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- Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment is 50 billion, imports are 40 billion, and consumption spending is 2,000 billion. What is the dollar value of GDP?What are the main components of measuring GDP with what is demanded?What is total expenditure in an economy? Total expenditure is equal to expenditure ______. A. on goods and services produced in the economy and goods imported. B. by households, firms, governments, and the rest of the world on goods and services produced in the economy. C. by firms and governments on goods and services produced in the economy
- 5. What are the four categories of expenditures which comprise GDP. (1) Private consumption expenditure (2) Private Investment Expenditure(=Net Domestic Investment+ Depreciation) (3) Government purchases (4) net exports(=Exports - Imports) . That is, GDP = C+ Or, GDP=C+( +G+ + Depreciation)+ G + (X- M)5. What are the four categories of expenditures which comprise GDP. (1). (2) (3). (4). That is, GDP = C+ Or, GDP=C+(. +G+ + Depreciation)+ G + (X- M)10 In the expenditure approach, the total expenditures of the following entities are calculated, except a. Gross taxable incomes b. Gross private domestic investment c. Government expenditures d. Net Exports
- 20. Which of the following represents the measurement of GDP as the sum of consumption expenditures, investment, government purchases of goods and services, and net exports? a.Wealth approach b.Income approach c.Expenditure approach d.Saving approachFor a consumption dependent economy like Malaysia and the United States, which factor contributes most to their GDP? a. Government spending b. Gross private domestic consumption c. Foreign direct investments d. Net exportsQuestion # 6 Based on the following data for a hypothetical economy Millions Wage and salaries Government Purchases Exports Rental Income Profit Interest Consumption and spending Imports Private investment Spending $6000 $2000 $2650 $450 $1600 $1000 $4800 $2400 $2000 a. Calculate the GDP using expenditure approach: b. Calculate the GDP using income approach: c. Suppose that in the next vear export deerease to 1650 million. Import increase to 3400 million and consumption falls to 2800 million. What will the GDP be in that year?
- ii) Suppose the following four actions occur in the USA in 2019. How much would these combined actions add to US GDP in 2019? Give a brief expla- nation justifying your answer. a. A Japanese carpenter, living and working in the USA, purchases $3,000 worth of materials used directly in the production of a garage, which is then sold to Smith, a Canadian living in the USA, for $17,000. b. Isabella goes to land she owns, cuts down a tree, and uses the wood to build a garage for personal use that is worth $15,000. c. You purchase a used computer from a friend for $400. d. Joe spends $1000 on a stereo, and $20 on a haircut. e. Ford (US company) builds cars and the total is valued at $20,000, in a factory in China.7. A Toronto gun shop purchases a set of new Henry and Winchester rifles from the United States for $30,000 and sells them to Canadian clients for the same amount. How does this affect Canadian GDP? (A) It increases consumption by $30,000, and thus increases GDP by $30,000. (B) It increases investment by $30,000, and hence raises GDP by $30,000. (C) It reduces GDP by $30,000, since net exports decrease by $30,000. (D) It does not affect Canadian GDP.a)Suppose you are given the following information about the New Zealand economy, with the values in billions of Dollars. What is the GDP of New Zealand? Personal consumption $680Private investment $370Government expenditure $430Exports $710Imports $295b) Discuss 2 transactions that are not included in the calculation of GDP and provide an example for each.
