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Total consumer expenditure 400,000
Government spending 148,000
Gross domestic capital formation 160,000
Value of physical income in stock 8,000
Export of goods. 72,000
Import of goods 68,520
Subsidies 5,560
Taxes on expenditure 6,960
Capital consumption 22,000
Income from abroad 51,600
Income paid abroad 29,600
From the following data country X, you are required to calculate:
1.
2. GNP at factor cost
3. NNP
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- The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?The table below gives some of the items in the U.S. National Income and ProductAccounts in 1995.ItemAmount(trillions ofdollars)Consumption expenditure 4.97Investment 1.14Government expenditures 1.37Net exports 0.08Wages 4.20Interest, rent, and profit 1.68Depreciation 0.89a) Use the expenditure approach to calculate U.S. GDP in 1995.b) Use the income approach to calculate U.S. net domestic product at factor cost inTable 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…
- able 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…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. GDPIn the GDP equation, business spending is referred to as: O Consumption Investment O Government O Net Exports
- Compute the GNP using the Income Approach and Expenditure Approach. Personal Consumption ExpendituresP 1,059,000 Compensation of employees and entrepreneurial & propertyIncome of persons980,000 Government Income31,000 Indirect Taxes132,500 Exports of goods and non-factor services648,200 Fixed Capital Formation232,400 Government Services116,000 Imports of goods and non-factor services648,100 Subsidies3,900 Trade237,000 Increase in Stocks7,200 Corporate Income16,000 Depreciation Allowance176,000 General Government Consumption Expenditures86,500 Net Factor Income From Abroad20,600In a simple economy, calculate gross domestic product using the following figures. (Not all variables need to be used, an extra variable may be given.)a. Calculate by spending approach.b. Calculate with income approach. Consumption 9500 Investment 3000 Wear 1750Profits 2400Exports 850Payments to employees 11500Government purchases 3200 Direct Taxes 1200Savings 1600 Imports 9001. Inventory is: Group of answer choices a. the total amount of goods that a company produces now, regardless of whether they've sold it or not. b. the stock of goods that a company produced last year, but had to sell for below cost. c. the stock of goods that a company produces now, but keeps to sell at a future time. d. the stock of goods that a company produces and sells in a given time perio 2. The four categories of expenditure (spending) in the economy are wages, rent, interest, and profit. Group of answer choices True False
