Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 10SCQ: Explain briefly whether each of the following would cause GDP to overstate or understate the degree...
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Question
Economics.
- Suppose the following information was published by the Australian Bureau of Statistics in 2017:
Item |
Amount (AUD billion) |
Household consumption |
5,029.81 |
Government consumption |
20,340.92 |
Exports |
1,386.39 |
Value of cocaine seized at Sydney Airport |
20,500 |
Value of intermediate goods in tractor manufacturing |
502,003 |
Gross private domestic investment |
352.69 |
Imports |
386.95 |
Components used in the manufacture of cars |
40,000 |
Gifts |
15,236 |
Government investment |
88.19 |
Value of second-hand goods |
500.00 |
Value of banned endangered species elephant tasks seized at Melbourne Airport |
600.00 |
Use the information provided to calculate Australia’s
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