Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 21, Problem 1MCQ
To determine
The correct option.
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Students have asked these similar questions
Identify the statement that describes the Gross Domestic Product of a country.
a.
All goods and services that are imported to the country
b.
All goods and services that are produced within a nation's borders.
c.
The amount of intermediate goods produced inside the country
d.
All goods and services that are produced outside a country's borders
how to calculate gross national income from gross domestic product
Value of the final goods and services produced in a given year valued at that year's prices
A. Nominal GDP
B. Real GDP
C. Net Domestic Product
D. Per Capita GDP
Chapter 21 Solutions
Foundations of Economics (8th Edition)
Ch. 21.A - Prob. 1SPPCh. 21.A - Prob. 2SPPCh. 21.A - Prob. 3SPPCh. 21.A - Prob. 4SPPCh. 21.A - Prob. 5SPPCh. 21.A - Prob. 6SPPCh. 21.A - Prob. 7SPPCh. 21.A - Prob. 1IAPCh. 21.A - Prob. 2IAPCh. 21.A - Prob. 3IAP
Ch. 21.A - Prob. 4IAPCh. 21.A - Prob. 5IAPCh. 21.A - Prob. 6IAPCh. 21.A - Prob. 7IAPCh. 21 - Prob. 1SPPACh. 21 - Prob. 2SPPACh. 21 - Prob. 3SPPACh. 21 - Prob. 4SPPACh. 21 - Prob. 5SPPACh. 21 - Prob. 6SPPACh. 21 - Prob. 7SPPACh. 21 - Prob. 8SPPACh. 21 - Prob. 9SPPACh. 21 - Prob. 10SPPACh. 21 - Prob. 1IAPACh. 21 - Prob. 2IAPACh. 21 - Prob. 3IAPACh. 21 - Prob. 4IAPACh. 21 - Prob. 5IAPACh. 21 - Prob. 6IAPACh. 21 - Prob. 7IAPACh. 21 - Prob. 8IAPACh. 21 - Prob. 9IAPACh. 21 - Prob. 10IAPACh. 21 - Prob. 11IAPACh. 21 - Prob. 12IAPACh. 21 - Prob. 1MCQCh. 21 - Prob. 2MCQCh. 21 - Prob. 3MCQCh. 21 - Prob. 4MCQCh. 21 - Prob. 5MCQCh. 21 - Prob. 6MCQCh. 21 - Prob. 7MCQ
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- What is the difference between gross national product and net national product?arrow_forwardWhat describes as Gross Domestic Product of a country?arrow_forwardWhich of these will be a part of the gross domestic product? a. Income from this year’s final output b. Income of citizens from abroad c. Income from selling second hand items d. Income from illegal activitiesarrow_forward
- Calculate the gross domestic product and the net domestic product and market pricesarrow_forwardGDP dose not value A Total income of everyone in the economy B Total expenditure on the economy output goods and services C non market activity such as child care. A parent provide his or her child home D revenuearrow_forwardThe 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?arrow_forward
- You are an economist calculating the Gross Domestic Product of Oman. To calculate GDP, you will __________. a. Divide the price with the quantity of all the products and services produced in Oman. b. Subtract the price with the quantity of all the products and services produced in Oman c. Add the price and quantity of all the products and services produced in Oman d. Multiply the price with the quantity of all the products and services produced in Oman.arrow_forwardWhat is the term for the total value of goods and services produced within a country's borders in a given year? A. Gross national product (GNP) B. Gross domestic product (GDP) C. Net exports D. Aggregate demandarrow_forwardUsing 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= $ billionarrow_forward
- 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 timearrow_forwardValue of the final goods and services produced in a given year corrected for inflation in order to measure actual production A. Nominal GDP B. Real GDP C. Net Domestic Product D. Per capita GDParrow_forwardPage 551 5. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in bilions. Compensation of employees $194.2 U.S. exports of goods and services 17.8 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 U.S. Imports of goods and services 13.9 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures 219.1 Statistical discrepancyarrow_forward
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