Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions.
Category
Value
Compensation of employees
$196.2
U.S. exports of goods and services
19.8
Consumption of fixed capital
11.8
Government purchases
59.4
Taxes on production and imports
14.4
Net private domestic investment
52.1
Transfer payments
13.9
U.S. imports of goods and services
16.5
Personal taxes
40.5
Net foreign income
2.2
Personal consumption expenditures
219.1
Statistical discrepancy
0.0
Instructions: Round your answers to one decimal place. a. GDP = $ billion b. NDP = $ billion c. National Income = $ billion
The data for a hypothetical economy in a given year are as follows:
Category
Value
Personal consumption expenditures
$50 billion
Purchases of stocks and bonds
$30 billion
Net exports
-$10 billion
Government purchases
$20 billion
Sales of secondhand items
$8 billion
Gross investment
$25 billion
What is the country’s GDP for the year? $ billion
Assume that a grower of flower bulbs sells its annual output of bulbs to an Internet retailer for $70,000. The retailer, in turn, brings in $160,000 from selling the bulbs directly to final customers. What amount would these two transactions add to personal consumption expenditures and thus to GDP during the year?
Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken and that the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $16 and 22,000 buckets were produced. Determine the GDP price index for 1984, using 2005 as the base year. Instruction: Enter your response as an index number rounded to one decimal place. GDP price index = By what percentage did the price level, as measured by this index, rise between 1984 and 2005? % What were the amounts of real GDP in 1984 and 2005? In 1984 real GDP = $ In 2005 real GDP = $
Data for the country Upper Mongoose is given in the table…