This question examines the expenditures approach to calculating GDP. You will use data on different macroeconomic expenditures to calculate the value of nominal GDP, and its four components, in a particular year Below, you are provided data on macroeconomic expenditures last year in Asartaland: Durable Goods: $25 Gross Investment: $23 Nondurable Goods: $18 Exports: $11 Imports: Services: Depreciation: Government Purchases: $6 $20 $8 $35 Task 1: Calculate the value of consumption in the economy of Asartaland. (Durables + Nondurables + Services) Task 2: Calculate the value of net investment in the economy of Asartaland. (Gross Investment - Depreciation - Net Investment) Task 3: What is the value of government purchases in the economy of Asartaland? Task 4: Calculate the value of net exports in the economy of Asartaland. Task 5: Following the expenditures approach, calculate the value of GDP for Asartaland.
This question examines the expenditures approach to calculating GDP. You will use data on different macroeconomic expenditures to calculate the value of nominal GDP, and its four components, in a particular year Below, you are provided data on macroeconomic expenditures last year in Asartaland: Durable Goods: $25 Gross Investment: $23 Nondurable Goods: $18 Exports: $11 Imports: Services: Depreciation: Government Purchases: $6 $20 $8 $35 Task 1: Calculate the value of consumption in the economy of Asartaland. (Durables + Nondurables + Services) Task 2: Calculate the value of net investment in the economy of Asartaland. (Gross Investment - Depreciation - Net Investment) Task 3: What is the value of government purchases in the economy of Asartaland? Task 4: Calculate the value of net exports in the economy of Asartaland. Task 5: Following the expenditures approach, calculate the value of GDP for Asartaland.
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.1P
Related questions
Question
Transcribed Image Text:MEASURING OUTPUT AND INCOME
WORKSHEET
This question examines the expenditures approach to calculating GDP. You will use
data on different macroeconomic expenditures to calculate the value of nominal GDP,
and its four components, in a particular year
Below, you are provided data on macroeconomic expenditures last year in
Asartaland:
Durable Goods:
$25
Gross Investment: $23
Nondurable Goods: $18
Exports:
$11
Imports:
Services:
Depreciation:
Government Purchases:
$6
$20
$8
$35
Task 1: Calculate the value of consumption in the economy of Asartaland. (Durables
+ Nondurables + Services)
Task 2: Calculate the value of net investment in the economy of Asartaland. (Gross
Investment - Depreciation - Net Investment)
Task 3: What is the value of government purchases in the economy of Asartaland?
Task 4: Calculate the value of net exports in the economy of Asartaland.
Task 5: Following the expenditures approach, calculate the value of GDP for
Asartaland.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
