The GDP of the U.S. in 2002 was around $10 trillion. This means Group of answer choices All of the above that total income in 2002 was around $10 trillion. that total spending in 2002 was around $10 trillion. that the value of output in 2002 was around $10 trillion.
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- Using the table below, calculate the indicated values. Sector Consumption Investment Government spending Net exports Population Value (millions) $770,000 $165,000 $220,000 $-60,000 55 Instructions: Round your answers to the nearest dollar. a. Total gross domestic product = $ million. GDP per person is $ b. Consumption, investment, government spending, and net exports each as a percentage of total GDP. (Note: Enter your answers in the table below.) c. Consumption, investment, government spending, and net exports per person. (Note: Enter your answers in the table below.) % of total GDP Per person ($) Consumption Investment Government spending Net exportsUse the information below Consumer spending = $200 million Capital Consumption Allowance = $80 million Investment spending = $55 million Total Earnings of Citizens from abroad = $120 million Total Earnings of non-citizens within the country = $50 million State and local government purchases = $120 million Federal government purchases = $80 million Government purchases of housing units for the victims of typhoon = $200 millions Imports = $50 million Exports = $45 million Income taxes = $100 million Calculate for GDP Calculate for GNP Calculate for NNPThe table gives the government outlays and tax revenues from 2015 through 2019 for two countries. Year Country A Government outlays (trillions of 2012 dollars) Country A Tax revenue (trillions of 2012 dollars) Country B Government outlays (trillions of 2012 dollars) Country B Tax revenue (trillions of 2012 dollars) 2015 0.75 0.80 1.05 1.10 2016 0.80 0.83 0.90 0.92 2017 0.87 0.86 0.87 0.88 2018 0.95 0.95 0.85 0.83 2019 1.06 1.02 0.70 0.75 In 2017 country A had a ________ and country B had a ________. A. budget deficit; budget deficit B. budget surplus; budget deficit C. budget surplus; budget surplus D. budget deficit; budget surplus E. balanced budget; budget deficit
- Which country has the highest ratio of government spending to GDP? United States China O Japan O Swedences IC raw ill ady Answer five questions given the following data for 2019: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services I: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output b. Gross private investment d. Exports % c. Total government purchases e. Imports FI Instructions: Enter your responses as a percentage rounded to one decimal place. Calculate the following as a percentage of GDP for 2019: a. Personal consumption expenditures % % % EL Q Search @ F2 A $14,561 # 3,744 3,754 2,504 F3 (3,136) $21,427 F6 A $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427 Q F7 & PrtScn 18. * Home F9 F< 2/2 Part B GDP: Where and what is counted? For each of the following items, write one of the following in the space provided. C if the item is counted as consumption spending I if the item is counted as investment spending ▶ G if the item is counted as government spending Xif the item is counted as exports M if the item is counted as imports NC if the item is not counted in the calculation of the GDP 11. You spend $7.00 to see the latest Justin Bieber movic. 12. A family pays a contractor $100,000 for a house he built for them this year. 13. A family pays $75,000 for a house built three years ago. 14. An accountant from Ernst & Young purchases a new Italian suit. 15. The government increases defense expenditures by $1,000,000,000 16. A homemaker works hard caring for her spouse and two children. 17. Ford Motor Company buys new auto-making robots. 18. Apple Computer builds a new factory in the United States. 19. You buy a new Toyota Tacoma that was made in Japan. 20. A Japanese…
- Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions Compensation of employees U.S. exports of goods and services Consumption of fixed capital Government purchases Taxes on production and imports Net private domestic investment Transfer payments U.S. imports of goods and services $ 224.2 17.8 11.8 59.4 14.4 52.1 13.9 16.5 Personal taxes 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 249.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ 373.7 billion in b. NDP = $ 376.3 billion c. NI = $ 378.5 billionGive typing answer with explanation and conclusion Explain why a $1 increase in government spending leads to more than a $1 increase in GDP.In its Budget presentation the Government proposes a lump sum tax increase of $80million. On the other hand, the Government decides to increase spending by $60 million. The MPC for this nation is estimated at 90 percent (0.9). What will be the impact on GDP and by how much?
- The following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Revenues Year 1929 (Billions of dollars) Expenditures (Billions of dollars) GDP (Billions of dollars) 3.9 3.1 103.6 1948 41.6 29.8 269.2 1967 148.8 157.5 832.6 1986 769.2 990.4 4,462.8 2005 2,153.9 2,472.2 12,421.9 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points. 25 20 20 15 15 FEDERAL EXPENDITURES AND REVENUES (Percent of GDP) 10 10 5 (?) Expenditures 1929 1948 1967 1986 2005 YEAR Revenues1.1. What is the US GDP for the first quarter and second quarter of 2020? What is the personal consumption expenditures for the first quarter and second quarter of 2020?The following data about a hypothetical economy are in billions of dollars. Personal Consumption Expenditures $4,500 Consumption of Fixed Capital 150 Gross Private Domestic Investment 800 Government Purchases 950 Exports 65 Imports 85 Refer to the above data. GDP in this economy is: Multiple Choice $6080 billion. $6230 billion. $6380 billion. $6400 billion.
