Question 11 Spending in Economy X Spending in 2017 Category $35 million Consumer $40 million Investment $30 million Government Exports $25 million Imports $25 million What is the Gross Domestic Product (GDP) for Economy X in 2017? $55 million $105 million $130 million D $155 million
Q: Question 1 Given the following data for a country A for the year ended December 2021 Items RM…
A:
Q: 1-Refer to Table 1. Calculate the government budgetary position in 1978 in billions of dollars. If…
A: To find the budgetary position of the government, we find the revenue deficit which is calculated…
Q: (KEY QUESTION) Consider the following data assuming that these are the only products produced and…
A:
Q: 1. Using the information in the table below, sort each value into the expenditure categories - C, I,…
A: We have to derive total GDP by using given information .
Q: 25. In a country called Disney World, in 2020, GDP amounted to $7,000; consumption amounted to…
A: Government purchases include any spending by federal, state, and local agencies, with the exception…
Q: (i) Calculate the value added at each stage of production (ii) Calculate the contribution to GDP…
A: GDP measures the value of all final goods and services produced in an economy during a specific time…
Q: Federal Government receipts and expenditures and nominal GDP, billions of dollars. 1967 1978…
A: First, we calculate federal government surplus in each year. Government surplus= Government revenue…
Q: Gross domestic product (GDP) in the economy is measured by the: market value of all final goods…
A: Gross domestic product is a measure of national income.
Q: True or false? Part A. Government production accounts for about half of all GDP in the United…
A: Part A Private sector in United states accounts for 85% of workers.Therefore it cannot be said that…
Q: Question 25 A computer company builds a new factory. This building is included in the category of…
A: The value of all final goods and services in an economy over the course of a year is referred to as…
Q: (a)The table above shows the output of goods and services in a simple economy over a three- year…
A: Nominal GDP: - it is the value of all final goods and services produced in any country in a given…
Q: d. Calculate 2013 government purchases of goods and services and government investment spending. e.…
A: => Government purchases of goods and services and investment spending are $3125.5 = $1245.9 +…
Q: 4. A(n) shows the relationship between national income (GDP) and total spending a) balance sheet b)…
A: A consumption work shows the connection between genuine GDP (or public pay) and consumption levels,…
Q: Suppose production and prices of food and clothing (the only two goods produced in this economy) in…
A: Nominal GDP measures the market value of goods and services measured at current prices whereas real…
Q: GDP in an economy is $12,050 billion. Consumer expenditures are $8,500 billion, government purchases…
A: The formula is: NX=GDP-C-I-G NX=Net exports C=Consumer expenditures I=gross investment G=government…
Q: Question 4 Gross domestic product seldom relates to the amount of goods consumers can purchase.…
A: Gross Domestic Product is the value of goods and services that are produced in an economy at given…
Q: Are these purchases included in the calculation of gross domestic product? Explain your answer.
A: GDP includes market value of all final goods and services produced in an economy in a particular…
Q: a) If the equilibrium GDP for a private closed economy is RM550 million (see table above), what is…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Question 3 Participants Cost of Value of Materials Sales Farmer $ 0 $ 100 Cone factory 100 250 and…
A: Hi, you have asked multiple questions in this session and we are allowed to answer only one…
Q: Question 17 Given the following macroeconomics data: Which is the value of the Gross Domestic…
A: The expenditures in the economy are done by various entities in the economy. The entities such as…
Q: Question 2 - Computation and Short Answer Students are required to show ALL workings to be awarded…
A: The income method of calculating gross domestic product considers the factor income earned by all…
Q: The measure of production that values output using a base year (constant price) is called:…
A: GDP is the value of all final goods and services produces within the domestic boundaries of a…
Q: 32. Giving reason explain how should the following be treated in estimating Gross Domestic Product…
A: GDP at market prices is the end result of resident producer units' production activity. It is…
Q: • Describe the circular flow of income and spending in the economy. Explain how the following…
A: Since you have asked a multi-part question, and according to the policy we can only solve the first…
Q: Question 6 The difference between nominal GDP and real GDP is: real GDP adjusts for inflation…
A: GDP measures the market value of goods and services produced in the economy for a given period of…
Q: 17 1> Search Amber Heyw Review View Help B 3 王 AABBCCL AABBCCI AaBbCc AaBbCcD AaB 1 Normal AaBbCcD…
A: Dear Student as you have posted multiple questions but we can only attempt 1 question at a time…
Q: Exports = 2,316 Government purchases = 3,331 Saving = 6,607 Government budget deficit = 4,000…
A: Gross domestic product (GDP) is the standard measure of the value added created through the…
Q: . Investment is a determining factor of GDP. A decrease in the supply of available funds (i.e. a…
A: Gross domestic product is the value of all final goods and services produced in an economy over a…
Q: Find the last year GDP data and the personal consumption expenditure data (in billions) for the US…
A: GDP (Gross Domestic Product) refers to the monetary value of all final products or goods or services…
Q: Use the information below Consumer spending = $200 million Capital Consumption Allowance = $80…
A: The GDP (gross domestic product) is calculated using either the expenditure approach or the resource…
Q: The transactions in Jupiter last year are in the table to the below.
A: GDP(Y) is the final value of the sum of goods and services produced in the economy in a year. It is…
Q: (1a) Your boss has asked you to calculate the needed figures for a government report. The figure you…
A: Since you have asked many subparts, we would be answering the first 3 subparts for you. To get the…
Q: Federal Government receipts and expenditures and nominal GDP, billions of dollars. 1967 1978…
A: Gross Domestic Product (GDP) is the value of total final goods and services produced in a country.…
Q: Question 2 The table below shows the calculation of national income for country Z. Items Wages and…
A: Gross doemstic income refers to the total market value of goods and services produced domestically…
Q: Question 1 Use Table 1 to calculate the following (show your calculations): 1. GDE for 2015. 2. GDE…
A: Gross domestic product (GDP) is the standard measure of the value added created through the…
Q: c) The table below contains information about the national income data of a country. Items RM…
A: GDP at Market Price = Personal consumption + Gross private domestic investment + Government…
Q: Question 1 Given the following data for a country A for the year ended December 2021 Items Private…
A:
Q: #1 The following are national income account data for a hypothetical economy in billions of dollars:…
A: Answer in step 2
Q: Items RM Million Private expenditure Government expenditure Gross private investment Gross…
A:
Q: 1. The country of Econostan had the following expenditures last year: $600,000 in consumption…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Explain how a severe drought in a country whose main activity is agriculture can affect: The gross…
A: Drought in a country can be explained as the threat to the agricultural sector of the country…
Q: 1-While calculating GDP, goods and services that are produced and sold illegally and items that are…
A: Since you have posted multiple questions, we are answering the first one for you. If you want a…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Output Taxes Disposable Income Consumption Spending Saving Investment Government Aggregate Expenditure 5000 1000 4000 4000 -500dis saving 750 750 5500 7000 1000 6000 5500 0 750 750 7000 9000 1000 8000 7000 500 750 750 8500 Given the model for the Mary Island economy calculate the equilibrium level of income. C = 100 + .7Yd G = 700 T = 500 I = 200(a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars): Item Amount ($)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 1,235.7(b) Using the following data calculate:(i) The number of persons employed. (ii) The number of persons unemployed. (iii) The labour force. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate. 987,156 Currently Working 23,000 volunteer workers9845 (ages 13-14) looking for work…(a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars):Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world 343.7Inventory change 56.5Social security contributions 702.7Undistributed corporate profits (retained earnings) 130.3Government transfer and interest payments 1,366.3Personal interest payments 286.2Personal taxes 1,235.7 (b) Using the following data calculate: (i) The number of persons employed. (ii) The number of persons unemployed. (iii) The labour force. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate. 987,156 Currently Working 23,000 volunteer workers9845 (ages 13-14) looking for…
- The economy of Fantasia produces only 2 goods namely Shoes and Computers. The total productionand average prices of shoes and computers are displayed in Table 2 attached. (a) Compute the nominal GDP of Fantasia for 2019 and 2020 (hint: calculate the total value ofproduction in each year) (b) Compute the real GDP of Fantasia in 2020 using 2019 pricesAnswer the relevant questions about an economy with the following information.a. Gross Domestic Product = 8,000b. Net External Factor Revenues = 500c. Gross Investments = 1,400D. Net Investments = 1,150to. Net Indirect Taxes = 1,200 I. What is the level of Gross National Product?ii. What is the Domestic Income level?In two sectoral economy reflect if the revenues generated by one sector are equal to the expenditures of the other sector using circular flow diagram. (150-500 Word limit)
- Question 2 - Computation and Short AnswerStudents are required to show ALL workings to be awarded the full marks for eachpart of this question.(a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars):Item Amount ($)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 1,235.7Suppose 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: $ 967The following data relate to an emerging African country.Item Value('000) KSHSGNP 8,000,000 Depreciation 100,000Indirect Business Taxes 80,000Gross Investment 400,000Total population 30,000Consumption 10,000Personal Income Taxes 800Excise duty 80Personal Income 89,000Net factor incomes from abroad 200,000 Using the above data, calculate: Net National Product and GNP per capita Net investment and Disposable personal income Gross domestic product
- National Income DeterminationThe following figures are from data on Good Island EconomyItems $mNet private investment 940Depreciation 56Compensation of employees 2 256Corporate taxes 416Personal taxes 756Personal Consumption expenditure 4 386Government purchases 3 182Indirect business taxes minus subsidies 482Payment of factor income to the rest of the world 95Corporate profits minus dividends 56Government transfer payments and interest 243Exports 855Receipts of factor income from abroad 186Imports of goods and services 385Social insurance payments 332 Required: Use the above information to answer the followingi.) Calculate for Good Island:a. Gross private investment b. Gross Domestic product c. Gross National Product d. Net National Product e. National income f. Personal Income g. Disposable Personal IncomeUse 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. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500Consumption Expenditures $30,000Government Expenditures $15,000Imports $18,000Exports $20,000Property Taxes $16,000Sales Taxes $9,715Retained earnings $1,310Personal Income Taxes $2,200Private Investment Expenditures $14,000Interest Income $1,940Pay Roll taxes $1,000Transfer Payments $800 Depreciation $1,200Net Income Made Abroad by Americans $160Indirect Business taxes $2,000Corporate Income Taxes $300 2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 240 million people out which 70 million are under the age of 16, 30 million don't want to work and 10 million are looking for work. 3. Calculate the inflation rate from 2019-2020 if the index number in 2019 was 115 and the index number in 2020 was 119.