Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 27, Problem 2DQ
To determine
Compare the market value with national income .
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Question 1
If a country's GDP is growing at 5% a year, how many years does it take for the country's GDP to double?
13.8
O 14.2
O 15.2
O 18.2
$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.
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
Economics (Irwin Economics)
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
Knowledge Booster
Similar questions
- The following data give the dates of successive turning points in economic activity and the corresponding levels of real GDP at the time: Turning Point Date Feb. 1961 Dec. 1969 Nov. 1970 Nov. 1973 Mar. 1975 Real GDP (1996 S billions) 2352.9 3571.4 3566.5 4151.1 4010.0 Which of the following periods is an expansion? Select one: O a. November 1970 through March 1975 O b. December 1969 through November 1973 O c February 1961 through December 1969 O d. December 1969 through November 1970arrow_forwardConsider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods. Manufactured Goods Services Year Quantity Price Quantity Price 1983 100 $4 100 $7 2012 240 $12 420 $12 2021 340 $16 600 $14 The GDP Deflator for 2021 (2012 = 100) is O A. 110 О В. 122 O . 160 O D. 200 Reset Selection Question 14 of 25 Consider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods. Manufactured Goods Services Year Quantity Price Quantity Price 1983 100 $4 100 $7 2012 240 $12 420 $12 2021 340 $16 600 $14 The CPI (1983 = 100) for 2021 is А. 320 B. 255 C. 220 O D. 280 Reset Selectionarrow_forwardGoods and services produced by Omani working in Oman is OMR 3.1 billion, produced by Omani working outside Oman = OMR 1.5 billion, and produced by the residents who are working in Oman OMR 2.9 billion. Calculate Gross Domestic Product of Oman? Select one: O a. 0.20 O b. None of these O C. 4.50 O d. 6.00 O e. 7.50arrow_forward
- 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 32arrow_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_forwardIf in some year nominal GDP was $40 billion and the GDP deflator was 70, what was real GDP? O $30.0 billion O $110.0 billion O $57.1 billion O $175,0 billionarrow_forward
- QUESTION 16 Net national product equals A) gross national product minus statistical discrepancy. B) gross national product minus depreciation. C) national income minus taxes on production and imports. D) national income plus depreciation. O a b O d QUESTION 17 National income equals A) net national product minus statistical discrepancy. B) gross national product minus depreciation. C) GNP minus depreciation and taxes on production and imports. D) net national product minus taxes on production and imports and employer contributions to Social Security. O a O b O c O darrow_forwardSuppose the GDP deflator was 200 in 2008 and 190 in 2009. In addition, nominal GDP was 1% lower in 2009 than in 2008. Given this information, the approximate. rate of real GDP growth in 2009 was: O 3% 4% O 5% 6%arrow_forwardThe compensation is 300, consumption is 500, rent income is 200, profit is 100 and direct taxes are 50, interest 20, indirect taxes 100 and depreciation 25 what will be the GDP, calculating by income approach? Select one: a. 745 O b. 945 O c. 695 O d. 895 Make a correct reference list and put them in the right order. Author: Ali Al Kindi Year: 2017 Title: Omani students' perception of Scientific research Page number. 71-101 Journal: Scientific Review Volume number: 2 Issue number: 3.arrow_forward
- A 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_forwardConsider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions. Assume that the base year is 2015. Good 2015 Price 2015 Quantity 2016 Price 2016 Quantity A $2 250 $3 200 B $3 300 $2 400 $4 400 $5 500 What was the gross domestic product (GDP) deflator in 2016? O 108.3 O 103 O 120 O 130 O 110arrow_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
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc