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- 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: $ 967Title Use the following data to work Problems 27 and 28. The table lists some macroeconomic data for the.. Description Use the following data to work Problems 27 and 28. The table lists some macroeconomic data for the United States in 2009 Item Billions of dollars Wages paid to labor 8,000 Consumption expenditure 10,000 Net operating surplus 3,400 Investment 1,500 Government expenditure 2,900 Net exports −340 27.Calculate U.S. GDP in 2009. 28.Explain the approach (expenditure or income) that you used to calculate GDP. Use the following data to work Problems 29 to 31. Quantities 2009 2010 Apples 60 160 Oranges 80 220 Prices 2009 2010 Apples $0.50 $1.00 Oranges $0.25 $2.00 An economy produces only apples and oranges. The base year is 2009, and the table gives the quantities produced and the prices. 29.Calculate nominal GDP in 2009 and 2010. 30.Calculate real GDP in 2009 and 2010 expressed in base-year prices. 31.GDP…1. 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
- Give typing answer with explanation and conclusion what is the US GDP for the first quarter and second quarter of 2021? What is the personal consumption expenditures for the first quarter and second quarter of 2021?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 $260 276 292 308 324 340 356 372 388This question has four parts. (its not a writing assignment, just asking for a numerical value or simple answer) 1.1. What is the US GDP for the first quarter and second quarter of 2020? What is the personal consumption expenditures for the first quarter and second quarter of 2020? Go to the website for the Bureau of Economic Analyses (BEA): https://www.bea.gov/ Section 1: Domestic Product and Income; Table 1.1.5 1.2. Use the information in Table 1 to analyze aggregate expenditures (AE) model below (Figure 1. Equilibrium in a Private Closed Economy). (table 1 and figure 1 are in the attachments) 1.3. Identify the mistake and explain why the graph of the aggregate expenditures line does not correctly illustrate the economy's equilibrium. 1.4. Create a graph for the aggregate expenditures (AE) model using the data from Table 1: A Private Closed Economy. Tips: Remember, the 45degree line (also known as the Keynesian Cross) is a tool that shows how differences in aggregate…
- Question 2 - Computation and Short Answer (a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars):Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world 343.7Inventory change 56.5Social security contributions 702.7Undistributed corporate profits (retained earnings) 130.3Government transfer and interest payments 1,366.3Personal interest payments 286.2Personal taxes 1,235.7V2 This question tests your knowledge of what activities are included in calculating GDP. Decide for each item whether it is part of GDP and, if so, to which expenditure category it belongs. Purchase of electricity by a business is (refer to the scenario above): Select one: a. Not counted in GDP b. Counted as part of consumption c. Counted as part of investment d. Counted as part of government e. Counted as part of net exports4. A measure of the degree to which capital wears out or becomes obsolete during a period is: A) rent. B) production costs. C) deferred expenditure. D) depreciation. 5. Which of the following would not be included in the measurement of GDP? A) federal government payments for Jeeps B) a purchase of California wine by a Canadian firm C) employers' payments for employees' medical insurance D) transactions in the underground economy 6. Aggregate demand is the total value of real GDP that A) all sectors of the economy are willing to purchase at various average price levels, all other things unchanged. B) all sectors of the economy are willing to sell at various average price levels, all other things unchanged. C) consumers are willing to purchase at various average price levels, all other things unchanged. D) consumers are willing to purchase…
- 13 . Measuring GDP The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2016, 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) 12,757.9 Investment (I) 3,035.7 Exports (X) 2,232.4 Imports (M) 2,733.7 Net Exports of Goods and Services Government Purchases (G) 3,276.7 Gross Domestic Product (GDP)Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below:COMPONENTR millionsConsumption expenditure (C) Investment (I)Government spending (G) Exports (X)Imports (Z)DepreciationForeign payment to the rest of the worldForeign payment from the rest of the worldShow all calculations and formulae.9 000 6 500 7 000 1 800 2 400 700 300250 Compute the value for the country’s GDP (Gross Domestic Product) at market price. Determine the value of the country’s NNI (Net National Income) at market price.If it is predicted that the GDP will increase to 22 000 in 2020, calculate the growth rate between 2019 and 2020.Q.7.2.5The measure of GDP for economic growth is not always perfect. Describe any two problems that are associated with GDP as a measure of economic growth.1(a) In the prescribed research paper “Is Ireland really the most prosperous country in Europe?” Dr. Patrick Honohan states that there are “acute shortcomings” in using GDP in the Irish economy as a measure of economic welfare. Please explain and critically evaluate this viewpoint put forward by Dr. Honohan.