QUANTITATIVE PROBLEMSGiven the following nominal data, compute GDP. Assume net factor incomes from abroad = 0 (that is, GDP = GNP).Nominal Data for GDP and NNP$ BillionsConsumption2,799.8 Depreciation481.6Exports376.2Gross private domestic investment671.0Indirect taxes331.4Government purchases869.7Government transfer payments947.8Imports481.7Find data for each of the following countries on real GDP and population. Use the data to calculate the GDP per capita for each of the following countries:MozambiqueIndiaPakistanUnited StatesCanadaRussiaBrazilIranColombiaNow construct a bar graph showing your results in the previous problem, organizing the countries from the highest to the lowest GNP per capita, with countries on the horizontal axis and GNP per capita on the vertical axis.Suppose Country A has a GDP of $4 trillion. Residents of this country earn $500 million from assets they own in foreign countries. Residents of foreign countries earn $300 million from assets they own in Country A. Compute:Country A’s net foreign income.Country A’s GNP.Suppose a country’s GDP equals $500 billion for a particular year. Economists in the country estimate that household production equals 40% of GDP.What is the value of the country’s household production for that year?Counting both GDP and household production, what is the country’s total output for the year?A miner extracts iron from the earth. A steel mill converts the iron to steel beams for use in construction. A construction company uses the steel beams to make a building. Assume that the total product of these firms represents the only components of the building and that they will have no other uses. Complete the following table:CompanyProductTotal SalesValue AddedAcme Miningiron ore$100,000?Fuller Millsteel beams$175,000?Crane Constructionbuilding$1,100,000 ?Total Value Added ?You are given the data below for 2008 for the imaginary country of Amagre, whose currency is the G.Consumption350 billion GTransfer payments100 billion GInvestment100 billion GGovernment purchases200 billion GExports50 billion GImports150 billion GBond purchases200 billion GEarnings on foreign investments75 billion GForeign earnings on Amagre investment25 billion GCompute net foreign investment.Compute net exports.Compute GDP.Compute GNP.

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Answered: Given the following nominal data,…

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 14CQ

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QUANTITATIVE PROBLEMS

Given the following nominal data, compute GDP. Assume net factor incomes from abroad = 0 (that is, GDP = GNP).

Nominal Data for GDP and NNP	$ Billions
Consumption	2,799.8
Depreciation	481.6
Exports	376.2
Gross private domestic investment	671.0
Indirect taxes	331.4
Government purchases	869.7
Government transfer payments	947.8
Imports	481.7

Find data for each of the following countries on real GDP and population. Use the data to calculate the GDP per capita for each of the following countries:
1. Mozambique
2. India
3. Pakistan
4. United States
5. Canada
6. Russia
7. Brazil
8. Iran
9. Colombia
Now construct a bar graph showing your results in the previous problem, organizing the countries from the highest to the lowest GNP per capita, with countries on the horizontal axis and GNP per capita on the vertical axis.
Suppose Country A has a GDP of $4 trillion. Residents of this country earn $500 million from assets they own in foreign countries. Residents of foreign countries earn $300 million from assets they own in Country A. Compute:
1. Country A’s net foreign income.
2. Country A’s GNP.
Suppose a country’s GDP equals $500 billion for a particular year. Economists in the country estimate that household production equals 40% of GDP.
1. What is the value of the country’s household production for that year?
2. Counting both GDP and household production, what is the country’s total output for the year?
A miner extracts iron from the earth. A steel mill converts the iron to steel beams for use in construction. A construction company uses the steel beams to make a building. Assume that the total product of these firms represents the only components of the building and that they will have no other uses. Complete the following table:

Company	Product	Total Sales	Value Added
Acme Mining	iron ore	$100,000	?
Fuller Mill	steel beams	$175,000	?
Crane Construction	building	$1,100,000	?
Total Value Added			?

You are given the data below for 2008 for the imaginary country of Amagre, whose currency is the G.

Consumption	350 billion G
Transfer payments	100 billion G
Investment	100 billion G
Government purchases	200 billion G
Exports	50 billion G
Imports	150 billion G
Bond purchases	200 billion G
Earnings on foreign investments	75 billion G
Foreign earnings on Amagre investment	25 billion G

Compute net foreign investment.
Compute net exports.
Compute GDP.
Compute GNP.

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