Question
In: Economics
Working with Numbers and Graphs Q9 Use the following table to answer the questions that follow....
Working with Numbers and Graphs Q9
Use the following table to answer the questions that follow.
|
Item |
Dollar Amount |
|---|---|
|
(Billion Dollars) |
|
| Durable goods | 220 |
| Nondurable goods | 400 |
| Services | 700 |
| Fixed investment | 120 |
| Inventory investment | 20 |
| Government purchases | 500 |
| Exports | 100 |
| Imports | 150 |
| Capital consumption allowance | 20 |
| Compensation of employees | 700 |
| Proprietors’ income | 480 |
| Corporate profits | 200 |
| Rental income | 200 |
| Income earned from the rest of the world | 40 |
| Income earned by the rest of the world | 200 |
| Indirect business taxes | 80 |
| Statistical discrepancy | 30 |
| Undistributed corporate profits | 20 |
| Social insurance taxes | 80 |
| Corporate profits taxes | 30 |
| Transfer payments | 50 |
| Personal taxes | 80 |
| Net interest | 20 |
Complete the following table by calculating GDP, NDP, national income, personal income, disposable income, and net exports.
|
Item |
Dollar Amount |
|---|---|
|
(Billion Dollars) |
|
| GDP | |
| NDP | |
| National income | |
| Personal income | |
| Disposable income | |
| Net exports |
If purchases of new capital goods are $90 billion, then purchases of new residential housing are equal to $_______ billion.
Solutions
Expert Solution
GDP = Private final Consumption expenditure ( Durable goods+ Non-durable goods + Services) + Government purchases+ Investment expenditure ( Fixed investment + Inventory investment) + Net exports ( Exports - imports)
= 220+ 400+ 700+ 500+ 120+20 +100-150
= 1910
GDP = $1910 billion
NDP at Market price = GDP at market price - Capital Consumption allowance
= 1910- 20
= 1890
NDP at factor cost = NDP at market price - Indirect business taxes
= 1890 - 80
= 1810
NDP = $1810 billion.
National income = NDP + Net factor income from abroad ( Income earned from the rest of the world - income earned by the rest of the world)
= 1810+ 40-200
= 1650
National income = $1650 billion
Personal income = Private income( National income + Transfer payments) - Undistributed profits - Corporation taxes
= 1650 + 50 - 20- 30
= 1650
Personal income =$1650 billion
Disposable income = Personal income - Personal taxes
= 1650- 80
= 1570
Disposable income = $1570 billion
Net exports = Exports - Imports
= 100-150
= -50
Net exports = -$50 billion.
The sum of the purchases of newly produced capital goods and the purchases of new residential housing is referred as Fixed investment.
Purchase of new residential housing = Fixed investment - Purchase of new capital good
= 120 - 90
= $30 billion.
If purchases of new capital goods are $90 billion, then purchases of new residential housing are equal to $ 30. billion
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