ZuoTi.Pro
Question

Question 3 (10 marks) (a) What are the components of the expenditure approach to calculating GDP? What is the proportion of the largest component in GDP? (5 marks) (b) A farmer sells sheep to a processor for $2,000,000. The processor sells meat to the supermarkets for $3,000,000. The supermarkets sell meat to customers for $4,000,000. What is the contribution to GDP from the processor? (2 marks) (c) What does it mean when economists say that the economy is at full employment? (3 marks)

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

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Question 3 (10 marks) (a) What are the components of the expenditure approach to calculating GDP?...
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

Similar Homework Help Questions

  • Problem #1 GDP calculated by the expenditure approach will b income approach, because OA. the dollar...

    Problem #1 GDP calculated by the expenditure approach will b income approach, because OA. the dollar value of the expenditure on new goods and services in a year must be equal to he GDP calculated by the the dollar value of the income generated in that year the dollar value of the expenditure on new goods and services in a year is always less than the dollar value of the income generated in that year, since imports are subtracted from...

  • 3. For the following events, what is the likely effect on GDP?             a. Flavored vaping...

    3. For the following events, what is the likely effect on GDP?             a. Flavored vaping products are made illegal.             b. A man who is married to a tax accountant gets a divorce.             c. Goodyear sells more tires to consumers.             d. Goodyear sells more tires to Ford to install on Ford-150 pickup trucks.             e. The price of Apple stock rises to over $200 per share.             f. Your grandmother knits you a sweater.             g. You...

  • Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade) Complete the following...

    Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade) Complete the following exercise. Visit the Bureau of Economic Analysis website at www.bea.gov. From the drop-down menu under “Data”, click on “by Economics Account”. Then click on “National”, “Gross Domestic Product, and “Full Release and Tables”. Use table 3 (Gross Domestic Product: Level and Change from Preceding Period). The left columns are nominal GDP (and its components) and the right half represents real GDP (chained 2012 dollars)...

  • MUST BE 2017 Data exercise #1 Part 1: Expenditures Approach to Calculating GDP (weight 25% of...

    MUST BE 2017 Data exercise #1 Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade) Complete the following exercise Visit the Bureau of Economic Analysis website at www.bea.gov. From the drop-down menu under “Data”, click on “by Economics Account”. Then click on “National”, “Gross Domestic Product, and “Full Release and Tables”. Use table 3 (Gross Domestic Product: Level and Change from Preceding Period). The left columns are nominal GDP (and its components) and the right half...

  • Q1 Which of the following are included and which are excluded in calculating this year's GDP....

    Q1 Which of the following are included and which are excluded in calculating this year's GDP. Explain in each instance. a. A monthly scholarship cheque received by an economics student b. The purchase of an almost new tractor by farmer Kojo C. The cashing in of a savings bond d. An increase in business inventories e. Tim Horton's purchases a corner grocery store f. Fearless Qweenie Kong, a stuntwoman, purchases a life insurance policy for a billion dollars ($) g....

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