Suppose you are given the following data for a particular economy (unit: Millions of Euros): Gross National Income mp (GNImp) =1650 Investment (I) = 220 (Iliq) Net investment = 210 Private consumption(C) =1100 Net External Income (NEI) = 0 Net Indirect Taxes (NIT) = 231 Public Spending (G) = 363 Calculate: a) Balance of Goods and Services or Net Exports (NX) and Amortizations/Depreciations (A). b) Net National Product at Base Prices (NNPbp) and Net Domestic Product at Base Prices (NDPbp)

Suppose you are given the following data for a particular economy (unit: Millions of Euros): Gross National Income mp (GNImp) =1650 Investment (I) = 220 (Iliq) Net investment = 210 Private consumption(C) =1100 Net External Income (NEI) = 0 Net Indirect Taxes (NIT) = 231 Public Spending (G) = 363 Calculate: a) Balance of Goods and Services or Net Exports (NX) and Amortizations/Depreciations (A). b) Net National Product at Base Prices (NNPbp) and Net Domestic Product at Base Prices (NDPbp)

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions Compensation of employees U.S. exports of goods and services Consumption of fixed capital Government purchases Taxes on production and imports Net private domestic investment Transfer payments U.S. imports of goods and services $ 224.2 17.8 11.8 59.4 14.4 52.1 13.9 16.5 Personal taxes 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 249.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ 373.7 billion in b. NDP = $ 376.3 billion c. NI = $ 378.5 billion
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?
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.
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?
National Income Data Spending Category Corporate profits Depreciation Gross private domestic investment Personal taxes Personal saving Government spending Imports Net interest Compensation of employees Rental income Exports Personal consumption expenditures Indirect business taxes Contributions for Social Security (FICA) Transfer payments and other income Proprietors' income Amount (Billions of dollars) 305 479 716 565 120 924 547 337 2,648 19 427 2,966 370 422 Based on the data table, personal income is equal to $ 991 328 billion. Based on the data table, disposable personal income (DI) is equal to $ billion.
GDP minus depreciation is the formula used to calculate a- Net national product b- Gross natioal Product c- Gross Domestic Product d- Natioal income
QUESTION 2 Refer to the accompanying national income data (in billions of dollars) and answer the following questions. (Show your calculations) $1,593 1,113 1,683 695 Gross Private Domestic Investment Personal Taxes Transfer Payments Taxes on Production and Imports Corporate Income Taxes Personal Consumption Expenditures Consumption of Fixed Capital US Exports 213 7,304 1,383 1,059 434 Dividends 1,973 Government Purchases 10 Net Foreign Factor Income Undistributed Corporate Profits Social Security Contributions US Imports Statistical Discrepancy 141 748 1,483 50 a. Calculate Net Exports. Does the country face a frad teficit or surplus or neither? b. Calculate the Gross Domestic Product (GDP) c. Calculate the National Income (NI).E d. Calculate Corporate Profits. e. Calculate the Net private domestic investment.
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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 Product
Actual National Income (Y) (Billions of $) 100 200 300 400 500 600 700 800 Net Exports Imports (Billions of $) (Billions of $) 95 140 185 230 275 320 365 410 105 60 15 -30 -75 -120 -165 -210 b. Use the line drawing tool to draw and label the net export function in the graph to the right. Make sure that line passes through all the points from the table. Carefully follow the instructions above, and only draw the required objects. The net export function is downward sloping because OA X-IM rises as real national income rises OB. increases in real national income lead to increases in IM and X. C. X-IM falls as real national income rises. OD. increases in real national income lead to increases in exports but leave imports unchanged. c. Suppose desired imports are given by IM=m+m,Y. Using the data in the table, determine the values of m, and m, (Round your response for m, to two decimal places and round your response for me to the nearest whole value) The value of m, is Net Exports (5…
Private consumption expenditure (C) 150 Indirect Taxes 20 Gross private investment Expenditure (I) 60 Subsidies 5 Government Expenditure (G) 40 Transfer payments to households 10 Exports (X) 35 Personal Income Taxes 25 Imports (M) 30 Undistributed dividends 5 Net factor income from the rest of the world 5 Depreciation 5 Find Net National Product and Disposable Income