Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 5, Problem 14E
To determine
(a)
The items that are not included in GDP and the reasons of their non-inclusion.
To determine
(b)
If Unsold Surfboard which was produced this year will be included in this year's GDP or in the next year's GDP.
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GDP
1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical
fashion in your document):
Consumption
Investment
Business fixed investment
Changes in inventories
Government
Net Exports
Exports
Imports
Expenditure Components of GDP by Country, 2018 (billions of US dollars)
Australia Canada Denmark Finland India Japan
New Zealand
808.7
996.9
165.9
146.1 1650.6
2763.3
120.0
336.9
0.1
275.5
348.5
312.0
385.1
9.4
357.1
544.9
581.1
78.8
2.9
86.6
197.9
176.4
65.6 842.7
3.4
27.4
62.7
312.1
1202.5
11.2
981.6
Which country has the largest negative net exports?
106.8 548.6
917.1
108.8 657.0 904.4
GDP
Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices - US dollars
2. Based on the information in the table and your calculations for Question #1:
Do any countries have positive net exports?
Which one(s)?
49.1
0.1
38.4
58.2
58.1
UK
1870.5
487.3
5.8
528.3
856.8
907.1
US
13998.7
4260.7
54.7
2904.3…
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Similar questions
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- The GDP for a small economy in 2010 was $9,950. This was composed by $4,600 of consumption, $2,650 of investments, $2,100 of government purchases, and $4,550 of exports. In this case what is the amount of imports for this economy in 2010? Select one: a. $3,550 b. $3,950 c. $4,780 d. None of the answers are correct e. $4,120arrow_forwardSelect all the items which would be counted in US GDP 2015 from the list below: Select all the items which would be counted in US GDP 2015 from the list below: Group of answer choices Carla goes to Japan and purchases a kimono as a souvenir for $300 S.W. inc. sells 100 gallons of paint to Tusk Construction Inc., a contractor, who is painting an office building Bob buys a new Mercedes made in Alabama in 2015 Robert buys a new tablet made in the US in 2015 Ford sells F-150s from its plant in Detroit to Canada for $1mil. Harry cashes his social security check for $1,500.arrow_forwardWhich type of GDP would you use to measure the value of that economy for the individual? arrow_forward
- If General Motors builds cars in Germany, is their value counted in Germany's GDP?arrow_forwardIf consumption is 10, investment 5, government purchases 6, exports 8, and imports 7, what is GDP?arrow_forwardHow might you calculate GDP for schools? What products would you include? Which ones would you exclude?arrow_forward
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