Question
In: Economics
Using the expenditure approach, calculate GDP using the following data. Item Amount in dollars (billions) Total...
Using the expenditure approach, calculate GDP using the following data.
|
Item |
Amount in dollars (billions) |
|
Total Consumption |
9,600 |
|
Consumption of Durable Goods |
1,600 |
|
Consumption of Non Durable Goods |
2,800 |
|
Consumption of Services |
3,200 |
|
Total Investment |
3,750 |
|
Fixed Investment |
1,000 |
|
Government purchases of Goods & Services |
2,675 |
|
Government Transfer Payments |
450 |
|
Exports |
800 |
|
Imports |
900 |
|
GDP Equals |
Solutions
Expert Solution
As we can see that
Total Consumption = $9600
Total Investment = $3750
Government purchases = $2675
Exports = $800
Imports = $900
So , GDP = Consumption + Investment + Government Purchases + Exports - Imports
= $9600 + $3750 + $2675 + $800 - $900
= $15925 is a GDP of the country
Rahul Sunny answered 3 years agoRelated Solutions
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2. Using the following data, calculate GDP, GNP
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Indirect Business
Taxes:
$217.5
Net Exports:
23.3
Personal Consumption
Expenditures:
1,672.8
Corporate
Profits:
180.7
Gross Private Domestic
Investment:
395.3
Interest
Income:
179.8 Government Purchases of Goods &
Services:
534.7
Proprietors’ Income:
130.6
Depreciation/Capital Consumption
Allowance:
287.2
Rents:
33.8
Wages &
Salaries:
1,596.5
Income Receipts from Rest of the
World
247.1
Income...
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The expenditure approach to measuring GDP suggests that GDP is
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The expenditure approach to measuring GDP suggests that GDP is the total expenditure on goods and...
The expenditure approach to measuring GDP suggests that GDP is
the total expenditure on goods and services by households (C),
investors (I), government (G) and net exports (X-M). Discuss the
economic policies that are implemented by the government to boost
the aggregate demand in the Australian economy – mention and
discuss one distinct policy for each expenditure items.
Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base...
Consider the following data on U.S. GDP:
Year
Nominal GDP
GDP Deflator
(Billions of dollars)
(Base year 2009)
2017
19,485
107.95
1997
8,578
74.45
The growth rate of nominal GDP between 1997 and 2017 was
_______, and the growth rate of the GDP deflator between 1997 and
2017 was ______. (Hint: The growth rate of a variable XX over an
NN-year period is calculated as
100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1)
Measured in 2009 prices, real GDP was ______billion in 1997 and
______billion in 2017....
Consider the national income accounting data provided in the following table: Item Billions of Dollars...
Consider the national income accounting data provided in the
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Item Billions of Dollars
Gross private domestic investment $45
Personal Taxes 30
Proprietor Income 50
Transfer Payments 20
Indirect business taxes 15
Corporate income taxes 10
Government expenditures 39
Consumption of fixed capital (depreciation) 10
U.S. exports 20
Compensation to Employees (wages) 175
Dividends 15
Corporate Ret. Earnings (Undistributed Profits) 5
Net foreign factor income earned in U.S. 3
Rental Income 25...
Which of the following would NOT be considered a component of GDP using the expenditure approach?...
Which of the following would NOT be considered a
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Select the correct answer below:
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Consider the following data for the United States: Date Nominal GDP (billions of dollars per year)...
Consider the following data for the United States:
Date
Nominal GDP
(billions of dollars per year)
Price Index
(base year 2010)
Real GDP
(billions of dollars per year,
in constant 2009 dollars)
2015
18,238
100.00
17,432
2016
18,745
101.05
17,731
2017
19,543
102.95
18,144
*Real-time data provided by Federal Reserve Economic Data
(FRED), Federal Reserve Bank of Saint Louis.
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Total
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Consumption
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Investment
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Government Purchases
3,184
Net Exports
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3. If the population is 300 million people what is the
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Discuss the differences calculating GDP using the expenditure
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Discuss the differences calculating GDP using the expenditure
approach and income approach. Be specific, do not just write the
formula.
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