EBK ECONOMICS
13th Edition
ISBN: 8220106799642
Author: PARKIN
Publisher: PEARSON
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Chapter 21, Problem 3SPA
To determine
Determine the aggregate expenditure (AE) and the imports of goods and services.
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The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2017, as published by the Bureau of Economic Analysis. All figures are in billions of dollars.
Fill in the missing cells in the table to calculate GDP using the expenditure approach.
Data
(Billions of dollars)
Consumption (C)
13,321.4
Investment (I)
3,368.0
Exports (X)
2,350.2
Imports (M)
2,928.6
Net Exports of Goods and Services
Government Purchases (G)
3,374.4
Gross Domestic Product (GDP)
The following table shows data on consumption, Investments, exports, imports, and government expenditures for the United States in 2016, as
published by the Bureau of Economic Analysis. All figures are in billions of dollars.
Fill in the missing cells in the table to calculate GDP using the expenditure approach.
Data
(Billions of dollars)
Consumption (C)
Investment (I)
12,757.9
3,035.7
Exports (X)
2,232.4
Imports (M)
2,733.7
Net Exports of Goods and Services
Government Purchases (G)
3,276.7
Gross Domestic Product (GDP)
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The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2014, as published by the Bureau of Economic Analysis. All figures are in billions of dollars.
Fill in the missing cells in the table to calculate GDP using the expenditure approach.
Data (Billions of dollars)
Consumption (C)
11,930.3
Investment (I)
2,851.6
Exports (X)
2,337.0
Imports (M)
2,875.2
Net Exports of Goods and Services
Government Purchases (G)
3,175.2
Gross Domestic Product (GDP)
Chapter 21 Solutions
EBK ECONOMICS
Ch. 21.1 - Prob. 1RQCh. 21.1 - Prob. 2RQCh. 21.1 - Prob. 3RQCh. 21.2 - Prob. 1RQCh. 21.2 - Prob. 2RQCh. 21.2 - Prob. 3RQCh. 21.2 - Prob. 4RQCh. 21.2 - Prob. 5RQCh. 21.3 - Prob. 1RQCh. 21.3 - Prob. 2RQ
Ch. 21.3 - Prob. 3RQCh. 21.3 - Prob. 4RQCh. 21.3 - Prob. 5RQCh. 21 - Prob. 1SPACh. 21 - Prob. 2SPACh. 21 - Prob. 3SPACh. 21 - Prob. 4SPACh. 21 - Prob. 5SPACh. 21 - Prob. 6SPACh. 21 - Prob. 7SPACh. 21 - Prob. 8SPACh. 21 - Prob. 9APACh. 21 - Prob. 10APACh. 21 - Prob. 11APACh. 21 - Prob. 12APACh. 21 - Prob. 13APACh. 21 - Prob. 14APACh. 21 - Prob. 15APACh. 21 - Prob. 16APACh. 21 - Prob. 17APACh. 21 - Prob. 18APACh. 21 - Prob. 19APACh. 21 - Prob. 20APACh. 21 - Prob. 21APACh. 21 - Prob. 22APACh. 21 - Prob. 23APACh. 21 - Prob. 24APACh. 21 - Prob. 25APACh. 21 - Prob. 26APACh. 21 - Prob. 27APACh. 21 - Prob. 28APA
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- The table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditure Component Amount of Expenditure (billions of dollars) Durable goods $1,269.30 Nondurable goods 2,638.30 Services 7,763.00 Gross investment 2,682.40 Exports 2,302.90 Imports 2,803.60 Federal government 1,250.00 State and local government…arrow_forwardThe following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government consumption expenditures and gross investment for the United States in 2007, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the following table to calculate GDP. Components Personal Consumption Expenditures (CC) $9,734.2 Gross Private Domestic Investment (II) $2,125.4 Exports (XX) $1,643 Imports (MM) $2,351 Net exports of goods and services (X−MX−M) Government Consumption Expenditures and Gross Investment (GG) $2,689.8 Gross domestic product (GDP) This method of calculating GDP, which involves summing the , is called the approach.arrow_forwardThe following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government purchases of goods and services for the United States in 2009, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP by adding together the final demands of consumers, business firms, the government, and foreigners—a method of calculating GDP known as the expenditure approach.arrow_forward
- Please give a detailed response for the question below.arrow_forwardUse the table to find GDI, GDP, gross private domestic investment, personal income, and personal disposable income. (All amounts in trillions of dollars.) Profit Indirect business taxes Rent Interest Wages Depreciation Consumption Government spending Imports Social Security contributions Exports Government transfer payments Personal income taxes and nontax payments Corporate taxes and retained earnings 2.8 .8 .7 .8 8.2 1.3 11.0 1.8 1.7 2.0 1.5 2.0 1.7 .5 Please discuss what formula you are using to get each one of the answers.arrow_forwardFollowing is a list of domestic output and national income figures for a given year. All figures are in billions. Calculate GDP by both the expenditure and income methods. The answers derived by each approach should be the same. Personal consumption expenditures $120 Capital consumption allowances (depreciation)20 Interest and miscellaneous investment income 10 Net income of farms and unincorporated business 17 Net exports+13 Profits of corporation and government enterprises before taxes 42 Wages, salaries, and supplementary labour income 113 Indirect business taxes (less subsidies)11 Government current purchases of goods and services 40 Net investment (net capital formation) 30 Taxes less subsidies on factors of production 10arrow_forward
- Item Measuring U.S. GDP: Using the information in the table below, calculate GDP via the expenditure approach. Expenditure Approach: Consumption expenditure Wages Investment Interest, Rent, Profits Government expenditure Exports Indirect Taxes less subsidies Depreciation Imports Dollars 15,400 8,500 2,100 4,100 3,200 3,000 1,100 2,000 8,000arrow_forwardUsing the formula GDP = C + I + G + NX, calculate GDP using the Expenditure Approach. (all figures are in billions of dollars):arrow_forwardUse the table to find GDI, GDP, gross private domestic investment, personal income, and personal disposable income. (All amounts in trillions of dollars.) Profit Indirect business taxes 2.8 .8 Rent .7 Interest Wages .8 8.2 Depreciation Consumption Government spending 1.3 11.0 1.8 Imports 1.7 Social Security contributions 2.0 Exports 1.5 Government transfer payments 2.0 Personal income taxes and nontax 1.7 payments Corporate taxes and retained .5 earnings GDI = 14.6 GDP = 14.6 ' , gross private domestic investment = 2, personal income = 12, personal disposable income= 10.3 Fill in numbers only; one decimal place; e.g. 10.0arrow_forward
- Calculate the GDP of the country described below: Consumption = $5 trillionInvestments = $2 trillionGovernment Expenditures = $3 trillionNet Exports = $1 trillionarrow_forwardUsing the formula GDP = National Income + Depreciation + (indirect taxes – subsidies) + Net factor payments to the rest of the world, calculate GDP using the Income Approach. (all figures are in billions of dollars):arrow_forwardSuppose you are given the following information about some hypothetical economy and its national income accounts. Use this information to answer the questions that follow. (Amounts are in millions of Kshs.) Indirect Business Taxes 459.50 Corporate profits 604.45 Corporate profits taxes 234.70 Retained earnings 165.40 Proprietors' income 519.20 Rental Income 31.05 Net Interest 585.55 Exports 842.85 Imports 1190.20 Income Receipts from rest of world 427.8 Income Payments to rest of world 377.45 Net National Product 6190.4 Government expenditures for Goods and Services 1358.25 Personal current Transfer receipts 871.15 Social Security Taxes (employee & employer) 490.75 Personal Consumption expenditures 4892.85 Gross Private Domestic Investment 1082.45 Disposable personal income 5128.75 a. Find GDP and GNP b. Find depreciation (capital consumption allowance) c. Find National Incomearrow_forward
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