Homework Answers
GDP by income approach = Indirect taxes + wages + gross operating surplus
= $(50+700+250) billion
GDP = $1000 billion
GDP by expenditure approach:
GDP = C+I +G + X-M
GDP = $(600+200+200+X-250) billion
GDP = $ 750 billion + X
Because GDP from both the approaches are equal. Therefore,
$1000 billion = 750 billion +X
X = $250 billion
Hence,option(E) is correct.
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Calculate the four components of aggregate expenditure and GDP for the following economy using data from the table below.
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Calculate the four components of expenditure and GDP for the following economy using data from the table below Instructions: Enter your response as an integer value GDP Consumption expenditures Exports Government purchases of goods and services Construction of new homes and apartments Sales of existing homes and apartments Imports Beginning-of-year inventory stocks End-of-year inventory stocks Business fixed investment Government payments to retirees Household purchases of durable goods $600 $75 $200 $100 $200 $50 $100 $50 $100 $100 $150 Consumption expenditures:...
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