You are an officer in the U.S. Bureau of Economic Analysis (BEA). Your job is to...

 

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You are an officer in the U.S. Bureau of Economic Analysis (BEA). Your job is to record national income and product accounts (NIPAS). Your colleagues collect data and report statistics as follows: in 2015, personal consumption expenditures was $12,272, gross private domestic investment was $3,021, government consumption expenditures and gross private investment was $3,183. Exports and imports of goods and service were $2,253 and $2,782, respectively. All items are in billions. (a) Produce statistics for gross national expenditure (GNE) and gross domestic product (GDP). Show your work. Now, your colleagues are shirking, and you did not receive statistics for net factor income from aborad (NFIA) and net unilateral transfers (NUT). Your boss asks you to get gross national income (GNI) and gross national disposable income (GNDI). An angel tapped your shoulder and said "GNI was $18,161, and GNDI was $18,027 in 2015." You decided to take the angel's information (Actually, you should not do this!). The problem is that you need to publish the statistics including NFIA and NUT, and the table should be consistent with the principle of NIPAS. (b) Obtain the reasonble values for NFIA and NUT. Show your work. (c) Obtain the current account (CA). Is the U.S. in surplus? (d) Define national saving S=Y? C? G where Y, C, G denotes GND I, personal consumption, and government expenditures, respectively. Show that the current account (CA) equals national saving (S) minus private investment (I). Does saving exceed investment? (e) Prove the Balance of Payments Identity. (f) Obtain the reasonble value for the sum of the financial account and capital account. Show your work. You are an officer in the U.S. Bureau of Economic Analysis (BEA). Your job is to record national income and product accounts (NIPAS). Your colleagues collect data and report statistics as follows: in 2015, personal consumption expenditures was $12,272, gross private domestic investment was $3,021, government consumption expenditures and gross private investment was $3,183. Exports and imports of goods and service were $2,253 and $2,782, respectively. All items are in billions. (a) Produce statistics for gross national expenditure (GNE) and gross domestic product (GDP). Show your work. Now, your colleagues are shirking, and you did not receive statistics for net factor income from aborad (NFIA) and net unilateral transfers (NUT). Your boss asks you to get gross national income (GNI) and gross national disposable income (GNDI). An angel tapped your shoulder and said "GNI was $18,161, and GNDI was $18,027 in 2015." You decided to take the angel's information (Actually, you should not do this!). The problem is that you need to publish the statistics including NFIA and NUT, and the table should be consistent with the principle of NIPAS. (b) Obtain the reasonble values for NFIA and NUT. Show your work. (c) Obtain the current account (CA). Is the U.S. in surplus? (d) Define national saving S=Y? C? G where Y, C, G denotes GND I, personal consumption, and government expenditures, respectively. Show that the current account (CA) equals national saving (S) minus private investment (I). Does saving exceed investment? (e) Prove the Balance of Payments Identity. (f) Obtain the reasonble value for the sum of the financial account and capital account. Show your work.

Answer rating: 100% (QA)

a To calculate Gross National Expenditure GNE and Gross Domestic Product GDP we need to sum up the different components of the national income and pro... View the full answer