Homework Answers
The correct answer is 'Option D'.
The income approach of measuring GDP takes into account wages, profit, rent and interest. It is the sum of the income to all the factors of production. The taxes paid by people are not included while measuring GDP using income approach. So, the correct answer is 'Option D'.
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Which of the following is NOT part of the income used in the income approach to...
All of the following will be component of the income approach to measuring US GDP EXCEPT:...
All of the following will be component of the income approach to measuring US GDP EXCEPT: a) wages and salaries b) gross investment c) interest earned from savings deposit d) business profits
4. The difference between expenditure and income approach to measure GDP resides in: A) Expenditure approach...
4. The difference between expenditure and income approach to measure GDP resides in: A) Expenditure approach address the question “Who gets income”, while income approach “Who purchases GDP” B) Expenditure approach counts compensation of employees, rents, interest, proprietor’s income and corporate profit, while income approach counts consumption, investment, government spending and net export C) From the spending side 70% of national income is paid in wages and benefits, while from income side 72% consists of consumer expenditures D) The expenditure...
Which approach for measuring Gross Domestic Product includes Corporate Profit and Indirect Taxes? Select one: a....
Which approach for measuring Gross Domestic Product includes Corporate Profit and Indirect Taxes? Select one: a. The income approach b. The production approach c. The indirect approach d. The expenditure approach e. The nominal approach
1.There are two approaches to measuring gross domestic product (GDP), expenditures approach and income approach. Expen...
1.There are two approaches to measuring gross domestic product (GDP), expenditures approach and income approach. Expenditures approach is comprised of consumption expenditures, investment expenditures, government expenditures plus net exports (exports minus imports). Households create income by supplying their labor to the firms. What items is the incomes approach comprised of? Hint: one item is compensation of employees. 2.Factor incomes are comprised of wages, interest, rent and capital. GDP does not measure certain items, what are they and why? What constitutes...
Which one of the following is not a deductible expense in computing partnership ordinary income? a. ...
Which one of the following is not a deductible expense in computing partnership ordinary income? a. Guaranteed payments to partners b. Salaries and wages paid to persons who are not partners c. Investment interest d. Contributions to employee benefit plans e. All of the above are deductible in computing partnership ordinary income
The income approach to measuring GDP Multiple Choice uses the payments paid to the four resources...
The income approach to measuring GDP Multiple Choice uses the payments paid to the four resources used to produce goods and services to estimate GDP focuses on how income is spent Oo oo adds up all household expenditures to calculate aggregate income and GDP ignores how income is earned and focuses instead on how it is used
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 national accounts of Parchment Paradise are kept on (you guessed it) parchment. A fire in...
The national accounts of Parchment Paradise are kept on (you
guessed it) parchment. A fire in the statistics office
destroys some accounts, leaving only the data on the right.
Calculate GDP (expenditure approach) and depreciation.
(dollars) Item GDP (income approach) Consumption expenditure 6,940 7,000 Indirect taxes less subsidies 700 Interest, rent, and profit 220 Investment 160 Government expenditure Wages 180 5,900 0 Net factor income from abroad Net exports -300
(dollars) Item GDP (income approach) Consumption expenditure 6,940 7,000 Indirect...
8. Using the income approach, the largest portion of GDP is: Group of answer choices employment...
8. Using the income approach, the largest portion of GDP is: Group of answer choices employment compensation (wages) net interest personal consumption expenditures profits rent
Which approach for measuring Gross Domestic Product includes Corporate Profit and Indirect Taxes? Select one: a. The income approach b. The production approach c. The indirect approach d. The expenditure approach e. The nominal approach
The income approach to measuring GDP Multiple Choice uses the payments paid to the four resources used to produce goods and services to estimate GDP focuses on how income is spent Oo oo adds up all household expenditures to calculate aggregate income and GDP ignores how income is earned and focuses instead on how it is used
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 national accounts of Parchment Paradise are kept on (you
guessed it) parchment. A fire in the statistics office
destroys some accounts, leaving only the data on the right.
Calculate GDP (expenditure approach) and depreciation.
(dollars) Item GDP (income approach) Consumption expenditure 6,940 7,000 Indirect taxes less subsidies 700 Interest, rent, and profit 220 Investment 160 Government expenditure Wages 180 5,900 0 Net factor income from abroad Net exports -300
(dollars) Item GDP (income approach) Consumption expenditure 6,940 7,000 Indirect...
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