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The following provides data for an economy in a certain year Consumption expenditures $1,000 $600 Government purchases of goods and services $700 Imports Construction of new homes and apartments $500 Sales of existing homes and apartments Exports Government transfer payments $600 $500 $300 Household purchases of services Beginning-of-year inventory End-of-year inventory $600 $500 $600 Business fixed investment $300

The following provides data for an economy in a certain year Consumption expenditures $1,000 $600 Government purchases of goods and services $700 Imports Construction of new homes and apartments $500 Sales of existing homes and apartments Exports Government transfer payments $600 $500 $300 Household purchases of services Beginning-of-year inventory End-of-year inventory $600 $500 $600 Business fixed investment $300

ECON MACRO
ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.2P
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A) Does this economy have a trade deficit or a trade surplus?

B) What is the GDP for this economy?

C) What method are we using here to compute GDP? (Income, production or expenditure)

 

 

The following provides data for an economy in a certain year. Consumption expenditures Imports $1,000 $600 Government purchases of goods and services $700 Construction of new homes and apartments $500 $600 $500 $300 Sales of existing homes and apartments Exports Government transfer payments $600 Household purchases of services Beginning-of-year inventory End-of-year inventory $500 $600 $300 Business fixed investment
Transcribed Image Text:The following provides data for an economy in a certain year. Consumption expenditures Imports $1,000 $600 Government purchases of goods and services $700 Construction of new homes and apartments $500 $600 $500 $300 Sales of existing homes and apartments Exports Government transfer payments $600 Household purchases of services Beginning-of-year inventory End-of-year inventory $500 $600 $300 Business fixed investment
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