In order to avoid double counting, statisticians just count the __________________. final inventories final goods and services intermediate goods and services durable goods and nondurable goods
Q: In the expenditure approach, the total expenditures of the following entities are calculated, except…
A: The expenditure approach is one of the methods of calculating national income of a country.
Q: According to many economists, production that occurs in the underground economy a. is accurately…
A: Underground economy: It is the part of the total economy which is built from illicit activities like…
Q: Need help with macroeconomic review questions! How do each of the following transactions affect…
A: GDP refers to the sum total of market value of final goods and services produced in a country during…
Q: Which statement below is false regarding the circular flow diagram? It depicts interaction…
A: In a circular flow diagram major exchanges in an economy are represented as flow of money, goods and…
Q: The central problem that is evident in the above extract is that of… a) Economic welfare b) Data…
A: The central problem that is evident in the above extract is that of… b) Data revision
Q: Read the following extract and answer questions? South Africa’s economy grew by 1.1% in the first…
A: OPtion A - Level of economic growth Autonomous consumption is that level of consumption which must…
Q: 1) Evaluate how these innovations and technology adoption in companies would drive South Korea’s…
A: Various nations are focusing on adoption of better production methods and techniques. Technological…
Q: In 1958, nominal GDP was 482 while real GDP was 2,853.3. Approximately what would the GDP deflator…
A: Given information, Nominal GDP: 482 Real GDP: 2,853.3 To find: GDP deflator
Q: Economics Which of the following statements omits one of the components of the description of gross…
A: GDP refers to the real output produced in the economy.
Q: Wheelan argues that although GDP is not the perfect measure of economic progress, we continue to use…
A: GDP measures the value of all final goods and services produced in the economy within a given period…
Q: True or False: Gross domestic product (GDP) measures total expenditures on final goods and services…
A: Economic growth in a country occurs when more output can be produced within a specific time period.…
Q: Thoroughly explain the components of GDP and relate those components to the Circular Flow model with…
A: The components of GDP are:1. Consumption expenditure2. Investment expenditure3. Government…
Q: Which one of these items will not be a part of the current year’s GDP? a. Spending of the…
A: Current years GDP refers to the total market value of goods and services produced in the current…
Q: Explain concisely whether the statement is true or false: The GDP of a country does provide an…
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
Q: 11. Which of the following is an example of time series data? a. Data on the number of vacancies…
A: The economics is study that how the rational individuals use the scarce resources that has unlimited…
Q: in comparing GDP data over a period of years, a difference between nominal and real GDP may arise…
A: Gross domestic product (GDP) measures the money value of goods and services produced in an economy…
Q: Select all events that contribute to increase the current year's GDP in Canada? A firm sells a good…
A: GDP is the value of all goods and services produces within the domestic boundaries of a country in a…
Q: Suppose the following are data for a given year from the annual Economic Report of the President.…
A: Gross domestic product is a monetary measure of the market value of all the services and final goods…
Q: Are the following included or not in the measurement of Gross Domestic Product (GDP)? Explain your…
A: In an economy, any output that is generated in thate specfiic year and used for a final consumption…
Q: Which of the following would cause real GDP to exceed nominal GDP? * a large increase in aggregate…
A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…
Q: Fluctuation of savings and investment rates impact on GDP of any macroeconomics. Comment with the…
A: GDP or the gross domestic product is the value of all the final goods and services which are newly…
Q: How do each of the following transactions affect Canada’s GDP? Unless otherwise indicated, assume…
A: Gross Domestic Product is the sum total of market value of final goods and services produced in a…
Q: f a good produced this quarter goes into inventory, then it is included in this period’s GDP. If it…
A: Gross Domestic Product(GDP) is the value(VOO) of final goods and services(G&S) produced by…
Q: The gross domestic product (GDP) of the United States is defined as the all in a given period of…
A: GDP stands for Gross domestic product. In this case US GDP is being discussed and we are required to…
Q: Why must double counting be avoided when measuring GDP? Provide an elaborate answer with at least…
A: The gross domestic product (GDP) is the standard measure of value-added produced during a certain…
Q: GDP is often calculated using the expenditures approach, where you add up all spending in four…
A: Answer- Need to find- GDP is often calculated using the expenditures approach, where you add up all…
Q: In some country, the following holds Components of GDP Amount (Millions) Consumption 980 Investment…
A: The trade balance of a country is the difference between a country's export and country's imports.…
Q: Intermediate goods and services are one of the largest components of the expenditure approach to…
A: GDP refers to goods and services produced in the economy. The more the goods and services are…
Q: The following is data provided for the year 2020: Capital consumption allowance $119.5 Wages 855.7…
A: GDP is the sum of all the final goods and services produced within the domestic borders of the…
Q: Select all events that contribute to increase the current year's GDP in Canada? 0 The government…
A: The worth of conclusive domestic labour and products in a given year is estimated by Gross Domestic…
Q: What percentage of the U.S. gross domestic product (GDP) consists of consumer or household purchases…
A: (D)
Q: AWhich of the following expenditures associated with the production of a new Tesla Model 3 will be…
A: GDP refers to gross domestic product which is sum of value of all goods and services produced in a…
Q: What is the importance in macroeconomics of measuring per capita GDP? Provide examples and explain…
A: The GDP of a country is the value of all final goods and services produced in the domestic…
Q: Give a scenario in which nominal GDP increases but real GDP stays the
A: Hi! thanks for the question but as per the guidelines we answer one question a one time. Since you…
Q: The gross domestic product (GDP) of the United States is defined as the all in a given period of…
A: Gross domestic product measures the value of goods and services that are produced in a given year…
Q: Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute GDP…
A: Number of small cars produced by Sigma Auto= 2000 Selling price= $6000 each Number of truck produced…
Q: Explain some of the weaknesses involved in using GDP as a measure of national well-being, especially…
A: GDP refers to the final value of goods and services produced in an economy during a year. The main…
Q: Jane spends $1,200 on a used computer. How will this calculation effect GDP? A.) Consumption…
A: Gross domestic product (GDP) measures the market value of final goods and services produced during a…
Q: Expenditure (in thousands) Component Social Security payments $290 Depreciation $60 Gross private…
A: here we calculate the Value of GNP ( Gross National Product) , by calculating the GDP ( Gross…
Q: The gross domestic product (GDP) of the United States is defined as the all in a given period of…
A: The Gross Domestic Product is the summation of the money value of all the final goods and services…
Q: Hitomi is a Japanese tourist who spends $50,000 on her vacation in Alberta. (e) Ichabod purchases a…
A: D) GDP would increase by 50,000. Spending by Japanese tourist happens in Canada. So it would be…
Q: oblem 1. Based on each scenario definition, indicate which of the following transactions will be…
A: GDP measures the value of goods and services produced with in the country during a specific period…
Q: Suppose that an auto company owned entirely by US citizens opens a new factory in Canada. a) What…
A: GDP and GNP are measures used to assess the health of the economy. Its often used to compare the…
Q4 MCQ
. In order to avoid double counting, statisticians just count the __________________.
- final inventories
- final goods and services
- intermediate goods and services
- durable goods and nondurable goods
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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, investmentBased on the tables below, answer the questions posed. Component of Gross Domestic Product (GDP) RM million Consumption on durable and non-durable goods 1,600 Consumption of services 700 Residential and non-residential investment 860 Change in inventories – 50 Corporate profit 610 Export 370 Import 230 Receipt of factor income from the rest of the world 840 Payment of factor income to the rest of the world 770 a) Calculate the Gross Domestic Product (GDP) using the expenditure approach.The table below showsa country's potential Gross Domestic Product (GDP) and true GDP. 1970e 19754 1980 GDP 2,500- 3,5004 4,5004 5,500e 6,500e 7,500- 8,500- Year 1985e 1990- 1995e 2000 Potential (billion) KDNK is 3,890- 4,9814 2,8804 3,988e 7,518e 7,983e 7,850t right(billion) i. Sketch a business cycle based on the data provided above ii. Describe the business cycle. e
- Compute the GNP using the Income Approach and Expenditure Approach. Personal Consumption ExpendituresP 1,059,000 Compensation of employees and entrepreneurial & propertyIncome of persons980,000 Government Income31,000 Indirect Taxes132,500 Exports of goods and non-factor services648,200 Fixed Capital Formation232,400 Government Services116,000 Imports of goods and non-factor services648,100 Subsidies3,900 Trade237,000 Increase in Stocks7,200 Corporate Income16,000 Depreciation Allowance176,000 General Government Consumption Expenditures86,500 Net Factor Income From Abroad20,600d) Research the concept of measuring GDP using the value added approach and provide aworking definition?e) Explain the problem of "double-counting" and how it can be avoided in calculating GDP.To estimate GDP using an expidenture approach, what are the expidenture components that would be needed to perform the estimation ? Of these, which is the largest?
- Based on the following table Private consumption expenditure (C) Gross private investment Expenditure (1) Government Expenditure (G) Exports (X) Imports (M) Net factor income from the rest of the world 5 Depreciation 150 Indirect Taxes 60 Subsidies 40 Transfer payments to households 10 35 Personal Income Taxes 30 Undistributed dividends 20 25 15. a) Find Net National ProductThe data below shows the components of country A’s national income in 2015. S/NO ITEMS IN MILLION GHȼ I Net Domestic Capital Formation 500 II Compensation of Employees 1850 III Depreciation 100 IV Government Final Consumption Expenditure 1100 V Private Final Consumption Expenditure 2600 VI Rent 500 VII Dividend 200 VIII Interest 650 IX Net Export -100 X Profit 1100 XI Net Factor Income From Abroad -50 XII Indirect Tax 250 XIII Subsidies 200 Using the expenditure and the income based approaches, calculate Gross domestic product at market price Gross national product at market price Gross national product and Net national product at factor cost1) Which one is not considered in the calculation of the human development index? a) expected years of education b) GNI per capita c) life expectancy at birth d) life expectancy at the age of 20. 2) The Penn World Table includes several GDP figures. Suppose that you want to compare the standard of living in the Netherlands in 1985 with that of Poland in 2015. Which type of GDP is the best choice? a) CGDP° per capita, b) RGDP° per capita. c) RGDPN^ per capita. d) CGDP° per capita. 3) The Penn World Table calculates world prices in dollars by writing equations for the prices in which they suppose that they know a) the current exchange rates b) the nominal GDPs C) the real GDPs. d) the purchasing power parity exchange rates.
- Indicate whether each of the following actions or impacts would increase GDPa. An individual purchases bottled water to avoid a contaminated municipal water supply.b. An individual obtains her drinking water from a water fountain at her workplace to avoid a contaminated municipal water supplyc. A homeowner pays a lawn-care company for landscaping servicesd. A neighbor agrees to help a homeowner with landscaping work in exchange for assistance with plumbing worke. A paper company employs workers to plant treesf. An environmental organization provides volunteers to plant trees2010 2011 2012 2013 2014 $700 $600 $800 $750 $1000 a. Plot the aggregate consumption function. b. The Marginal Propensity to Consume= c. The Marginal Propensity to Save = d. The Aggregate Consumption formula is $760 $680 $840 $800 $1000Provide FOUR (4) examples of items that would be included in calculating GDP. Be sure to include which component of GDP it would be categorized as, and explain why. All 35 BiUA: = = 1: Unanswered 34 Flagged 0 D G+: n 2 ⠀ D ✪ SAMSUNG Characters: 0