EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Chapter 21, Problem 1MCQ
To determine
The correct option.
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Identify the statement that describes the Gross Domestic Product of a country.
a.
All goods and services that are imported to the country
b.
All goods and services that are produced within a nation's borders.
c.
The amount of intermediate goods produced inside the country
d.
All goods and services that are produced outside a country's borders
how to calculate gross national income from gross domestic product
Value of the final goods and services produced in a given year valued at that year's prices
A. Nominal GDP
B. Real GDP
C. Net Domestic Product
D. Per Capita GDP
Chapter 21 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 21.A - Prob. 1SPPCh. 21.A - Prob. 2SPPCh. 21.A - Prob. 3SPPCh. 21.A - Prob. 4SPPCh. 21.A - Prob. 5SPPCh. 21.A - Prob. 6SPPCh. 21.A - Prob. 7SPPCh. 21.A - Prob. 1IAPCh. 21.A - Prob. 2IAPCh. 21.A - Prob. 3IAP
Ch. 21.A - Prob. 4IAPCh. 21.A - Prob. 5IAPCh. 21.A - Prob. 6IAPCh. 21.A - Prob. 7IAPCh. 21 - Prob. 1SPPACh. 21 - Prob. 2SPPACh. 21 - Prob. 3SPPACh. 21 - Prob. 4SPPACh. 21 - Prob. 5SPPACh. 21 - Prob. 6SPPACh. 21 - Prob. 7SPPACh. 21 - Prob. 8SPPACh. 21 - Prob. 9SPPACh. 21 - Prob. 10SPPACh. 21 - Prob. 1IAPACh. 21 - Prob. 2IAPACh. 21 - Prob. 3IAPACh. 21 - Prob. 4IAPACh. 21 - Prob. 5IAPACh. 21 - Prob. 6IAPACh. 21 - Prob. 7IAPACh. 21 - Prob. 8IAPACh. 21 - Prob. 9IAPACh. 21 - Prob. 10IAPACh. 21 - Prob. 11IAPACh. 21 - Prob. 12IAPACh. 21 - Prob. 1MCQCh. 21 - Prob. 2MCQCh. 21 - Prob. 3MCQCh. 21 - Prob. 4MCQCh. 21 - Prob. 5MCQCh. 21 - Prob. 6MCQCh. 21 - Prob. 7MCQ
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- What describes as Gross Domestic Product of a country?arrow_forwardHomework Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Compensation of employees. U.S. exports of goods and services Billions $194.2 17.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures Statistical discrepancy Instructions: Round your answers to 1 decimal place. a. GDP $ 219.1 0.0 billion b. NDP = $ billion c. NI = $ billionarrow_forwardGDP dose not value A Total income of everyone in the economy B Total expenditure on the economy output goods and services C non market activity such as child care. A parent provide his or her child home D revenuearrow_forward
- You are an economist calculating the Gross Domestic Product of Oman. To calculate GDP, you will __________. a. Divide the price with the quantity of all the products and services produced in Oman. b. Subtract the price with the quantity of all the products and services produced in Oman c. Add the price and quantity of all the products and services produced in Oman d. Multiply the price with the quantity of all the products and services produced in Oman.arrow_forwardThe GNP of a country is $200 billion, receipts of factor income from the rest of the world are $10 billion, payments of factor income to the rest of the world are $30 billion, and depreciation is $25 billion. What is the GDP and the Net National Product?arrow_forwardWhat is the term for the total value of goods and services produced within a country's borders in a given year? A. Gross national product (GNP) B. Gross domestic product (GDP) C. Net exports D. Aggregate demandarrow_forward
- Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions Compensation of employees $226.2 U.S. exports of goods and services 19.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures 249.1 Statistical discrepancy 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI= $ billionarrow_forwardGross domestic product (GDP) is defined as the: A. value of all final goods and services produced in a country during a period of time B. value of all final goods produced by a country’s resources that are in foreign countries during a period of time. C. value of all final goods that can be produced in a country by utilizing all resources during a period of time. D. value of the income earned by the owners of resources in a country during a period of time E. value of all intermediate goods and services produced in a country during a period of timearrow_forwardUsing the following national income accounting data, compute (a ) GDP, (b) NDP, and ( c) NI. All figures are in billions.arrow_forward
- Value of the final goods and services produced in a given year corrected for inflation in order to measure actual production A. Nominal GDP B. Real GDP C. Net Domestic Product D. Per capita GDParrow_forwardGross Domestic Product is: A. the industry expenditures on all final goods and services produced during the year at market prices B. the nation's expenditures on all final goods and services produced during the year at market prices C. the industry expenditures on all final goods and services produced during the year at governement set prices D. the nation's expenditures on all final goods and services produced during the year at government set pricesarrow_forwardPage 551 5. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in bilions. Compensation of employees $194.2 U.S. exports of goods and services 17.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments U.S. Imports of goods and services 13.9 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures 219.1 Statistical discrepancyarrow_forward
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