Suppose the Following information was published by Australia Bureau of Statistics in 2017: Item Amount (AUD billion) Household consumption (C) 1029.81 Government consumption 340.92 Exports 386.39 Value of cocaine seized at Sydney Airport 10,500 Value of intermediate goods in tractor Manufacturing   52,003 Gross private domestic investment (I) 352.69 Imports 386.95 Components used in the manufactrure of cars 40,000 Gifts 15,236 Government investment 88.19 Value of second-hand goods                500.00   Use the information to answer the following questions Identify the items that are not included in the GDP calculation. Calculate Australia’s GDP in 2017.

MACROECONOMICS FOR TODAY
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ISBN:9781337613057
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Chapter5: Gross Domestic Product
Section: Chapter Questions
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Suppose the Following information was published by Australia Bureau of Statistics in 2017:

Item

Amount (AUD billion)

Household consumption (C)

1029.81

Government consumption

340.92

Exports

386.39

Value of cocaine seized at Sydney Airport

10,500

Value of intermediate goods in tractor Manufacturing  

52,003

Gross private domestic investment (I)

352.69

Imports

386.95

Components used in the manufactrure of cars

40,000

Gifts

15,236

Government investment

88.19

Value of second-hand goods

               500.00

 

Use the information to answer the following questions

  • Identify the items that are not included in the GDP calculation.
  • Calculate Australia’s GDP in 2017.

 

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