Need help with these (a) Calculate GDP using the Income and Expenditure Approach.(all figures are in billions of dollars):ItemGovernment purchase of goods and servicesExports| Receipts of factor income from the rest of the worldDepreciation (consumption of fixed capital)Net fixed InvestmentsAmount ($)1,721.61,096.3382.7990.8688.2Corporate income taxesConsumption expendituresIndirect business taxesImportsPayments of factor income to the rest of the worldInventory changeSocial security contributionsUndistributed corporate profits (retained earnings)Government transfer and interest paymentsPersonal interest payments265.26,739.4664.61,475.8343.756.5702.7130.31,366.3286.2Personal taxes1,235.7(b) Using the following data calculate:(i)(ii)(iii)(iv)(v)The number of persons employed.The number of persons unemployed.The labour force.The Labour Force Participation rate.The "official" unemployment rate.987,156 Currently Working9845 (ages 13-14) looking for work23,000 volunteer workers12,000 (ages 15) looking forwork56 family workers who worked15 hrs a week45,600 Part-Time workers234 Self-Employed67,432 (ages 23-25) looking for work6543 Discouraged Workers67,890 laid off receptionistslooking for work544,321 (ages 16-20) looking for work Current population is6,000,0005654 Temp Workers543 recent university graduates thatare going back to graduate school5000 armed forces3500 institutionalized

(all figures are in billions of dollars): Amount ($) 1,721.6 1,096.3 Item Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Net fixed Investments 382.7 990.8 688.2 Corporate income taxes Consumption expenditures 265.2 6,739.4

(all figures are in billions of dollars): Amount ($) 1,721.6 1,096.3 Item Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Net fixed Investments 382.7 990.8 688.2 Corporate income taxes Consumption expenditures 265.2 6,739.4

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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Question 2 - Computation and Short AnswerStudents are required to show ALL workings to be awarded the full marks for eachpart of this question.(a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars):Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world 343.7Inventory change 56.5Social security contributions 702.7Undistributed corporate profits (retained earnings) 130.3Government transfer and interest payments 1,366.3Personal interest payments 286.2Personal taxes 1,235.7
National 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?
Students are required to show ALL workings to be awarded the full marks for each part of this question. (a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars): Item Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Net fixed Investments Amount ($) 1,721.6 1,096.3 382.7 990.8 688.2 Corporate income taxes Consumption expenditures Indirect business taxes 265.2 6,739.4 664.6 Imports Payments of factor income to the rest of the world Inventory change Social security contributions Undistributed corporate profits (retained earnings) Government transfer and interest payments Personal interest payments Personal taxes 1,475.8 343.7 56.5 702.7 130.3 1,366.3 286.2 1,235.7
Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below:COMPONENTR millionsConsumption expenditure (C) Investment (I)Government spending (G) Exports (X)Imports (Z)DepreciationForeign payment to the rest of the worldForeign payment from the rest of the worldShow all calculations and formulae.9 000 6 500 7 000 1 800 2 400 700 300250 Compute the value for the country’s GDP (Gross Domestic Product) at market price. Determine the value of the country’s NNI (Net National Income) at market price.If it is predicted that the GDP will increase to 22 000 in 2020, calculate the growth rate between 2019 and 2020.Q.7.2.5The measure of GDP for economic growth is not always perfect. Describe any two problems that are associated with GDP as a measure of economic growth.
ITEMS 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?
The link between gross domestic product (GDP) and national income (NI) isSelect one from the following options. A)indirect business taxes, net foreign factor income, savings B)indirect business taxes, profit, investment C)indirect business taxes, net foreign factor income, consumption of fixed capital D)indirect business taxes, net foreign factor income, investment
(a) Calculate GDP using the Income and (all figures are in billions of dollars): Approach. Amount ($) 1,721.6 1,096.3 Item Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Net fixed Investments 382.7 990.8 688.2 Corporate income taxes Consumption expenditures Indirect business taxes 265.2 6,739.4 664.6 Imports Payments of factor income to the rest of the world Inventory change Social security contributions Undistributed corporate profits (retained earnings) Government transfer and interest payments Personal interest payments Personal taxes 1,475.8 343.7 56.5 702.7 130.3 1,366.3 286.2 1,235.7
(a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars):Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world 343.7Inventory change 56.5Social security contributions 702.7Undistributed corporate profits (retained earnings) 130.3Government transfer and interest payments 1,366.3Personal interest payments 286.2Personal taxes 1,235.7 (b) Using the following data calculate: (i) The number of persons employed. (ii) The number of persons unemployed. (iii) The labour force. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate. 987,156 Currently Working 23,000 volunteer workers9845 (ages 13-14) looking for…
(a) Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars): Item Amount ($)Government purchase of goods and services 1,721.6Exports 1,096.3Receipts of factor income from the rest of the world 382.7Depreciation (consumption of fixed capital) 990.8Net fixed Investments 688.2Corporate income taxes 265.2Consumption expenditures 6,739.4Indirect business taxes 664.6Imports 1,475.8Payments of factor income to the rest of the world 343.7Inventory change 56.5Social security contributions 702.7Undistributed corporate profits (retained earnings) 130.3Government transfer and interest payments 1,366.3Personal interest payments 286.2Personal taxes 1,235.7(b) Using the following data calculate:(i) The number of persons employed. (ii) The number of persons unemployed. (iii) The labour force. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate. 987,156 Currently Working 23,000 volunteer workers9845 (ages 13-14) looking for work…
QUESTION 2 Refer to the accompanying national income data (in billions of dollars) and answer the following questions. (Show your calculations) Gross Private Domestic Investment $1,593 Personal Taxes 1,113 Transfer Payments Taxes on Production and Imports Corporate Income Taxes Personal Consumption Expenditures Consumption of Fixed Capital US Exports 1,683 695 213 7,304 1,393 1,059 Dividends Government Purchases 434 1,973 Net Foreign Factor Income Undistributed Corporate Profits Social Security Contributions US Imports Statistical Discrepancy 10 141 748 1,483 50 e. Calculate the Net private domestic investment.
(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 1/03/2021
QUESTION 2 Refer to the accompanying national income data (in billions of dollars) and answer the following questions. (Show your calculations) Gross Private Domestic Investment $1,593 1,113 1,683 Personal Taxes Transfer Payments Taxes on Production and Imports 695 Corporate Income Taxes Personal Consumption Expenditures Consumption of Fixed Capital US Exports 213 7,304 1,393 Dividends 1,059 Government Purchases 434 1,973 Net Foreign Factor Income Undistributed Corporate Profits Social Security Contributions US Imports Statistical Discrepancy 10 141 748 1,483 50 a. Caleulate Net Exports. Does the country face a trade deficit or surplus or neither?