Additional questions ch 6

.docx

School

Carleton University *

*We aren’t endorsed by this school

Course

1022

Subject

Economics

Date

Apr 3, 2024

Type

docx

Pages

3

Uploaded by PrivateBookViper34 on coursehero.com

1) Refer to the table Canadian GDP data, billions. What is the gross domestic product equal to? Canadian GDP data, billions a. $1820 b. $2269 c. $2537 d. $3640 2) Calculate GDP using the expenditure approach Inventory investment $ 50 billion Fixed investment 120 billion Consumer durables 420 billion Consumer nondurables 275 billion Interest (THIS IS INCOME) 140 billion Indirect business taxes (TAXES ARE PAID FROM INCOME 45 billion Government wages and salaries 300 billion Government purchases of goods and services 110 billion Imports 80 billion Exports 40 billion Consumer semi-durables 185 billion Profits 320 billion Consumer services 600 billion
I= 50+120 = 170 BILLION C= 420+ 275+ 185+ 600 = 1480 billion G= 300 + 110= 410 billion X= 40 M= 80 X-M= -40 Thus: 1480+ 170 + 410 - 40 = 2020 3) GDP equals $1.2 trillion. If consumption equals $680 billion, investment equals $100 billion, and government spending equals $220 billion, what can we conclude about the value of exports and imports for the country? a) Imports exceed exports by $100 billion. b) Exports exceed imports by $100 billion. c) Imports exceed exports by $200 billion. d) Exports exceed imports by $200 billion. 4)Suppose the nominal GDP is $240 million and the GDP deflator is 120. What is the real GDP? a. $2 million b. $120 million c. $200 million d. $288 million 5) Fill the missing data in the following table: Year GDP Deflator Nominal GDP (billions) Real GDP (billions) 2014 90.9 700 2015 100 800 2016 1000 800
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Recommended textbooks for you
Text book image
ECON MACRO
Economics
ISBN:9781337000529
Author:William A. McEachern
Publisher:Cengage Learning
Text book image
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Text book image
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
SEE MORE TEXTBOOKS
Recommended textbooks for you
Text book image
ECON MACRO
Economics
ISBN:9781337000529
Author:William A. McEachern
Publisher:Cengage Learning
Text book image
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Text book image
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
SEE MORE TEXTBOOKS