Create a graph for the aggregate expenditures (AE) model in Excel using the data from Table 1: A Private Closed Economy. Table 1 A Private Closed Economy Real domestic output (GDP=DI) (billions) Consumption (billions) Saving (billions) Investment (billions) Aggregate Expenditures (billions) $240 260 280 300 320 340 360 380 400 $244 260 276 292 308 324 340 356 372 $ -4 0 4 8 12 16 20 24 28 $16 16 16 16 16 16 16 16 16 $260 276 292 308 324 340 356 372 388

Create a graph for the aggregate expenditures (AE) model in Excel using the data from Table 1: A Private Closed Economy. Table 1 A Private Closed Economy Real domestic output (GDP=DI) (billions) Consumption (billions) Saving (billions) Investment (billions) Aggregate Expenditures (billions) $240 260 280 300 320 340 360 380 400 $244 260 276 292 308 324 340 356 372 $ -4 0 4 8 12 16 20 24 28 $16 16 16 16 16 16 16 16 16 $260 276 292 308 324 340 356 372 388

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter19: The Keynesian Model In Action

Section: Chapter Questions

Problem 3SQ

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The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2014, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data (Billions of dollars) Consumption (C) 11,930.3 Investment (I) 2,851.6 Exports (X) 2,337.0 Imports (M) 2,875.2 Net Exports of Goods and Services Government Purchases (G) 3,175.2 Gross Domestic Product (GDP)
The following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government consumption expenditures and gross investment for the United States in 2007, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the following table to calculate GDP. Components Personal Consumption Expenditures (CC) $9,734.2 Gross Private Domestic Investment (II) $2,125.4 Exports (XX) $1,643 Imports (MM) $2,351 Net exports of goods and services (X−MX−M) Government Consumption Expenditures and Gross Investment (GG) $2,689.8 Gross domestic product (GDP) This method of calculating GDP, which involves summing the , is called the approach.
The table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditure Component Amount of Expenditure (billions of dollars) Durable goods $1,269.30 Nondurable goods 2,638.30 Services 7,763.00 Gross investment 2,682.40 Exports 2,302.90 Imports 2,803.60 Federal government 1,250.00 State and local government…
Use data below to answer the following questions:Consumption expenditures $300 billion, Government purchases $50 billionTaxes $40 billion, Investment $80 billion, Social Security payments $20 billionImports $30 billion, Exports $40 billiona) How much is GDP?b) How much are net exports?c) Social Security payments are government expenses. Should they be included in GDP? Explain.
Explain some reasons why consumption spending and gross private domestic investment spending are so important. What determinants do they have in common?
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: $ billion
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…
Classify each of the following items as a final good or service or an intermediate good or service, and identify which is a component of consumption expenditure, investment, or government expenditure on goods and services. A. A textbook bought by a student B. A computer purchased for a senator's office C. New cars bought by Hertz, the car rental firm D. Aluminum sheets bought by Boeing 1. A is a final good that is consumption expenditure, B is a final good that is government expenditure, C is a final good that is investment, and D is an intermediate good. 2. A is a final good that is investment, B is an intermediate good, C is a final good that is investment, and D is an intermediate good. 3. A is a final good that is consumption expenditure, B is an intermediate good, C is a final good that is consumption expenditure, and D is a final good that is investment. 4. A is a final good that is consumption expenditure, B is a final good…
10 In the expenditure approach, the total expenditures of the following entities are calculated, except a. Gross taxable incomes b. Gross private domestic investment c. Government expenditures d. Net Exports
In the future report of U.S. Gross Domestic Product (GDP) for Quarter 1 of 2023, which of the following would not be an example of an expenditure that would contribute to an increase in the level of GDP in Q1 of 2023? [note: focus on the direct impact of each of the choices below] Group of answer choices U.S. household spending on home appliances increases by 0.5% in 2023:Q1 Business investment spending on industrial equipment rises by 2% in 2023:Q1 U.S. Federal government interest payments rise by $120 billion in 2023:Q4 U.S. consumer spending on domestic air travel increases by 8% in 2023:Q1. None of the choices listed because all would contribute to an increase in real GDP in 2023:Q1.
Suppose the data BELOW is for a given year from the annual Economic Report of the President. Calculate GDP using the expenditure approach (Amount in billions of dollars): Corporate profits: $ 305Depreciation: $ 479Gross private domestic investment: $716Personal taxes: $ 565Personal saving: $120Government spending: 924Imports: $ 547Exports: $ 427Personal consumption expenditures: $ 2,966Indirect business taxes: $ 370Contributions for Social Security (FICA): $ 394Transfer payments and other income: $ 967

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Real domestic output (GDP=DI) (billions)	Consumption (billions)	Saving (billions)	Investment (billions)	Aggregate Expenditures (billions)

$240 260 280 300 320 340 360 380 400	$244 260 276 292 308 324 340 356 372	$ -4 0 4 8 12 16 20 24 28	$16 16 16 16 16 16 16 16 16	$260 276 292 308 324 340 356 372 388