ZuoTi.Pro
Question

Here is what we know about a household: wages $25,000, unemployment insurance benefits $3,000, dividend income...

Here is what we know about a household: wages $25,000, unemployment insurance benefits $3,000, dividend income $4,000, income tax $5,000. What is the contribution to GDP of this household following the expenditure approach?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer: $28,000

GDP is the addition of all factor incomes in expenditure method, since these are paid by the source. It includes wages and unemployment benefits only; dividend income must not be considered here, because it is already recorded in firm’s book; income tax must not be considered, since GDP is excluded from tax.

GDP = Wages + Unemployment benefits

         = $25,000 + $3,000

         = $28,000

0 0
Add a comment
Know the answer?
Add Answer to:
Here is what we know about a household: wages $25,000, unemployment insurance benefits $3,000, dividend income...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The following information applies to Jasmine, who is single, for 2018: Salary $56,000 Interest income from First Bank of Lexington 1,500 Dividends from Watters Company stock 3,000 Contrib...

    The following information applies to Jasmine, who is single, for 2018: Salary $56,000 Interest income from First Bank of Lexington 1,500 Dividends from Watters Company stock 3,000 Contribution to a traditional IRA 4,000 Loan repayment from her friend 1,000 Capital loss from sale of personal vehicle (2,300) Number of potential dependents ? Age 44 Jasmine maintains a household for her sister, who has $9,000 from Social Security. In addition, Jasmine's aunt lives with her and has income of $3,000. Click...

  • 9.What is Say’s Law and what do classical economists say about prices, wages, and interest rates?...

    9.What is Say’s Law and what do classical economists say about prices, wages, and interest rates? What are the three states of the economy in relating the real GDP to natural real GDP? In a recessionary gap, is there a surplus or a shortage of production? What does that imply about the labor market and how wages may change? Understand the differences between a recessionary gap, inflationary gap, and long run equilibrium. How is the physical production possibilities frontier (PPF)...

  • In 2019, Jake and Mary Jacobs, a married couple, have specially modified adjusted gross income $25,000...

    In 2019, Jake and Mary Jacobs, a married couple, have specially modified adjusted gross income $25,000 and $10,000 in social security benefits. If the Jacobs file a joint return, what portion of their social security benefits are included in income for federal income tax purposes? 1) $10,000 2) $5,000 3) $2,500 4) $1,000 5) $0 Question 4 On February 10, 2019, Rose was in an automobile accident while she was going to work. The doctor advised her to stay home...

  • 1/4/11 I am not sure about 2 of these question and 1 i really dont know...

    1/4/11 I am not sure about 2 of these question and 1 i really dont know Which of the following is an example of a normative statement? Multiple Choice Immigration should be allowed in the United States. The cost of basic health insurance rose from the previous year. Tom is a college student. The federal minimum wage is $7.25. Which of the following is an example of a normative statement? Multiple Choice 1 0 Average growth in real GDP per...

  • It's Income tax season: Will they have to pay taxes or get a refund? What will...

    It's Income tax season: Will they have to pay taxes or get a refund? What will be the tax amount due or refunded? Use the following information to find the amount of tax due or refund due, if any using the most recent tax rates (2019). David and Melissa are filing married jointly. David's wage is $60,000 Melissa's wage is $65,000 Have a 15 year old daughter who qualifies for the child tax credit. David's income tax withholding from wages...

  • Question 8 Which of the following items should be included in gross income? 1) Life insurance...

    Question 8 Which of the following items should be included in gross income? 1) Life insurance proceeds 2) Child support payments 3) Accident and health insurance proceeds 4) Cash rebate from a dealer on a car purchase 5) Moving expense reimbursements received from an employer Question 9 Ms. Green is single and over 65 years old. She received the following income in 2019:               Interest from certificates of deposit   $3,000     Tax-exempt interest   6,000     Taxable dividends  ...

  • The Colonial Hotel asked you to help prepare income statement for 2019. The following infomration is...

    The Colonial Hotel asked you to help prepare income statement for 2019. The following infomration is provided to you as of December 31, 2019. Account Tile Account Balance Insurance General Manager's Salary (Admin & Gen.) Salaries and Wages - Rooms Salaries and Wages - Food Supplies - Food $5,000 30,000 80,000 60,000 20,000 Food Purchase Room Sales Interest Income Interest Expense Cost of Food Sold 55,000 380,000 1,000 21,000 Food Sales Wages (Admin & Gen.) Advertising Property Operation & Maintenance...

  • What does the term negative refer to in a negative income tax scheme? A.The individual does...

    What does the term negative refer to in a negative income tax scheme? A.The individual does not have to pay income tax for any of his/her earnings. B.The individual receives a subsidy or a credit rather than paying taxes for a certain number of hours worked. C.The program does not involve any disincentives to working. D.The program involves fewer disincentives to working than does a conventional welfare or social assistance program. For which of the following programs does the recipient...

  • Graded assignment 5 Gerald and Patty Hanson are married taxpayer with the following income and expenses...

    Graded assignment 5 Gerald and Patty Hanson are married taxpayer with the following income and expenses for 2018: . Gerald's w-2 wages: $80,000 . Patty's w-2 wages: 40,000 . Patty's sole proprietorship (Patty is a noted sculptor) Sales$20,000 o Materials (8,000) Depreciation (1,000) Interest income on their investments $5,000 Dividend income 500 I ditional, Gerald and at in Prescription drugs (after insurance) $450 . Vitamins 100 . Medical insurance premiums 1,350 . Braces for their son (not covered by insurance)...

  • Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the...

    Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT