Calculate GDP, what is included...what is not? Criteria USD in Billions Personal Consumption Expenditure $847 Rental Income $225 Personal Savings $57 Government Purchases $204 Gross Private Domestic Investment $221 $360 Social Security Payments $72 Exports $165 Income earned from investments $140 Imports $267 Wages and Compensation

Calculate GDP, what is included...what is not? Criteria USD in Billions Personal Consumption Expenditure $847 Rental Income $225 Personal Savings $57 Government Purchases $204 Gross Private Domestic Investment $221 $360 Social Security Payments $72 Exports $165 Income earned from investments $140 Imports $267 Wages and Compensation

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 4PA

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Similar questions

What are the two main difficulties that arise in comparing different comparing GDP?
U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?
Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
Which of the following are included in GDP, and which are not? The cost of hospital stays The rise in life expectancy over time Child care provided by a licensed day care center Child care provided by a grandmother A used car sale A new car sale The greater variety of cheese available in supermarkets The iron that goes into the steel that goes into a refrigerator bought by a consumer.