Consumption spending is $3.71 trillion, spending on nondurable goods is $1.215 trillion, and spending on services is $2.041 trillion. What does spending on durable goods equal? O $2.88 trillion $0.45 trillion O $6.97 trillion $4.54 trillion
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- Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declinesLast 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?Use the data provided in the consumption schedule below for the nation of Nevets to answer the following questions. Disposable income (Billions of 2012 dollars) Consumption Expenditure (billions of 2012 dollars) 0 90 100 160 200 230 300 300 400 370 500 420 Which of the following is a CORRECT statement? Explain why.1. There are dis-savings at income levels of 400 and 500 billion dollars.2. The break-even level of income is 400 billion dollars. 3. Savings of 30 billion occurs at an income level of 200 billion dollars
- The table below details the composition of an economy’s GDP by spending category. Category Expenditures (billions of dollars) Fixed business investment $3,250.00 Durable goods $2,100.00 Exports $700.00 Federal government purchases $1,600.00 New home construction $1,000.00 Imports $840.00 Change in inventories $-250.00 Nondurable goods $5,200.00 Services $8,250.00 State and local government purchases $2,550.00 Use the information in the table to calculate the following: a) Consumption: $ billionb) Investment: $ billionc) Government: $ billiond) Net exports: $ billione) GDP: $ billionA farmer grows a bushel of wheat and sells it to a Miller for $20.00. The Miller turns the wheatinto flour and then sells it to a Baker for $25.00. The Baker uses the flour to bake bread and sellsthe bread to a Musician for $40.00. The Musician eats the bread. The Musician, also growspumpkins in his backyard garden to feed his family.a. What is GDP? b. What is the valued added by each person? c. Should the pumpkins be included in GDP? Explain your answer.d. Why does GDP not include in goods that are resold? e. Why is it desirable for a country to have a large GDP?If consumption expenditures are $1800 million, gross investment is $450 million, imports are $350 million, exports are $180 million, government expenditure on goods and services is $120 million, and government transfer payments are $180 million and net taxes are $250 million; d) How much is the disposable income? e) Calculate the national savings.
- The table below details the composition of an economy’s GDP by spending category. Category Expenditures (billions of dollars) Fixed business investment $3,550.00 Durable goods $2,600.00 Exports $600.00 Federal government purchases $1,250.00 New home construction $1,000.00 Imports $720.00 Change in inventories $-300.00 Nondurable goods $4,400.00 Services $9,350.00 State and local government purchases $2,150.00 Use the information in the table to calculate the following:a) Consumption: $ billionb) Investment: $ billionc) Government: $ billiond) Net exports: $ billione) GDP: $ billion Part 2 Think about the different components of GDP and how they change with the business cycle. Which component of consumption fluctuates the most?Choose one:A. nondurable goodsB. durable goodsC. new home constructionD. services Part 3 Consider the net exports component of GDP. Suppose exports increase by $100 billion and…If consumption expenditures are $1800 million, gross investment is $450 million, imports are $350 million, exports are $180 million, government expenditure on goods and services is $120 million, and government transfer payments are $180 million and net taxes are $250 million; a) How much is the disposable income? b) Calculate the national savings.Need help with this. 1. Spending - Included in the U.S. GDP for 2020, or not included ? If so, under which expenditure category (C, I, G, X etc,?) If not, why not? A.You buy a $20,000 new Toyota made in San Antonio. ____________________ B. Microsoft buys a $20,000 new Toyota made in San Antonio ________________ C. Kendrick Jones, of Alberta, Canada, buys a $20,000 new Toyota made in San Antonio_______________ D. You buy $20,000 in General Motors Corporation stock ___________________ E. You pay a lawyer $2,000 to sue your neighbor for building a fence on your land, and lose the suit. ________________________ F, You buy your neighbor’s used fence for $1,000. _________________________ H. You pay Alamo Colleges $1200 tuition for classes you took during 2020 ____________________________ I. The federal government sends Nruce Borton a social security check for $600 during 2020. _______________________________ J. The San Antonio Independent School District pays Ricki Kicker $55,000…
- 1. a. Write the components of GDP (from the table) according to the expendituremethod. 1. b. By using the expenditure method, calculate GDP for years 2018 and 2019. 1. c. Explain “Changes in inventories”. If a demand shock occurs in the economy and thedemand falls drastically when prices are flexible, how would “Changes in inventories”account respond this? Why? Country Name Year Exports Consumption Investment Net Exports Government Expenditure Imports Cambodia 2018 61.315 75.209 23.341 -1.699 4.904 63.014 Cambodia 2019 67.209 81.655 26.660 -1.512 5.288 68.721Q.1.8 In the national income accounts: (2)(1) Total spending is always equal to total production and income. (2) Total spending is always greater than total production and income. (3) Total spending is always less than total production and income. (4) Total spending may be greater than, equal to or less than total productionand income.Consider the following NIPA data for 1Q2021 (First Quarter 20210 $ billlion) Investment: Non Residential $2,948.3 Exports $2,305.3 PCE Goods $5,183.5 Investment: Residential $1,043.7 Government Expendiures Federal $1,557.0 PCE Services $9,857.7 Imports $3,152.3 Governemnt Expenditures : State and local Goernent Expenditures $2,395.9 Change in private inventories -$90.1 1. Write the formula for GDP Compute the following: 2. Personal Consumption Expenditures (PCE): 3. Gross Private Domestic Investment (GPDI) 4. Net Exports (NX) 5. Government Expenditures (GOV) 6. GDP
