MACROECONOMICS FOR TODAY
10th Edition
ISBN: 9781337613057
Author: Tucker
Publisher: CENGAGE L
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Chapter 5, Problem 11SQ
To determine
The calculation of the
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The 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?
Which of the following would be captured and included in the calculation of GDP?
A) The cost of hospital stays.
The rise in life expectancy over time.
(C) Child care provided by a licensed day care center.
Child care provided by a grandmother at home.
A used car sale to the Brown family.
A new car sale to the Brown family.
(G) The greater variety of cheese available in supermarkets.
The iron that goes into the steel that goes into a refrigerator bought by the Brown family.
What is the difference between gross national product and net national product?
Chapter 5 Solutions
MACROECONOMICS FOR TODAY
Ch. 5.6 - Prob. 1YTECh. 5 - Prob. 1SQPCh. 5 - Prob. 2SQPCh. 5 - Prob. 3SQPCh. 5 - Prob. 4SQPCh. 5 - Prob. 5SQPCh. 5 - Prob. 6SQPCh. 5 - Prob. 7SQPCh. 5 - Prob. 8SQPCh. 5 - Prob. 9SQP
Ch. 5 - Prob. 10SQPCh. 5 - Prob. 11SQPCh. 5 - Prob. 12SQPCh. 5 - Prob. 13SQPCh. 5 - Prob. 1SQCh. 5 - Prob. 2SQCh. 5 - Prob. 3SQCh. 5 - Prob. 4SQCh. 5 - Prob. 5SQCh. 5 - Prob. 6SQCh. 5 - Prob. 7SQCh. 5 - Prob. 8SQCh. 5 - Prob. 9SQCh. 5 - Prob. 10SQCh. 5 - Prob. 11SQCh. 5 - Prob. 12SQCh. 5 - Prob. 13SQCh. 5 - Prob. 14SQCh. 5 - Prob. 15SQCh. 5 - Prob. 16SQCh. 5 - Prob. 17SQCh. 5 - Prob. 18SQCh. 5 - Prob. 19SQCh. 5 - Prob. 20SQ
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- Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retireearrow_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_forwardUsing the following national income accounting data, compute GDP, NDP, and NI. All figures are in billions. Round your answers to one decimal place. category value compensation of employees $ 196.2 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 Net foreign factor income Personal consumption expenditures Statistical discrepancy 40.5 2.2 219.1 0arrow_forward
- To calculate GDP from the income side, one must add together wages, a) government income, interest, and profits. b) consumption and depreciation. c) interest, rent, depreciation, profits and indirect taxes net of subsidies. d) investment, rent, depreciation, profits and indirect taxes net of subsidies. e) net exports, depreciation, and profits.arrow_forwardWhen calculating nominal GDP, the volume of output is measured using? Multiple Choice weight. the market value adjusted for inflation. the number of people employed. the current market value.arrow_forwardUsing the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Billions Category Compensation of employees U.S. exports of goods and services $205.2 18.8 Consumption of fixed capital Government purchases Taxes on production and imports Net private domestic investment Transfer payments U.S. imports of goods and services Personal taxes 11.8 59.4 14.4 52.1 13.9 16.5 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 229.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ |billion b. NDP = $ billion c. NI = $ billionarrow_forward
- Gross Domestic Product represents...arrow_forwardWhich of the following would not be counted in the calculation of GDP? Select all that apply. A. purchasing a puppy from a farmer with a reputation for not paying taxes B. washing your clothes C. government spending on social security D. buying a brand new car E. paying for a chef to cook your meals F. paying for a flight to Las Vegasarrow_forwardWhich of the following would be included in the calculation of gross domestic product (GDP)? The value of transfer payments The value of the sale of a used car The value of the sale of 1,000 shares of Apple stock The value of spending on new machinery and equipment The investment (I) portion of GDP includes the amount spent on capital goods. the amount spent on stocks and bonds. the amount spent on consumer goods that last more than one year. the amount spent on purchases of jewelry.arrow_forward
- Which of the following is not counted as part of GDP? Group of answer choices the purchase of a snow plough by the city of Minneapolis. the unsold additions to inventory at an appliances store. the purchase of a loaf of bread by a sandwich store. the interest of 100 shares of AT&T stock purchased by your grandfather.arrow_forwardDescribe the national income and product accounts (NIPA).arrow_forwardWhich of the following is included in GDP? Group of answer choices the value of lawn care service provided by a sixteen-year-old as part of his weekly chores. the fees charged for a stock broker's services. cash income received by a self-employed landscaper that is not reported to the IRS. revenue from the sale of a three-year old car.arrow_forward
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