EBK ECONOMICS
13th Edition
ISBN: 8220106799642
Author: PARKIN
Publisher: PEARSON
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Question
Chapter 21, Problem 4SPA
(a)
To determine
Determine the value of GDP in 2014.
(b)
To determine
Explain the aggregate expenditure method.
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Students have asked these similar questions
a) Give the definition of GDP and explain what items are not included in its calculation?
A. The table below shows the national income of a country in 2012. Use the data to answer the
questions that follow:
ITEMS
$ MILLIONS
Personal Consumption Expenditure
640.00
Gross private Domestic Investment
180.00
Government Expenditure
220.00
Exports of goods and services
175.00
Imports of goods and services
202.00
Subsidies
48.00
Indirect business taxes
322.00
Consumption of fixed capital
115.00
Net property income from Abroad
80.00
i.
Define Gross Domestic Product (GDP
ii.
Calculate the:
a. Gross Domestic Product (GDP)
b. Gross National Product (GNP)
a) Give the definition of GDP and explain what items are not included in its calculation? What is the current
environment in the USA and Australia?
b) Define unemployment and its measurement. What is the current environment in the USA and Australia?
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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Similar questions
- a. Answer the following questions based on above table i. Calculate Canada GDP. ii. Explain the approach (expenditure or income) that you used to calculate the Canada GDP.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_forwardWhat is GDP? What are the major components of GDP measured by the expenditure method?arrow_forward
- If General Motors builds cars in Germany, is their value counted in Germany's GDP?arrow_forwardTyped plz and Asap thanksarrow_forwarda. Write an essay Explaining concisely whether the following statement is true or false: “The GDP of a country does provide an accurate indicator of the welfare of its citizens”arrow_forward
- The table lists some national accounts data for the United States in 2008 Calculate U.S GDP in 2008. Explain the approach (expenditure or income)that you used to calculate GDP. Item Billions of Dollars Wages Paid to labor 8,000 Consumption expenditure 10,000 Net operation surplus 3,200 Investment 2,000 Government expenditure 2,800 Net exports -700 Depreciation 1,800arrow_forwardThe following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 150 100 2021 150 4 100 2022 300 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022 IIarrow_forwardThe following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 200 100 2021 400 200 2022 400 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022arrow_forward
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