ReviewViewDesignLayoutReferencesMailingsPage LayoutAssignment Questions:1. Calculate the GDP by using both formulas, expenditure approach and income approach. Alsocalculate the Real GDP if CP1 for Year1 is 120 and CPI for Year 2 is 150Million $YEAR 1ConsumptionIndirect Taxes6,2002001,600800InvestmentDepreciationInterest400500500Corporate ProfitExportsCompensation of EmployeesGovernment Purchases6,3001,000800Direct Taxes1,100700SavingImportsRent400Million $YEAR 2Government Purchases2500Wages4000Interest500Proprietor's IncomeConsumptionDepreciationInvestment200030002001500Indirect Taxes300700SavingsImports9000dowRent1000Еxports10000HailEnglish (U.S.)

The Gross Domestic Product (GDP) is a vital metric that measures the overall economic output of a…

1. Calculate the GDP by using both formulas, expenditure approach and income approach. Also calculate the Real GDP if CP1 for Year 1 is 120 and CPI for Year 2 is 150 YEAR 1 YEAR 2 Consumption Indirect Taxes Investment Depreciation Interest Corporate Profit Exports Compensation of Employees Government Purchases Direct Taxes Saving Imports Rent Government Purchases Wages Interest Proprietor's Income Consumption Depreciation Investment Indirect Taxes Savings Imports Rent Exports Million $ 6,200 200 1,600 800 400 500 500 6,300 1,000 800 1,100 700 400 Million $ 2500 4000 500 2000 3000 200 1500 300 700 9000 1000 10000

1. Calculate the GDP by using both formulas, expenditure approach and income approach. Also calculate the Real GDP if CP1 for Year 1 is 120 and CPI for Year 2 is 150 YEAR 1 YEAR 2 Consumption Indirect Taxes Investment Depreciation Interest Corporate Profit Exports Compensation of Employees Government Purchases Direct Taxes Saving Imports Rent Government Purchases Wages Interest Proprietor's Income Consumption Depreciation Investment Indirect Taxes Savings Imports Rent Exports Million $ 6,200 200 1,600 800 400 500 500 6,300 1,000 800 1,100 700 400 Million $ 2500 4000 500 2000 3000 200 1500 300 700 9000 1000 10000

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 14CQ

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