Sub-Part
A
The reason for considering Population levels, when GDP data are used to compare the well being in different countries.
Concept Introduction:
B
The reason for considering the distribution of income, when GDP data are used to compare the well being in different countries.
Concept Introduction:
Gross Domestic Product (GDP): It is the money value of final goods and services produced in a year.
C
The reason for considering the amount of production that takes place outside of markets, when GDP data are used to compare the well being in different countries.
Concept Introduction:
Gross Domestic Product (GDP): It is the money value of final goods and services produced in a year.
D
The reason for considering the length of the average workweek, when GDP data are used to compare the well being in different countries.
Concept Introduction:
Gross Domestic Product (GDP): It is the money value of final goods and services produced in a year.
E
The reason for considering the level of environmental pollution, when GDP data are used to compare the well being in different countries.
Concept Introduction:
Gross Domestic Product (GDP): It is the money value of final goods and services produced in a year.
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- (1a) Your boss has asked you to calculate the needed figures for a government report. The figure you need to calculate is the GDP using the numbers in the table. What is the GDP? Government Purchases $158 billion Depreciation $28 billion Consumption $427 billion Investment $43 billion Exports $87 billion Imports $103 billion Income receipts from rest of the world $7 billion Income payments to rest of the world $5 billion (a) $858 billion (b) $586 billion (c) $612 billion (1b) Which of the following factors important in determining our standard of living are not reflected in the Gross Domestic Product? The value of our imports and exports, the value of leisure. The value of our imports, the improvements in product quality. The value of leisure, the quality of our environment, improvements in product quality. (1c) Which of the following is included in GDP? The cost of eggs for a baker who sells donuts and cakes. The tickets to a…arrow_forward(ACADEMIC) on Net interest $739 Net U.S. income earmed abroad Wages and salaries Rental income 36 8,735 237 Other business income 1,202 tof adjustments less business transfers Change in business payments 262 Inventories 14 Personal consumption Proprietorial income Gross investment spending Indirect business taxes 1,250 1,128 1,479 1,059 1,194 Corporate profits before taxes Exports Depreciation 249 1,833 According to the above table, Gross Domestic Product as calculated by the income approach is Select one: O a. $14,925 billion. O b. $10,646 billion. O c. $10,121 billion. O d. $15,619 billion. Windows Windows b slacyl tion 18:39 ENG G 40 1/03/2021arrow_forwardITEMS RM (millions) Agriculture 18,000 Mining 12,000 Manufacturing 22,000 Constructions 8,000 Electricity, gas and water 1,800 Transportation and communication 900 Indirect tax 800 Subsidies 700 Government services 1,700 Other services 900 Capital consumption 500 Income received from abroad 750 Income paid to abroad 450 Based on the table above, calculate: a) Gross Domestic Product (GDP) at market price. b) Gross Domestic Product (GDP) at factor cost. c) Gross National Product (GNP) at factor cost. d) national income. e) What approach did you use to make calculation in question (i)? b) The table below shows national income data for a country R. Year Nominal GNP (RM million) Price Index 2017 16 400 100 2018 18 800 108 i) Calculate real income for 2017 and 2018. ii) How much growth rate from year 2017 to 2018?arrow_forward
- (a) Use either the expenditure approach or the income approach to calculate the following national income statistics based on the data given in Table 1. (5 marks) Calculate the net national product (NNP)arrow_forward4. Measuring GDP The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2010, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data (Billions of dollars) Consumption (C) 10,215.7 Investment (I) 1,737.3 Exports (X) 1,844.4 Imports (M) 2,356.1 Net Exports of Goods and Services Government Purchases (G) 3,057.5 Gross Domestic Product (GDP)arrow_forward(Table: Calculating GDP) Using the information in the table Calculating GDP, which is the correct calculation for GDP? A) $34,085 B) $47,475 C) $12,200 D) $21,485arrow_forward
- Table 36-2 Domestic GDP Expenditure Exports Imports Total Expenditures (Y) C + I + G (X) (IM) C + I + G + (X − IM) $2,500 $3,100 $650 $250 _____ 3,000 3,400 650 300 _____ 3,500 3,700 650 350 _____ 4,000 4,000 650 400 _____ 4,500 4,300 650 450 _____ 5,000 4,600 650 500 _____ 5,500 4,900 650 550 _____ From Table 36-2, what can you conclude about net exports as GDP rises? a. Net exports fall as GDP rises. b. Net exports rise as GDP rises. c. Net exports are constant as GDP rises. d. Net exports rise and then fall as GDP rises.arrow_forwardTable 36-2 Domestic GDP Expenditure Exports Imports Total Expenditures (Y) C + I + G (X) (IM) C + I + G + (X − IM) $2,500 $3,100 $650 $250 _____ 3,000 3,400 650 300 _____ 3,500 3,700 650 350 _____ 4,000 4,000 650 400 _____ 4,500 4,300 650 450 _____ 5,000 4,600 650 500 _____ 5,500 4,900 650 550 _____ In Table 36-2, what are net exports when GDP = 3,500? a. 300 b. 400 c. 100 d. 200arrow_forward(Table) Suppose a loaf of bread goes through the following stages of production, with the values noted at the end of each stage. Stage 1. Farmer's wheat 2. Miller's flour Value $0.65 $1.20 $1.80 $2.65 3. Baker's bread 4. Grocer's bread The sale of one loaf of bread adds to GDP. $6.30 $2.65 $5.65 $4.45arrow_forward
- Type answer pleasearrow_forwardNational income accounting for a certain country in the year for 2020 is given in Table 2. Based on the table, answer the following questions. Amount in $ (million) 180 8,120 3,800 1,320 4,230 12,000 10,120 12,100 8,000 3,120 3,240 Items Net factor income Consumption expenditure Public investments Import Export Government expenditure Wages Interest, rent and profit Indirect taxes Subsidies Depreciation a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price. b) By using income approach, calculate Gross Domestic Product 9GDP) at market price. c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think that GDP Ís important, and what is the limitation of GDP?arrow_forwardAs soon as possible.thank youarrow_forward
- Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning