Question

Consider the following hypothetical data for the U.S. economy in 2020 ( all amounts are in...

Consider the following hypothetical data for the U.S. economy in 2020 ( all amounts are in Trillions of dollars)

Consumption 11, Non-income-related taxes net of subssidies .8, Deprecation1.3, Govt. Spending 3.8, Imports 2.7, Gross Private Domestic Investment 4.0, Exports 2.5

A.) Based on the data, what is GDP, NDP?, NI? B.) suppose that in 2021 exports fall to $2.3 trillion, imports rise to $2.85 trillion, and gross private domestic investment falls to $3.25 trillion. What will th GDP be in 2021, assuming that other values do not change between 2020 and 2021?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Based on the following data for a hypothetical economy.    Millions Wage and salaries Government Purchases Exports...
Based on the following data for a hypothetical economy.    Millions Wage and salaries Government Purchases Exports Rental Income Profit Interest Consumption and spending Imports Private investment Spending $6000 $2000 $2650 $450 $1600 $1000 $4800 $2400 $2000 Expenditure approach: Income approach: Suppose that in the next year export decrease to 1650 million. Import increase to 3400 million and consumption falls to 2800 million. What will the GDP be in that year?
1. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in...
1. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500 Consumption Expenditures $36,000 Government Expenditures $18,500 Imports $20,330 Exports $18,580 Property Taxes $16,000 Sales Taxes $9,715 Retained earnings $1,310 Personal Income Taxes $2,200 Private Domestic Investment Expenditures $15,650 Interest Income $1,940 Pay Roll taxes $1,300 Transfer Payments $880 Depreciation $1,300 Net Income Made Abroad by Americans $160 Indirect Business taxes $2,520 Corporate Income Taxes $320
answer the question on the basis of the following national income data. all figures are in...
answer the question on the basis of the following national income data. all figures are in billions of dollars. Personal taxes $23 net private domestic investment 33 net exports 6 national income 278 u.s. exports 20 gross private domestic investment 56 disposable income 220 taxes on production and imports 32 undistributed corporate profits 15 proprietors' income 45 net foreign factors income 0 statistical discrepancy 0 refer to the data. personal consumption expenditures:
Personal consumption expenditures $245 Net foreign factor income 4 Transfer payments 12 Rents 14 Consumption of...
Personal consumption expenditures $245 Net foreign factor income 4 Transfer payments 12 Rents 14 Consumption of fixed capital (depreciation) 27 Statistical discrepancy 8 Social Security contributions 20 Interest 13 Proprietors’ income 33 Net exports 11 Dividends 16 Compensation of employees 223 Taxes on production and imports 18 Undistributed corporate profits 21 Personal taxes 26 Corporate income taxes 19 Corporate profits 56 Government purchases 72 Net private domestic investment 33 Personal saving 20 4. (Chapter 27) Use the attached National Income...
Consider the following information for the nation of Pogo for the year 2020: • Imports of...
Consider the following information for the nation of Pogo for the year 2020: • Imports of Goods and Services by Pogo Citizens in 2020 = $45B • Exports of Goods and Services by Pogo Citizens in 2020 = $15B • Income paid to Foreign Citizens working in Pogo = $10B • Income earned by Pogo Citizens working in Foreign = $16B • Pogo citizens own $800B in Foreign assets at the start of 2020. These assets earn 5% interest over...
Consider the following data of the country ABC (ABC) economy in 2019: million ($) Private consumption...
Consider the following data of the country ABC (ABC) economy in 2019: million ($) Private consumption expenditure $900,000 Gross domestic Investment $240,000 Government expenditure $30,000 Government welfare payment $20,000 Total exports $1,500,000 Total imports of goods $1,400,000 Total imports of services $160,000 ----------------------------------------------------------------------------------------------- Total population 8,000,000 Total working age population 7,000,000 Total labor force 3,650,000 Total number of unemployed person 250,000 Total underemployed person 180,000 a) Calculate A BC economy’s nominal GDP in 2019. (1 mark) b) If GDP deflator...
From the data given below, answer the following questions Personal consumption expenditure $4627 Net interest $400...
From the data given below, answer the following questions Personal consumption expenditure $4627 Net interest $400 Exports $716 Government Purchases of goods and services $1175 Corporation Profits $536 Imports $818 Net taxes $1260 Personal income taxes $1300 Rental income $28 Depreciation $716 Gross private domestic investment $1037 Indirect taxes $970 Proprietor’s income $473 Subsidies $391 Compensation of employees (wages) $4005 Price level (GDP deflator) $120 a. What is the value of net export NX? b. Is the country borrowing from...
1. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in...
1. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500 Consumption Expenditures $36,000 Government Expenditures $18,500 Imports $20,330 Exports $18,580 Property Taxes $16,000 Sales Taxes $9,715 Retained earnings $1,310 Personal Income Taxes $2,200 Private Domestic Investment Expenditures $15,650 Interest Income $1,940 Pay Roll taxes $1,300 Transfer Payments $880 Depreciation $1,300 Net Income Made Abroad by Americans $160 Indirect Business taxes $2,520 Corporate Income Taxes $320 2. Calculate a)...
Part 1 Consider the table below. All data are for 2004 and are in billions of...
Part 1 Consider the table below. All data are for 2004 and are in billions of dollars, except the CPI, which is a percentage. Capital Consumption Allowance $ 1,435.3 Billion Consumer Spending $ 8,214.3 Billion Corporate Income Taxes $ 360.1 Billion CPI (2004) 105.0 Dividends $ 200.3 Billion Exports $ 1,173.8 Billion Factor Income Payments made to Foreign Entities $ 361.7 Billion Factor Income Receipts from Foreign Entities $ 415.4 Billion Government Spending $ 2,215.9 Billion Gross Private Domestic Investment...
1. Which of the following is true of unemployment? A) It is defined as the number...
1. Which of the following is true of unemployment? A) It is defined as the number of people actively looking for work who do not have jobs. B) The result is that the economy operates inside its production possibilities curve. C) There are psychological consequences associated with unemployment. D) All of the above. 2. Which of the following people would be considered unemployed? A) Homer, who lost his job at the power plant and is not looking for work B)...