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Answer to Question #47515 in Macroeconomics for janice

Question #47515
For the following items, follow the directions, write the correct answer in the blank, or circle the correct answer.

Having applied for a job at the Commerce Department’s Bureau of Economic Analysis, you are given the following hypothetical data to study before your interview. Figures are total value in billions of dollars.

Household spending on:
Services = $3,008 Nondurable goods =$1,776
Durable goods = $706 Business spending on plant and equipment =$815
Wear and tear on factory equipment = $200 Inventory changes =$9
New homes constructed = $397 Existing homes which were destroyed =$123
State and Local Government spending on:
Consumption = $540 Investment =$113
Federal Government spending on:
Consumption = $691 Investment =$132
Depreciation of government assets = $245 Transfer Payment =$2,936
Imports = $855 Exports =$961

A. What is the total value of consumption spending in this economy? _______________________

B. What is the total value of private investment spending in this economy? __________________

C. What is the total value of government purchases in this economy? ______________________

D. What is the total value of net exports in this economy? _______________________________

E. Using the expenditure approach, what is GDP for this economy? _________________________

______________________________________________________________________________.

F. Which entries in the table are not counted as part of the economy’s GDP? _________________
______________________________________________________________________________.

ECON 201 – Macroeconomics
Measuring National Income - GDP

Name _____________________________
Billions of dollars
Exports $367 Dividends 60 Consumption of fixed capital 307 Corporate profits 203 Compensation of employees 1,722 Government purchases 577 Rents 33 Taxes on production and imports 255 Gross private domestic investment 437 Corporate income taxes 88 Transfer payments 320 Interest 201 Proprietors’ income 132 Personal consumption expenditures 1,810 Imports 338 Social Security contributions 148 Undistributed corporate profits 55 Personal taxes 372 Net foreign factor income 0 Statistical discrepancy 0 Expenditure Approach Item Amount _______________________$________________
_______________________ $________________ _______________________$________________
_______________________ $________________ Gross Domestic Product = ________________________________ Net Domestic Product = _________________________________ National Income = _____________________________________ Personal Income= _____________________________________ Disposable Income = __________________________________ Expert's answer Household spending on: Services =$3,008
Nondurable goods = $1,776 Durable goods =$706
Business spending on plant and equipment = $815 Wear and tear on factory equipment =$200
Inventory changes = $9 New homes constructed =$397
Existing homes which were destroyed = $123 State and Local Government spending on: Consumption =$540
Investment = $113 Federal Government spending on: Consumption =$691
Investment = $132 Depreciation of government assets =$245
Transfer Payment = $2,936 Imports =$855
Exports = \$961

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