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1. Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat into flour, which she sells to a baker for $55. The baker turns the wheat into bread, which she sells to consumers for $140. Consumers eat the bread. What is GDP in this economy? 2. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Consumption 1700 Investment 700 Government 100 Expenditure Exports 50 Imports 40 Using the expenditure approach, calculate GDP for China. 3. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Wages and Salaries Consumption Investment Depreciation Government Amount (in billions) 1000 1700 700 50 100 Expenditure Тахes 300 Еxports Imports Income receipts from rest of the world Income payment to rest 50 40 10 50 of the world What are net exports for China? 4. Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions) What is the growth rate of GDP in Japan?

1. Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat into flour, which she sells to a baker for $55. The baker turns the wheat into bread, which she sells to consumers for $140. Consumers eat the bread. What is GDP in this economy? 2. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Consumption 1700 Investment 700 Government 100 Expenditure Exports 50 Imports 40 Using the expenditure approach, calculate GDP for China. 3. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Wages and Salaries Consumption Investment Depreciation Government Amount (in billions) 1000 1700 700 50 100 Expenditure Тахes 300 Еxports Imports Income receipts from rest of the world Income payment to rest 50 40 10 50 of the world What are net exports for China? 4. Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions) What is the growth rate of GDP in Japan?

ECON MACRO
ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.2P
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1. Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat into flour, which she sells to a baker for $55. The baker turns the wheat into bread, which she sells to consumers for $140. Consumers eat the bread. What is GDP in this economy? 2. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Consumption 1700 Investment 700 Government 100 Expenditure Exports 50 Imports 40 Using the expenditure approach, calculate GDP for China. 3. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Wages and Salaries Consumption Investment Amount (in billions) 1000 1700 700 Depreciation Government 50 100 Expenditure Taxes 300 Exports Imports Income receipts from rest of the world Income payment to rest 50 40 10 50 of the world What are net exports for China? 4. Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions) What is the growth rate of GDP in Japan?
Transcribed Image Text:1. Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat into flour, which she sells to a baker for $55. The baker turns the wheat into bread, which she sells to consumers for $140. Consumers eat the bread. What is GDP in this economy? 2. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Consumption 1700 Investment 700 Government 100 Expenditure Exports 50 Imports 40 Using the expenditure approach, calculate GDP for China. 3. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Wages and Salaries Consumption Investment Amount (in billions) 1000 1700 700 Depreciation Government 50 100 Expenditure Taxes 300 Exports Imports Income receipts from rest of the world Income payment to rest 50 40 10 50 of the world What are net exports for China? 4. Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions) What is the growth rate of GDP in Japan?
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