GDP Counting Activity Consumption Expenditures (A) Gross Private Domestic Investment (B) Government Purchase (C) Net Exports (D) Nonmarket Activities (E) Financial transaction (F) Transfer Payment (G) Used Product (H) Intermediate Good (I) • Question Completion Status: QUESTION 1 A Raider fan buys a $500 shirt from Milan, Italy. O A O B O D O E OF OG

GDP Counting Activity Consumption Expenditures (A) Gross Private Domestic Investment (B) Government Purchase (C) Net Exports (D) Nonmarket Activities (E) Financial transaction (F) Transfer Payment (G) Used Product (H) Intermediate Good (I) • Question Completion Status: QUESTION 1 A Raider fan buys a $500 shirt from Milan, Italy. O A O B O D O E OF OG

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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The table shows per capita peach consumption.t Per Capita Consumption of Peaches (pounds) Family income ($10,000) 0.00 1 5.0 2 6.4 3 7.2 4 7.8 5 8.2 6 8.6 Price (above $1.50 per pound) 0.10 0.20 0.30 4.8 4.7 6.2 6.1 7.0 7.6 8.0 8.4 4.9 6.3 7.1 7.7 8.1 8.5 66 950 6.9 7.5 8.0 8.3 0.40 4.7 6.1 6.9 7.4 7.9 8.3 0.50 4.6 6.0 6.8 7.4 7.8 8.2 (a) Find the function of the logarithmic cross-sectional model that gives per capita consumption of peaches at a price of $1.50 per pound, where f represents yearly family income in tens of thousands of dollars, with data from 1 ≤ f≤ 6. (Round all numerical values to three decimal places.) c(0.00, f) = lb (b) Calculate per capita peach consumption for families with a yearly income of $35,000 when the price is $1.50 per pound. (Round your answer to one decimal place.) x lb
3) Answer the following questions about country A. a) What was GDP equal? b) What was the value of total production equal to? c) What approach did you use to make this calculation? Items RM (million) Agriculture, Forestry & Fishing 25874 Construction 89756 Mining & Quarrying 12345 Electricity, Gas & Water 96325 Manufacturing 70002 Government Services 78953 Wholesale, Retail, Hotel & Restaurant 258 Finance, Insurance & Real Estate 456 Transport, Storage & Communication 999 Other Services 451 Factor Income Paid Abroad 452 Indirect Taxes 200 Factor Income Received From Abroad 500 Subsidies - 85 Depreciation 891
United Kingdom Kenya Price per Value of Value of unit (GBP) output Оuаntity Price per Quantity unit (KSh) output (GBP) (KSh) 5000 per 75 650,000 Equipment (millions of 500 unit units) Food 500 10 per kg 125 750 (millions of kg) Total GDP (local currency) a. If equipment is fully tradable, so that the price in Kenyan shillings (KSh) equals the price in pounds times the market exchange rate, what is the market exchange rate? b. Based on its relative price, does it appear that food is tradable? Is it more or less expensive in Kenya, compared to the UK? c. Fill in the table above (ignoring cells with "-"). What is the UK's total GDP in GBP? What is Kenya's total GDP in KSh? d. What is Kenya's GDP in GBP at market exchange rates? e. Following the calculations on pp 28-29 of ED, what is Kenya's GDP in pounds calculated by using UK prices for each individual product and applying that price to Kenya's quantities (that is, using purchasing power parity [PPP])? f. Is the value you calculated in…
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
The United States exports 14 of GDP while Germany exports about 50 of its GDP. Explain stat that means.
What are the main components of measuring GDP with what is produced?
Commodity ROOT CROPS Unit January February March Аpril Мay 119,861 76,868 97.887 62,325 17,883 9,815 31,248 41,805 122,180 79.998 Carrots Kg Kg Kg Kg Kg Kg Kg Kg Kg 32,432 77.983 54.453 Cassava Common Yam Im ported yam Dasheen(Local) Dasheen(Imported) Eddoes (Local) Eddoes (Im ported) Sweet Potatoes (Local) Sweet Potatoes (Im ported) Ginger CONDIMENTS AND SPICES Celery Chive (L) Thyme (s) Hot Peppers (100's) Hot Peppers (40 lb) Shadon Beni Pimento (S) 29,687 4.818 363 16,235 1,906 37.506 57.780 28,321 26,325 19,492 18,210 20,413 4:798 29,952 36,180 23.580 22,770 140,389 40,674 24,887 68,625 30,835 16,560 27,253 12,263 9,280 27,792 36,450 195,121 156,648 125.726 65.380 1,980 6,480 Kg Kg 10,575 4.770 28,117 na 11,076 35.435 37.545 13,818 Bndl. 16,321 12,490 12,288 9,191 4.421 5,640 364 Bndl. 14,045 567 1,876 7,078 276 1,624 2,222 35.340 11,951 17,025 Bndl. 562 927 100's 1,225 Bag Bndl. 2,235 48,632 1,194 1,693 26,375 1,976 61,240 531 835 30,050 100's 3.571 5.910 4.492 5.750 3.385…
7 Gross national product counts goods and services produced within the country's borders, regardless of who produced it Select one: a. False b. True
Question 11 Spending in Economy X Spending in 2017 Category $35 million Consumer $40 million Investment $30 million Government Exports $25 million Imports $25 million What is the Gross Domestic Product (GDP) for Economy X in 2017? $55 million B $105 million $130 million D $155 million 2021Iuminate EducationTM Inc.
Commodity Unit January February Маrch Аpril Мay ROOT CROPS 119,861 76,868 Carrots 97,887 62,325 17,883 9,815 31,248 41,805 122,180 79.998 Kg 32,432 54,453 Cassava Kg Kg Kg Kg Kg Kg Kg Kg 77,983 29,687 4,818 Common Yam Im ported y am Dasheen(Local) Dasheen(Im ported) Eddoes (Local) Eddoes (Imported) Sweet Potatoes (Local) Sweet Potatoes (Im ported) Ginger CONDIMENTS AND 16,235 1,906 19,492 20,413 18,210 4.798 40,674 68,625 363 37,506 57.7 80 28,321 26,325 24,887 29,952 36,180 27,253 23.580 30,835 12,263 27,792 36,450 22,770 16,560 9,280 156,648 125,726 6,480 140,389 195,121 65,380 1,980 Kg Kg 10,575 11,076 4.770 28,117 na 35.435 37.545 13,818 SPICES Celery Chive (L) Thy me (s) Hot Peppers (100's) Hot Peppers (40 lb) Shadon Beni Pimento (S) Bndl. 16,321 12,288 9,191 17,025 12,490 4,421 5,640 Bndl. 14,045 7,078 11,951 Bndl. 567 1,876 276 1,624 562 927 364 100's 1,194 1,225 531 Bag 2,235 2,222 1,693 1,976 835 Bndl. 48,632 35,340 26,375 61,240 30,050 100's 3,571 5,910 4,492 5.750 3.385…
Dollars (trillions) 25 20 15- 10- 0 -5 11 Expenditure components of nominal GDP 1950 GDP (Y) Consumption (C) Investment (1) Government spending (G) Exports (X) Imports (M) 1960 Figure Data Notes 1970 198 1990 2000 2010 The following will refer to the data table in the chart above, to access the data table for this graph you will need to click on the data button at the bottom of the chart. In Q2 of 2008 which of the following were above 9 trillion dollars (annualized)? Select the two correct answers.