Homework Answers
(a) Consumption is the largest expenditure component of the GDP.
(b) Investment includes the purchase of capital goods.
Investment does not include the purchase of company shares and bonds, because this transaction is a purchase of an asset not a purchase of capital good.
Answer: No.
(c) No, government purchase does not include government spending on unemployment benefit because for this spending government does not recevies any production in return.
(d) Net export = export - import
negative net export means the import exceeds exports.
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7. Measuring GDP The following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government purchases of goods and services for the United States in 2009, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP by adding together the final demands of consumers, business firms, the government, and foreigners-a method of calculating GDP known as the expenditure approach....
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1)Explain what changes occurred to GDP from Year 1 to Year
2
9:36 • pccc.blackboard.com ☺ stion Completion wwwwww United States greater efficiency among .. producers lower prices for many consumer goods and services ESTION 10 point e d The following questions are based on this table: a. Calculate the Gross Domestic Product in...
4. Computing GDP using the expenditure approach The following table shows data on consumption, investment, exports,...
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The following table shows data on consumption, investment, exports, imports, and government expenditures for Canada in...
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7. Measuring GDP The following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government purchases of goods and services for the United States in 2009, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP by adding together the final demands of consumers, business firms, the government, and foreigners-a method of calculating GDP known as the expenditure approach....
The following questions are based on this table:
4.a. Calculate the Gross Domestic Product in Year 1
4.b. Calculate the gross Domestic Product in Year 2
1)Explain what changes occurred to GDP from Year 1 to Year
2
9:36 • pccc.blackboard.com ☺ stion Completion wwwwww United States greater efficiency among .. producers lower prices for many consumer goods and services ESTION 10 point e d The following questions are based on this table: a. Calculate the Gross Domestic Product in...
4. Computing GDP using the expenditure approach The following table shows data on consumption, investment, exports, imports, and government purchases for the United States in 2007, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the following table to calculate GDP Components Consumption (C) Investment (I) Exports (EX) Imports (IM) Net exports of goods and services (NX) Government purchases (G) Gross domestic product (GDP) $9,734.20 $2,125.40 $1,643.00 $2,351.00...
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