…
A: Given, Compensation to employees = 5969.5 Proprietor’s income = 756.5 Corporate profits = 787.4…
Q: Explain the impact of each of the following transactions on the calculations of Ghana’s GDP.a. A…
A: The term “GDP” refers to the Gross Domestic Product of the country. It is the market value of all…
Q: What is double counting and why must be avoided when measuring GDP? How do statisticians avoid the…
A: Double counting:- It refers to counting the value of one good or service more than once. For…
Q: In some country, the following holds Components of GDP Amount (Millions) Consumption 980 Investment…
A: The trade balance of a country is the difference between a country's export and country's imports.…
Q: Using any relevant information below, calculate GDP using the expenditure approach. Inventory…
A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…
Q: The gross domestic product (GDP) of the United States is defined as the _________ (options: cost of…
A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…
Q: According to the product approach to Gross Domestic Product (GDP), GDP is the sum total of Four…
A: When talking about product approach to easily gross domestic product, it explains the production and…
Q: Based on the data provided, calculate GDP according to the Expenditure Model. Savings…
A: The measure that depicts the market value of goods and services that are being produced within the…
Q: Which of the following components is NOT included in the calcula GDP using the expenditures…
A: GDP measures the total value of goods and services purchased in an economy during a specific period…
Q: Which of the following items will be included in official Canadian GDP statistics? 25 Instructions:…
A: The standard measure of the value-added created via the production of goods and services in a…
Q: The expenditure approach to calculating GDP eliminates the issue of double-counting by: adding the…
A: The Gross Domestic Product (GDP) is the aggregate money value of all final goods and services…
Q: Computation of GDP by the expenditures method would include the purchase of A. fertilizer by a…
A: Expenditure method is the method which measures final expenditure on gross domestic product at…
Q: Intermediate goods are excluded from the GDP calculation to avoid double counting. Select one: a.…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which variable constitutes the largest portion of GDP using the expenditure method? A. Xn B. G C.…
A: The components of GDP are: Xn= Net exports= Exports- imports G= government spending C= consumption…
Q: Distinguish between GDP deflator and Consumer Price Index
A: GDP deflator and Consumer Price Index (CPI) are used to determine price inflation in the economy.…
Q: Consider the following national accounts data for Westeros: Westeros' National Accounts (2019) GDP…
A: Here we calculate the GDP by using the income method , by using the given data , and choose the…
Q: Use the data chart to answer the questions below. Consumption $500 Government Expenditures $200…
A: Hi student, thanks for posting the question. As per the guideline, we are providing the answer for…
Q: Use the attached table to calculate the following: Nominal GDP in 2008 and 2011 Use real GDP in…
A: Nominal. GDP = Price * Quantity Nominal GDP in 2008 = 1000*5500+6000*1350+7600*50+1500*670 =…
Q: Q)The sum of expenditure by consumers is $32B, investment by businesses is $40B, and government…
A: GDP is the value of the final goods and services produced within the economy in a particular year.…
Q: 2006 2006 2011 2011 Product Quantity Price Quantity Price Movies 20 $6.00 30 $7.00 Burgers 100 $2.00…
A: (a) Nominal GDP is the current value of all goods and services (GDP) produced in an economy…
Q: Compare and contrast GDP versus GNP. Provide an example of each. Based on the data provided,…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: What is the US GDP for year end 2018? What the personal consumption expenditures for year end 2019
A: The Gross Domestic Product (GDP) is the summation of money value of all the final goods and services…
Q: The expenditures on tires by the Ford Motor Company are not included directly in GDP statistics…
A: GDP can be understood as the monetary value of all the final goods and services produced in an…
Q: From the following information, calculate GDP, private disposable income and private savings…
A: Gross Domestic Product (GDP) measures the values of goods and services produced with in the domestic…
Q: Prices for which of the following are included in the GDP deflator, but not included in the Consumer…
A: The GDP deflator considers the price of currently produced goods and services to the price of the…
Q: Measure GDP and NDP from the following data Consumption Expenditure $ 28,500…
A: Here, information about various economic activities of a country is given to compute GDP and NDP.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Based on the tables below, answer the questions posed. Component of Gross Domestic Product (GDP) RM million Consumption on durable and non-durable goods 1,600 Consumption of services 700 Residential and non-residential investment 860 Change in inventories – 50 Corporate profit 610 Export 370 Import 230 Receipt of factor income from the rest of the world 840 Payment of factor income to the rest of the world 770 a) Calculate the Gross Domestic Product (GDP) using the expenditure approach.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:COMPONENTR millionsConsumption expenditure (C) Investment (I)Government spending (G) Exports (X)Imports (Z)DepreciationForeign payment to the rest of the worldForeign payment from the rest of the worldShow all calculations and formulae.9 000 6 500 7 000 1 800 2 400 700 300250 Compute the value for the country’s GDP (Gross Domestic Product) at market price. Determine the value of the country’s NNI (Net National Income) at market price.If it is predicted that the GDP will increase to 22 000 in 2020, calculate the growth rate between 2019 and 2020.Q.7.2.5The measure of GDP for economic growth is not always perfect. Describe any two problems that are associated with GDP as a measure of economic growth.The table below showsa country's potential Gross Domestic Product (GDP) and true GDP. 1970e 19754 1980 GDP 2,500- 3,5004 4,5004 5,500e 6,500e 7,500- 8,500- Year 1985e 1990- 1995e 2000 Potential (billion) KDNK is 3,890- 4,9814 2,8804 3,988e 7,518e 7,983e 7,850t right(billion) i. Sketch a business cycle based on the data provided above ii. Describe the business cycle. e
- National income accounting for a certain country in the year for 2020 is given in Table 2. Based on the table, answer the following questions. Amount in $ (million) 180 8,120 3,800 1,320 4,230 12,000 10,120 12,100 8,000 3,120 3,240 Items Net factor income Consumption expenditure Public investments Import Export Government expenditure Wages Interest, rent and profit Indirect taxes Subsidies Depreciation a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price. b) By using income approach, calculate Gross Domestic Product 9GDP) at market price. c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think that GDP Ís important, and what is the limitation of GDP?The link between gross domestic product (GDP) and national income (NI) isSelect one from the following options. A)indirect business taxes, net foreign factor income, savings B)indirect business taxes, profit, investment C)indirect business taxes, net foreign factor income, consumption of fixed capital D)indirect business taxes, net foreign factor income, investmentUsing the expenditure approach, calculate GDP using the following data. Item Amount in dollars (billions) Total Consumption 9,600 Consumption of Durable Goods 1,600 Consumption of Non Durable Goods 2,800 Consumption of Services 3,200 Total Investment 3,750 Fixed Investment 1,000 Government purchases of Goods & Services 2,675 Government Transfer Payments 450 Exports 800 Imports 900 GDP Equals
- Calculate GDP using the Income and Expenditure Approach.(all figures are in billions of dollars): Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world…Question 2 - Computation and Short AnswerStudents are required to show ALL workings to be awarded the full marks for eachpart of this question.(a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars):Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world 343.7Inventory change 56.5Social security contributions 702.7Undistributed corporate profits (retained earnings) 130.3Government transfer and interest payments 1,366.3Personal interest payments 286.2Personal taxes 1,235.75. Comparing total expenditures and total production The following graph shows total production (TP) and total expenditures (TE) for a hypothetical economy. Suppose Real GDP is $450 billion. TOTAL EXPENDITURE (Bons of dollars) 475 450 425 400 325 350 325 300 300 325 350 375 400 425 REAL GOP (Bons of dollars) 450 475 500 (TP-Real GOP) TE
- Based on the following table Private consumption expenditure (C) Gross private investment Expenditure (1) Government Expenditure (G) Exports (X) Imports (M) Net factor income from the rest of the world 5 Depreciation 150 Indirect Taxes 60 Subsidies 40 Transfer payments to households 10 35 Personal Income Taxes 30 Undistributed dividends 20 25 15. a) Find Net National ProductTable 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…GDP 1. Calculate the values for the blanks in the shaded areas of the table below: Expenditure Components of GDP by Country, 2020 (83Son of current US dollars) Australia Canada Denmark Finland Japan India 1617 137.9 873 65.9 C E FOOD 80.0 65.3 16 0.5 L M N 195.4 97.G 1725 96.7 Household consumption Government expenditure Investments Gross fixed Investments Changes in inventories Net Exports Exports Imports A: ÄÜÄ÷ B: C: D: E: F: G: H: I: J: 746.5 K: L: 297.2 A 316.9 4.3 3152 254.7 943.7 371.8 B 377.7 (147) K 476.0 509.8 M: N: 0: P: 1,591.7 Q: R: 292.1 722.0 97.0 4973 $11.3 કીડી || T: 2.700.7 Y: 1,066.4 1,279.5 106 785.4 786.2 New Zealand UK 122.0 43.7 G 47.3 (p.s) P 46A GDP S U W Y Source: GOP by Type of Expenditure at current prices-US dollars, Retrieved 7/27/2022. National Accounts Estimates of Main Aggregates United Nations feste Division 472 Z: ZZ: 1,683.7 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports?…
