Using expenditure approach, calculate K economy's nominal GDP in 2018. (b) If GDP deflator of KK economy is 130 in the 2018. Calculate the real GDP of K economy in 2018. (c) Calculate the real GDP per capita in 2018. (d) Is K government running a budget surplus? What is the amount of budget surplus/deficits in 2018. (e) What is the amount of net export? Is K now experiencing trade surplus in 2018? (in millions)$700,000$340,000$100,000$50,000$80,000$150,000$(60,000)$200,000$500,000$1,300,000$1,400,000$160,000Private consumption expenditure CGross domestic Fixed Capital FormationGovernment purchases of goods & services GGovernment welfare paymentGovernment tax revenueGovernment expenditure GChange in inventoriesTotal profitsTotal inventoriesTotal exports tTotal imports of goods MTotal imports of services MTotal populationTotal adult population7,400,0005,000,0003,500,000Total labour force

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Using expenditure approach, calculate K economy's nominal GDP in 2018. (b) If GDP deflator of KK economy is 130 in the 2018. Calculate the real GDP of K economy in 2018. (c) Calculate the real GDP per capita in 2018

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter8: Aggregate Demand And The Powerful Consumer

Section8.A: National Income Accounting

Problem 3TY

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Question

Using expenditure approach, calculate K economy's nominal GDP in 2018. (b) If GDP deflator of KK economy is 130 in the 2018. Calculate the real GDP of K economy in 2018. (c) Calculate the real GDP per capita in 2018. (d) Is K government running a budget surplus? What is the amount of budget surplus/deficits in 2018. (e) What is the amount of net export? Is K now experiencing trade surplus in 2018?

(in millions)
$700,000
$340,000
$100,000
$50,000
$80,000
$150,000
$(60,000)
$200,000
$500,000
$1,300,000
$1,400,000
$160,000
Private consumption expenditure C
Gross domestic Fixed Capital Formation
Government purchases of goods & services G
Government welfare payment
Government tax revenue
Government expenditure G
Change in inventories
Total profits
Total inventories
Total exports t
Total imports of goods M
Total imports of services M
Total population
Total adult population
7,400,000
5,000,000
3,500,000
Total labour force

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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