Homework Answers
National income is the value of all final goods and services produced in an economy during a particular year. There are different ways of calculating national income of an economy. We will use Income method to calculate national income for this economy. This method calculates the total output of the economy by focusing on the flow of factor incomes.
National Income=Compensation of employees+Net Interest+Corporate Profits+Proprietors' Income+Rental Income+Indirect taxes minus Subsidies
=6500+500+1100+780+650+720=10,250
Therefore, the national income=$10,250 billion.
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We have the following information for an economy. All data are in billion dollars. Category Value...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars $2,300 Gross private domestic investment Depreciation Exports $1,987 $3,120 $200 $4,521 Imports Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items Income received from other countries $6,300 $1,341 $1,118 $1,022 $8,174 $1,895 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $365...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars Gross private domestic investment Depreciation $1,700 $1,387 Exports $2,320 Imports $1,500 $3,921 Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items $5,700 $741 Income received from other countries $518 $422 $7,574 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $1,295 $35...
The following table contains some information from the national income and product accounts of a small...
The following table contains some information from the national income and product accounts of a small country. All data are in billion dollars. Category Value Government Consumption and Gross Investment 300.00300.00 National Income 1 comma 2701,270 Depreciation 40.0040.00 Exports 150.00150.00 Compensation of Employees 840.00840.00 Receipts of Factor Income from the Rest of the World 50.0050.00 Net Investment 160.00160.00 Inventory Adjustment 0.00 Imports 160.00160.00 Payments of Factor Income to the Rest of the World 40.0040.00 Corporate Profits 250.00250.00 Statistical Discrepancy 10.0010.00...
The table below shows the values for several different components of GDP Value (billions of dollars)...
The table below shows the values for several different components of GDP Value (billions of dollars) 266 Personal consumption expenditures Net foreign factor income Transter payments Rents Consumption of fixed capital (depreciation Statistical discrepancy Social Security contributions Interest Proprietors' income Net exports Dividends Compensation of employees Taxes on production and imports Undistributed corporate profits Personal taxes Corporate income taxes Corporate profits 15 12 10 23 12 16 263 16 46 61 Government purchases Net private domestic investment Personal saving 10...
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All...
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Value 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 Personal taxes Net foreign income Personal consumption expenditures Statistical discrepancy $195.2 18.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 219.1 0.0 Instructions: Round your answers...
Suppose you are given the following information about some hypothetical economy and its national income accounts....
Suppose you are given the following information about some hypothetical economy and its national income accounts. Use this information to answer the questions that follow (Amounts are in billions of dollars) Indirect Business Taxes $919.0 Corporate Profits $1208.9 Corporate Profits Taxes $469.4 Retained Earnings $330.8 Proprietor’s Income $1038.4 Rental Income $62.1 Net Interests $1171.1 Exports $1685.7 Imports $2380.4 Income Receipts from rest of world $855.6 Income Payments to rest of world $754.9 Net National Product $12380.8 Government expenditures for Goods...
How do you calculate Government expenditure? The following national income data are available for a country....
How do you calculate Government
expenditure?
The following national income data are available for a country. All data are in billion dollars. Category Residential Investment Payments of Factor Income to the rest of the world National Income Inventory Adjustment Personal Consumption Expenditure Depreciation Exports Nonresidential Investment Receipts of Factor Income from the Rest of the World Government Transfer Payment Statistical Discrepancy Imports Value 110.00 50.00 2,174.00 0.00 1,540.00 66.00 132.00 220.00 90.00 200.00 0.00 242.00 Using the above information calculate...
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (NI. All figures...
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (NI. All figures are in billions. Category 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 Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy Value $194.2 17.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 219.1 Instructions: Round your answers to...
Using the following national income accounting data, compute (a) GDP. (b) NDP, and (c) NI. All...
Using the following national income accounting data, compute (a) GDP. (b) NDP, and (c) NI. All figures are in billions Category 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 Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy Value $204.2 17.8 11.8 59.4 14.4 52.1 13.9 16,5 40.5 2.2 229.1 0 Instructions: Round your...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars $2,300 Gross private domestic investment Depreciation Exports $1,987 $3,120 $200 $4,521 Imports Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items Income received from other countries $6,300 $1,341 $1,118 $1,022 $8,174 $1,895 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $365...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars Gross private domestic investment Depreciation $1,700 $1,387 Exports $2,320 Imports $1,500 $3,921 Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items $5,700 $741 Income received from other countries $518 $422 $7,574 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $1,295 $35...
The table below shows the values for several different components of GDP Value (billions of dollars) 266 Personal consumption expenditures Net foreign factor income Transter payments Rents Consumption of fixed capital (depreciation Statistical discrepancy Social Security contributions Interest Proprietors' income Net exports Dividends Compensation of employees Taxes on production and imports Undistributed corporate profits Personal taxes Corporate income taxes Corporate profits 15 12 10 23 12 16 263 16 46 61 Government purchases Net private domestic investment Personal saving 10...
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Value 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 Personal taxes Net foreign income Personal consumption expenditures Statistical discrepancy $195.2 18.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 219.1 0.0 Instructions: Round your answers...
How do you calculate Government
expenditure?
The following national income data are available for a country. All data are in billion dollars. Category Residential Investment Payments of Factor Income to the rest of the world National Income Inventory Adjustment Personal Consumption Expenditure Depreciation Exports Nonresidential Investment Receipts of Factor Income from the Rest of the World Government Transfer Payment Statistical Discrepancy Imports Value 110.00 50.00 2,174.00 0.00 1,540.00 66.00 132.00 220.00 90.00 200.00 0.00 242.00 Using the above information calculate...
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (NI. All figures are in billions. Category 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 Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy Value $194.2 17.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 219.1 Instructions: Round your answers to...
Using the following national income accounting data, compute (a) GDP. (b) NDP, and (c) NI. All figures are in billions Category 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 Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy Value $204.2 17.8 11.8 59.4 14.4 52.1 13.9 16,5 40.5 2.2 229.1 0 Instructions: Round your...
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