Using the relevant information below: Gross Domestic Product (GDP) gross domestic product = consumption + investment + government purchases + net exports GDP = C + I + G + (X − M), calculate GDP using the expenditure approach. Inventory investment $50 billion Fixed investment $120 billion Consumer durables $420 billion Consumer nondurables $275 billion Interest $140 billion Indirect business taxes $45 billion Government wages and salaries $300 billion Government purchases of goods and services $110 billion Imports $80 billion Exports $40 billion Profits $320 billion Services $600 billion

Q: The following table shows data on consumption, investments, exports, imports, and government…

A: Gross Domestic Product (GDP) is the sum of aggregate expenditure incurred by the various sectors in…

Q: How might the following events affect the real gross domestic product (GDP) and what would happen to…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: base on the data given construct the graph for GDP at current prices, manufacturing and wholesales…

A: Gross domestic product is the sum total of the money value of goods and services produced in an…

Q: How is U.S. total expenditure on goods and services in a year calculated?   U.S. total expenditure…

A: The expenditure method is the most widely used approach for calculating Gross Domestic Product,…

Q: The following table shows data on consumption, investments, exports, imports, and government…

A: Gross Domestic Product: Gross Domestic Product (GDP), refers to the total market value of all final…

Q: Classify each of the following items as a final good or service or an intermediate good or service…

A: The gross domestic product(GDP) refers to the market value of all the final commodities produced…

Q: If we want to calculate total spending in the economy, then we will include all of the following…

A: Tax revenue collected by the government is already counted when we talk about all the other 3 points…

Q: The relationship between businesses and households determines how income and output flow through the…

A: "Gross domestic product or GDP indicates the market or monetary value of all the final commodities…

Q: measure of national income, explain why, in theory, national income should equal national…

A: Answer In macroeconomics, with regards to measurements of national income, the country's national…

Q: Which of the following are included in the year’s GDP? which are excluded? Explain your answers The…

A: GDP is the total market value of all the final goods produced in an economy. It measures the…

Q: Thoroughly explain the components of GDP and relate those components to the Circular Flow model with…

A: The components of GDP are:1. Consumption expenditure2. Investment expenditure3. Government…

Q: published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the…

A: In the given table, information about th components of aggregate demand is given for the US in 2014.…

Q: Use the following table to answer the next question. The following national income data for an…

A: Gross Domestic Product (GDP) is the value of final goods and services produced within the domestic…

Q: With reference to the table given above, calculate:  i. Gross Domestic Product at factor cost  ii.…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Use the data to calculate nominal Canadian GDP using the spending approach for both 2016 and 2017.…

A: For 2016,Nominal GDP=Consumption+Investment+Government Spending+(Export-Import)Nominal…

Q: Which of the following is wrong? Select one: a. In the expenditures approach to GDP we subtract…

A: a) This statement is considered true as imports are deducted in the expenditure approach as they are…

Q: Which of the following is not included in the computation of the consumption component of gross…

A: The consumption function does include spending on durable and nondurable goods, and services in the…

Q: Determine whether each description refers to nominal gross domestic product (GDP) or real GDP. A…

A: Solution -  Definition  GDP - GDP is a measure to calculate total output of a country in a year .…

Q: The following table shows data on consumption, investments, exports, imports, and government…

A: here we calculate the Net export and GDP by using the following table which are as follow-

Q: Question 9 Which of the following are true about GDP accounting? There may be more than one answer.…

A: Question 9 The answers are: b) Public employee salaries are included in GDP expenditure accounting…

Q: Identify whether or not each of the following transactions would be included in GDP, and if so,…

A: (d) would be included in GDP Income method.

Q: Calculate the four components of aggregate expenditure and GDP for the following economy using data…

A: GDP = C + I + G + NX where C = Consumption expenditure I = Investment G = Government spending NX =…

Q: Using the table below, calculate GDP for a particular year. Wages and salaries $4,000 Government…

A: Here, information about the components of income and expenditure method of income are given using…

Q: Lotta Doe sells 100 shares of stock in Benson Buggywhip for $50 per share. She pays her broker a 2…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Domestic ​ ​ ​ GDP Expenditure ​ Exports Imports Total Expenditures (Y) C + I + G (X)…

A: The expenditure approach is the most common method in calculating GDP. Under expenditure approach…

Q: The following table shows data on consumption, investments, exports, imports, and government…

A: Consumption is the total household expenditure on final good and services. Investment is the…

Q: Classify each of the following items as a final good or service or an intermediate good or​ service,…

A: A. A textbook bought by a student is a final good that is consumption expenditure. Consumption goods…

Q: Use data below to answer the following questions: Consumption expenditures $300 billion, Government…

A: Answer: Given, Consumption expenditure=$300 billionGovernment purchases=$50 billionTaxes=$40…

Q: he table below shows hypothetical values of the expenditure components for the United States in…

A: Consumption expenditure is a expenditure incurred by the resident of the country or household on…

Q: The figure shows the flows of expenditure and income on Lotus Island. In 2016, R was $7 billion; W…

A: We know that, Total Expenditure- C+I+G+NX Here, C= W, I= J, G=U and NX= Z So, Total Expenditure = W…

Q: Personal consumption expenditures $5,850 Exports 750 Government spending 1,800 Social Security…

A: 1. Gross Domestic Product (GDP)=C+I+G+X-M=5850+1200+1800+(750-1150)=$8450

Q: The table below shows hypothetical values of the expenditure components for the United States in…

A: Consumption is the amount of money spent on households and it includes all types of goods and…

Q: (Expenditure approach to GDP). You have the following annual information about a hypothetical…

A: GDP = C + Ip + G + X - M, where Ip: Gross investment and NX = X - M Net investment = Ip -…

Q: Explain some reasons why consumption spending and gross private domestic investment spending are so…

A: GDP (Gross Domestic Product): It refers to the total of market value of all produced final goods and…

Q: Use the following composition of expenditure for the economy of a country named the Republic of…

A: Expenditure on GDP is always equal to GDP at market prices. It indicates the total value of spending…

Q: The following table shows macroeconomic data for a hypothetical country. All figures are in billions…

A: Gross Domestic Product is the total amount of goods and services produced within the economy during…

Q: The table shows some of the items in an economy's National Income and Product Accounts. Calculate…

A: Below is the calculation of national income: *National Income = GNP - Depreciation  National Income…

Q: The folloving table shows data on consumption, investments, exports, imports, and government…

A: From the expenditure approach,  GDP = C+I+G+(X-M)

Q: Which of the following form the basis of GDP calculated using the income approach?   Question 4…

A: The income approach to calculate GDP is a method in which the income of the factor of production is…

Q: Can you use the list below to compute GDP using the Expenditures approach? Personal Consumption…

A: GDP (Gross Domestic Product): It refers to the total of market value of all produced final goods and…

Q: Definition of GDP and explanation of why this is equal to national income [ an explanation of how…

A: GDP (Gross Domestic Product) refers to the market value of all final goods and services that are…

Q: The following are national income account data for a hypothetical economy in billions of dollars:…

A: Gross private domestic investment =$320 Imports =$40 Exports =$22 Personal consumption expenditures…

Q: The following table shows data on personal consumption expenditures, gross private domestic…

A: Consumption, C=$9.845 billions Investment, I=$1.549.3 billions Goods and services, G=$2967.2…