Question

Table 23-1 The following table contains data for Mindalion for the year 2019. ​ GDP $200...

Table 23-1

The following table contains data for Mindalion for the year 2019.

​

GDP $200
Income earned by citizens abroad $9
Income foreigners earn here $7
Losses from depreciation $4
Indirect business taxes $10
Statistical discrepancy $0
Retained earnings $8
Corporate income taxes $12
Social insurance contributions $30
Interest paid to households by government $8
Transfer payments to households from government $55
Personal taxes $60
Nontax payments to government $11

Refer to Table 23-1. Disposable personal income for Mindalion in 2019 is

a.

$198.
b.

$201.
c.

$200.
d.

$130.

Question 18

A statistical discrepancy

a.

explains the inadequacy of GDP in capturing the value of leisure and the value of a clean environment.
b.

exists because data sources are not perfect, so measures of expenditures and income are not equal.
c.

insures that GDP will approximately equal GNP.
d.

explains the close association between GDP and quality of life measures such as literacy and life expectancy.

QUESTION 21

  1. Table 23-2

    The following table contains data for country Krugeveaux for the year 2019.

    ​

    Household purchases of durable goods $1,574
    Household purchases of nondurable goods $1,717
    Household purchases of services $385
    Household purchases of new housing $704
    Purchases of capital equipment $310
    Inventory changes $363
    Purchases of new structures $611
    Depreciation $117
    Salaries of government workers $1,422
    Government expenditures on public works $569
    Transfer payments $777
    Foreign purchases of domestically produced goods $88
    Domestic purchases of foreign goods $140

    Refer to Table 23-2. What was country Krugeveaux's GDP in 2019?

    a.

    $1,988
    b.

    $7,603
    c.

    $1,991
    d.

    $3,676
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Homework Answers

Answer #1

1) Solution: $130
Working:

GDP   200     
Add: Income earned by citzens abroad   9     
Minus: Income foreigner earns here   -7     
Minus: Losses from deprexiation   -4     
Net national product   198     
         
Add: Transfer payments to households from government   55     
Less: Retained earnings   -8     
Less: Corporate income taxes   -12     
Less: Indirect business taxes   -10     
Less: Social contributions   -30     
Add: Interest paid to households   8     
Personal income   201     
         
Less: Personal taxes   -60     
Less: Nontax payments to government   -11     
Disposable personal income   130     
  
2) Solution: explains the inadequacy of GDP in capturing the value of leisure and the value of a clean environment
Explanation: The statistical discrepancy refers to the GDP inadequacy in capturing the the value of a clean environment and value of leisure
3) Solution: $7603
Working:

Household purchases of durable goods   1574     
Add: Household purchases of nondurable goods   1717     
Add: Household purchases of services   385     
Add: Household purchases of new housing   704     
Add: Purchases of capital equipment   310     
Add: Inventory changes (net increase in inventory)   363     
Add: Purchases of new structures   611     
Add: Salaries of government workers   1422     
Add: Government expenditures on pencils   569     
Add: Foreign purchases of domestically produced goods   88     
Less: Domestic purchases of foreign goods   -140     
GDP   7,603     

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