amount of nominal GDP from the expenditure approach

Q: Personal Consumption Expenditures $400 Government Purchases 128 Gross Private Domestic Investment 88…

A: Formula:  National income = Personal Consumption Expenditure + Government purchase + Gross Private…

Q: Calculate the missing information in the table 17.1.  Year Real GDP Nominal GDP GDP Deflator Price…

A: Nominal GDP is the value of final goods and services produced and real GDP is the value of final…

Q: The following table shows data on consumption, investments, exports, imports, and government…

A: Gross Domestic Product: Gross Domestic Product (GDP), refers to the total market value of all final…

Q: The following is data provided for the year 2020: Capital consumption allowance $119.5 Wages 855.7…

A: National income refers to the value of commodities and services produced by a country during a…

Q: $Billions Compensation of employees Proprietors' income Corporate profit 475 60 40 Net interest 25…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Proprietors' income includes all of the following except Select one : a. the income of…

A: Sole proprietorship: one can operate this business.

Q: Use the information in the table below to answer Q.3.1 to Q.3.3: GDP at market prices R397bn Net…

A: The GNP at market price(MP) shows us the value(in monetary terms) of all the finished goods &…

Q: Factor income from abroad is ____________. a. Included in the GDP b. Not included in the GDP c.…

A: Answer: b. Not included in the GDP Factor income from abroad is not included in the components of…

Q: Which of the following are counted in this year's GDP explain your answer in each case a flashy car…

A: The gross domestic product of an economy is the aggregate value of all the final goods and services…

Q: Determine whether each description refers to nominal gross domestic product (GDP) or real GDP. A…

A: Solution -  Definition  GDP - GDP is a measure to calculate total output of a country in a year .…

Q: Last year, Jane spent all of her income to purchase 200 units of corn at $5 per unit. This year, she…

A: Nominal income does not take prices into account. It is not adjusted for inflation. Real income is…

Q: Identify the part of the personal income which is actually available for consumption a. Consumption…

A: Income is the monetary value that the person receives after providing work to the business.

Q: What are the major forms of household income? Contrast the wage and salary share to the profit share…

A: The household income refers to the income which is generated by the people after they work and all…

Q: The value of total goods and services produced entre the country by residence and foreign supplied…

A: Inflation: Inflation is the rise in the general price level of goods and services over a specified…

Q: Which of the following are included in this year’s GDP? Explain your answer in each case.a. Interest…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Which of the following are counted in this year’s GDP? Explain your answer in each case. A.  Flashy…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Grossmania gave the following additional information on its national economy Items Billions…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Refer to the information provided in Table Table $Billions 625 Compensation of employees…

A: To calculate the given question, income method of calculating national income is used.

Q: What is the main reason why GDP deflator and CPI differ from each other? A) CPI includes…

A: The measure that depicts the final value of goods and services being produced in an economy during a…

Q: When we compare the difference between Nominal GDP and Real GDP we note A. Nominal GDP is always…

A: Real GDP is calculated on the basis of base or fixed year while current GDP is calculated on the…

Q: If the price of imported extra virgin olive oil decreases, then both the GDP deflator and the…

A: GDP Deflator includes goods that are PRODUCED within the borders of the country. Consumer price…

Q: wages = 700 goverment spending = 2,300 investment = 2,300 rent = 200 consuption = 7,400 net exports…

A: GDP =w + i + C+ I  + G + (X - M)          = 700 + 200 + 7400 + 2300 + 2300 + 400           = 13,300

Q: The following data refers to the National Income of Country XYZ for January 2020. Table 2: National…

A: Answer iv) personal income = National income + Transfer Payments — income tax…

Q: Use the information in the table below to answer Q.3.1 to Q.3.3: GDP at market prices R397bn Net…

A: Net national income at factor cost can be calculated by6 using the following formula.

Q: The consumer price index measures ) the cost of all goods and services produced in the U.S. economy.…

A: The consumer price index (CPI) measures the change in prices in a basket of goods and services, such…

Q: 12. Measuring GDP The following table shows data on consumption, investments, exports, imports, and…

A: Gross domestic product is defined as the monetary value of all the final goods and services produced…

Q: Define the following i. Gross Domestic Product ii. GDP Deflator iii. National Income iv. Autonomous…

A: A charge for products or services made with money or credit is referred to as an expense.

Q: The table below shows the national income data of a country with a population of 40 million. Using…

A: Gross domestic product is the value of all final goods and services produced in an economy over a…

Q: The table below presents a brief summary of City A’s total spending, local GDP, and population…

A: Gross Domestic Product (GDP) measures the value of final goods and services produced within the…

Q: The following national accounting data are available for an economy for 2020. GDP Household…

A: National savings is the total savings of an economy which includes the savings of households,…

Q: You have been appointed chief economist of a small economy of Uhuru. Use the information below which…

A: The economics as a study is based upon the idea that each society, or each economy has limited…

Q: A country’s nominal GDP rose from 600B to 770B while its real GDP rose from 500B to 550B.…

A: Using the following formulae: GDP deflator = 100*  Nominal GDP / Real GDP  inflation rate = 100 *…

Q: One difference between the CPI and the GDP deflator is CPI uses a fixed basket, Deflator…

A: An economic indicator refers to a piece of economic data, often on a macroeconomic scale, that…

Q: Using the following national income accounting data, compute GDP, NDP, and NI. All figures are in…

A: The Calculation of GDP is shown below:

Q: Use the information in the table below to answer: GDP at market prices R397bn Net primary income…

A: Net national income at factor cost can be calculated by using the following formula.

Q: Use the following table to calculate GDP price deflator in 2019 and 2020 and the change in the…

A: (a) GDP deflator = (Nominal GDP / Real GDP)*100 Year 2019 GDP deflator = ($26000 / $21000)*100 =>…

Q: Which of the following form the basis of GDP calculated using the income approach?   Question 4…

A: The income approach to calculate GDP is a method in which the income of the factor of production is…

Q: The national accounts of Parchment Paradise are kept on (you guessed it) parchment. A fire destroys…

A: The statistical discrepancy is the contrast between request and supply in national accounts. Despite…

Q: National income

A: National income depicts the total income earned within or outside the domestic boundaries. It can be…

Q: The Table shows the GDP deflator for the year 2019 and nominal GDP of Fairyland for the years 2019…

A: Nominal GDP is the GDP calculated at current price whereas Real GDP is calculated on the basis of…

Q: You have been appointed chief economist of a small economy of Uhuru. Use the information below which…

A: The South African government has embraced a macroeconomic policy system that will convey work…

Q: Identify the part of the personal income which is actually available for consumption a. Taxable…

A: Personal income: It means the total earnings of an individual.

Q: GDP at market prices R397bn Net primary income payments to the rest of the world R37bn Indirect…

A: Given, GDP at market prices is R 397bn Net Primary income from ROW is R 37bn Indirect taxes is R…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A: The value of all the final goods and services produced in an economy during a financial year is…

Q: You are given the following data. Calculate GNP and GDP at factor cost.   GNPMP 600 Indirect…

A: Given, GNPMP= 600GDPMP=GNPMP- Net factor income from abroadGDPMP = 600 - 100GDPMP = 500