2. Using the following national income accounting information to answer questions: Consumption Imports Net investment Government...

 

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2. Using the following national income accounting information to answer questions: Consumption Imports Net investment Government purchases Exports Capital consumption allowance Statistical discrepancy Receipts of factor income from the rest of the world Payments of factor income to the rest of the world $ 400 $ 10 $ 20 $ 100 $ 20 $ 20 $6 $ 10 $ 13 a) What is the GDP for this economy? b) What is the GNP for this economy? c) What is the NNP for this economy? d) What is the national income for this economy? e) What is the gross investment in this economy? 3. Why has nominal GDP increased faster than real GDP in the United States over time? What would it mean if an economy had real GDP increasing faster than nominal GDP? 4. Why is the CPI not a useful measure of your cost of living? 2. Using the following national income accounting information to answer questions: Consumption Imports Net investment Government purchases Exports Capital consumption allowance Statistical discrepancy Receipts of factor income from the rest of the world Payments of factor income to the rest of the world $ 400 $ 10 $ 20 $ 100 $ 20 $ 20 $6 $ 10 $ 13 a) What is the GDP for this economy? b) What is the GNP for this economy? c) What is the NNP for this economy? d) What is the national income for this economy? e) What is the gross investment in this economy? 3. Why has nominal GDP increased faster than real GDP in the United States over time? What would it mean if an economy had real GDP increasing faster than nominal GDP? 4. Why is the CPI not a useful measure of your cost of living?

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2a GDP Consumption Investment Government Spending Exports Imports GDP 400 6 10 13 20 GDP 409 b GNP 4... View the full answer