Can these activities be considered part of GDP? (i) A garage buys spare tires to sell to customers next year (ii) As it pertains to St. Kitts, if a Jamaican citizen works temporarily in St. Kitts. (iii) As it pertains to Guyana, a Guyanese owns a firm in Haiti.
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Can these activities be considered part of
(i) A garage buys spare tires to sell to customers next year
(ii) As it pertains to St. Kitts, if a Jamaican citizen works temporarily in St. Kitts.
(iii) As it pertains to Guyana, a Guyanese owns a firm in Haiti.
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- Which COMPONENTS (IF ANY) of U.S. GDP (consumption C, investment I, government spending G, and/or net exports NX) THIS YEAR would be affected and HOW (INCREASE OR DECREASE) if: (a) you buy an OLD house in Coral Gables and start living in it (b) Jackson Memorial Hospital buys a new MRI scanner produced in Germany (c) Whirlpool produces some kitchen appliances but does not manage to sell them this year (d) you cook yourself a dinner (ignore the cost of all ingredients and the increase in your utility bill)(i) Calculate the value added at each stage of production (ii) Calculate the contribution to GDP from the good Please see attached imageThe following transactions took place in Ecoland in 2018: Trillions of 2014 dollars Government purchases 400 Taxes 360 Firms’ profits 300 Investment 400 Consumption expenditure 1000 Wages paid to labor 1400 Exports 300 Government transfer payments 150 Imports 350 (a). Calculate Ecoland’s real GDP in 2018, i.e., GDP measured in 2014 $. (b) How much do households save in Ecoland? Is it enough to finance domestic investment? (c) Does the government have a balanced budget? If not, what is the surplus or deficit? (d) If Ecoland’s nominal GDP in 2018 is $1900 trillion, how much inflation has Ecoland experienced since 2014?
- “The GDP of a country does provide an accurate indicator of the welfare of its citizens”Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions Compensation of employees U.S. exports of goods and services Consumption of fixed capital Government purchases $226.2 19.8 11.8 59.4 Taxes on production and imports 14.4 Net private domestic investment Transfer payments U.S. imports of goods and services 52.1 13.9 16.5 Personal taxes 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 249.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI = $ billionProvide a table with the nominal GDP for Belize for 2020 and 2021. Using only the nominal GDP, what do you know about (i) Changes in the level of output during this period? Explain (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain. (c) Fill in the missing values in the table of data collected in the household survey. The working-age population, employment, unemployment, and labor force are measured.
- Determine if the following would be included (I) or excluded (E) from the calculation of GDP. (d) An increase in business inventories _______ (e) The income of a tax accountant working for a business _______ (f) Income received from interest on a corporate bond ________ (g) Business expenditures on pollution control equipment ______ (h) Dr. Jung grows tomatoes in his backyard for home consumption _______(i) Final goods that are produced but remain unsold in the current year should be excluded in the calculation of GDP for the current year. (ii) Under expenditure method, the value of apples used in the production of apple juice for retail purposes should not be added in the final production when measuring GDP. (iii) Ignoring transaction charges, a purchase of $50,000 worth of Singtel shares should be included in GDP measurement. Are these statements true or false?ITEMS RM (millions) Agriculture 18,000 Mining 12,000 Manufacturing 22,000 Constructions 8,000 Electricity, gas and water 1,800 Transportation and communication 900 Indirect tax 800 Subsidies 700 Government services 1,700 Other services 900 Capital consumption 500 Income received from abroad 750 Income paid to abroad 450 Based on the table above, calculate: a) Gross Domestic Product (GDP) at market price. b) Gross Domestic Product (GDP) at factor cost. c) Gross National Product (GNP) at factor cost. d) national income. e) What approach did you use to make calculation in question (i)? b) The table below shows national income data for a country R. Year Nominal GNP (RM million) Price Index 2017 16 400 100 2018 18 800 108 i) Calculate real income for 2017 and 2018. ii) How much growth rate from year 2017 to 2018?
- (a) Which of the following are included and which are excluded in calculating this year's GDP? Provide a brief explanation in ONE LINE ONLY in each instance. (a) Stephanie sues her former client for harassment and hires a lawyer. (b) Geoffrey is offering his family members hair styling at home due to COVID -19 for free while earlier the family members were getting them done at salons. (c) Covid-19 relief payments.Product Pumpkin Pies Technical Manuals Product Pumpkin Pies Technical Manuals In Year 2, nominal GDP is equal to: $ and Prices in Year 1 (Base year) Quantity 110 550 Production and Prices in Year 2 Quantity 137.50 825.00 Price Per Unit and real GDP is $ $3.00 $30.00 Price Per Unit $4.50 $60.00 (enter both responses rounded to the nearest penny).For the country of Madagascar government spending was $15,000 in 2007. Consumption was $88,000, investment was $10,250, exports were $2500, and imports were $3500. What was GDP equal to?
