ECO 2010 INCLUSIVE ACCESS
21st Edition
ISBN: 9781260564624
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 27, Problem 14DQ
To determine
The GDP in the US.
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Gross Domestic Product
Explain how net exports affect the US economy. Describe both positive and negative impacts on GDP. Why do national income accountants use net exports to compute GDP, rather than simply adding exports to the other expenditure components of GDP?
You have the following information on 3 countries: Soccerland, Handeggland, and Neverland
How long will it take until Soccerland’s GDP increases by 75%?
How long will it take until Soccerland and Handeggland have the same
GDP?
Soccerland’s population is not happy that, eventually, Handeggland is
going to have higher GDP than their country. They feel that they are a much better country, so they are going to work harder to ensure that Handeggland will never catch up with Soccerland. If Soccerland’s new growth rate is constant every year, what is the minimum growth rate that ensures that Soccerland will always have a higher GDP than Handeggland?
Neverland’s ambition is to host the World Cup. At the…
What is the GDP for a country where consumption spending is $400 billion, gross investment is $125 billion, government spending is $135
billion, exports are $200 billion, and imports are $175 billion?
O $685 billion
O $415 billion
O $635 billion
O $1 035 billion
32
The table below includes data for a one-year period required to calculate GDP from
the income side for a teeny-tiny economy.
Gross investment
expenditure
Wages and salaries
Consumption
expenditure
Interest and investment
income
Business profits
Depreciation
Indirect taxes less
subsidies
Net exports
TABLE 5-4
$402.00
$1741.00
$1711.60
$1811.40
$1910.80
$1840.40
O $2004.80
$1302.40
$99.40
$70.40
$199.20
$175.20
$94.00
Refer to Table 5-4. What is the value of net domestic income at factor cost?
Chapter 27 Solutions
ECO 2010 INCLUSIVE ACCESS
Ch. 27 - Prob. 1DQCh. 27 - Prob. 2DQCh. 27 - Prob. 3DQCh. 27 - Prob. 4DQCh. 27 - Prob. 5DQCh. 27 - Prob. 6DQCh. 27 - Prob. 7DQCh. 27 - Prob. 8DQCh. 27 - Prob. 9DQCh. 27 - Prob. 10DQ
Ch. 27 - Prob. 11DQCh. 27 - Prob. 12DQCh. 27 - Prob. 13DQCh. 27 - Prob. 14DQCh. 27 - Prob. 1RQCh. 27 - Prob. 2RQCh. 27 - Prob. 3RQCh. 27 - Prob. 4RQCh. 27 - Prob. 5RQCh. 27 - Prob. 6RQCh. 27 - Prob. 7RQCh. 27 - Prob. 8RQCh. 27 - Prob. 9RQCh. 27 - Prob. 10RQCh. 27 - Prob. 1PCh. 27 - Prob. 2PCh. 27 - Prob. 3PCh. 27 - Prob. 4PCh. 27 - Prob. 5PCh. 27 - Prob. 6PCh. 27 - Prob. 7PCh. 27 - Prob. 8P
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- 1. dix Suppose the country produces only two goods: beef and wheat. The table below summarizes the quantities of each good produced and the corresponding prices in every year since 2005: Beef Wheat Nomin al PQP Q GDP 2005 $4 12 $1. 22 0 6 0 11 $1. 23 4 0 15 $1. 24 5 9 5 2007 2006 $4. 5 $4. 6 LO 5 LO Real GDP (in 2006 price s) GDP Deflat or Inflation Rate (using GDP Deflator) CP I Inflation Rate (using CPI)arrow_forwardA country's GDP is being measured by the expenditure method. Various categories of expenditure are recorded as follows (in billions of dollars): households' spending on consumption firms spending on capital goods firms' additions to inventories govemment spending on services government spending on capital goods government transfers (e.g., Social Security) value of exports value of imports 100 15 O$143 billion O$135 billion O$123 billion $167 billion None of the other answers are correct. 1 10 2 20 7 12 [If the image above doesn't appear click here to open it in a new tab.] What is the correct estimate of GDP?arrow_forwardGDP in an economy is $23,600 billion. Consumer expenditures are $18,000 billion, corporate profits are 600 billion, government purchases are $6,000 billion, and gross private domestic investment is $300 billion, stock purchases are $500 billion. What is the value of the net exports? O+$400 billion O-$700 billion O-$1.800 billion O-$300 billion O+$500 billionarrow_forward
- $620 Personal Consumption Expenditures Saving 50 200 Government Purchases 750 Net Domestic Product Statistical Discrepancy 180 Gross Investment 780 National Income 220 Exports Imports 240 760 Personal Income Refer to the accompanying data (all figures in billions of dollars). The net investment for this economy is O 1) $200. 2) $20. 3) $230. 4) -$20.arrow_forwardRefer to the table given. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is TL. Production (units) Prices (TL) Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 60 80 100 1.00 1.00 1.40 Good Y 100 110 130 0.80 0.90 1.00 O 270 222 O 204 250arrow_forwardTable 7-3 (in $ billion) consumption = $1,000.00 inventory investment $450.00 purchased of new capital goods $550.00 government purchases $300.00 exports = $20.00 imports = $33.00 purchased of new residential housing $58.00 Refer to Table 7-3, GDP equals O $2.345.00 O $2.346.00 O $2,325.00 O $1,925.00arrow_forward
- Refer to the Table below. Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is Production Prices Year 1 Year 2 Year 3 Year 1 Year Good X 50 50 60 $1.00 $1.20 Good Y 100 120 140 $0.60 $0.60 130 O 110 140 O 160arrow_forwardItem Consumption expenditure. Investment Government expenditure on goods and services Exports of goods and services Imports of goods and services 8. Based on the data in the table, what does GDP equal? O $11,183 billion O $11.023 billion O $11.103 billion O $12.393 billion Billions of Dollars 8180 1520 1403 1290 1370arrow_forwardConsider the following table: Consumption of foreign goods and services Consumption of domestic goods and services Investment of foreign goods and services Investment of domestic goods and services Government purchases of foreign goods and 100 900 20 180 services Government purchases of domestic goods and 500 services Exports 100 Based on the data, how much is the net exports? A -20 120 1,580arrow_forward
- Which of the following description best explains the expenditures approach to calculating GDP? O consumer spending, private investment, government spending, exports minus imports O consumption, business purchase of raw material, government social security payments, and exports O investment, consumption, wages, and imports O savings, income, investment, and exportsarrow_forwardGiven the following table: Production Year 1 Year 2 Year 3 50 Prices Good X 50 Good Y 100 Year 1 Year 2 Year 3 $1.20 $0.60 $1.20 $1.00 60 $100 120 140 $0.60 1- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is 2- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3- Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is 4- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6- Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is 7- Assume…arrow_forwardSuppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2009, then the nominal GDP for 2017 equals: O 18672.5 O 8250 O8750 2009 Statistics Quantity 100 85 60 11,000 O 10422.5 Price $52.00 3.00 35.00 0.85 2016 Statistics Quantity 115 120 55 10,000 Price $65.00 3.00 30.00 0.70 2017 Statistics Quantity 110 135 75 11,000 Price $70.00 3.50 30.00 0.75 If the base year is the yeararrow_forward
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