Question 4 (a) The table below shows the values of several activities in an economy for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question 4 (a) The table below shows the values of several activities in an economy for the years 2020 and 2021, measured in millions of current year dollars: Item Personal consumption expenditures Gross private domestic investment Construction of new houses 2020 2021 1,800 1,850 2,500 2,600 800 850 Government expenditures on goods and services 1,600 1,630 Purchase of existing houses 1,200 1,350 Inventories at beginning of year 1,020 860 Inventories at end of year 860 1,150 Export of goods and services 5,000 5,300 Import of goods and services 9,000 9,200 Transfer payments 2,200 2,500 Measure the nominal GDP in 2020 and 2021, and also the nominal GDP growth rate between 2020 and 2021. Given that the GDP deflator is 104 in 2020 and 109 in 2021, measure the real GDP in 2020 and 2021 and also the real GDP growth rate between 2020 and 2021. Can you conclude that the well-being of the residents of the economy has improved from 2020 to 2021? (15 marks) Question 4 (a) The table below shows the values of several activities in an economy for the years 2020 and 2021, measured in millions of current year dollars: Item Personal consumption expenditures Gross private domestic investment Construction of new houses 2020 2021 1,800 1,850 2,500 2,600 800 850 Government expenditures on goods and services 1,600 1,630 Purchase of existing houses 1,200 1,350 Inventories at beginning of year 1,020 860 Inventories at end of year 860 1,150 Export of goods and services 5,000 5,300 Import of goods and services 9,000 9,200 Transfer payments 2,200 2,500 Measure the nominal GDP in 2020 and 2021, and also the nominal GDP growth rate between 2020 and 2021. Given that the GDP deflator is 104 in 2020 and 109 in 2021, measure the real GDP in 2020 and 2021 and also the real GDP growth rate between 2020 and 2021. Can you conclude that the well-being of the residents of the economy has improved from 2020 to 2021? (15 marks)
Expert Answer:
Posted Date:
Students also viewed these economics questions
-
A first - round - draft choice quarterback has been signed to a three - year, $ 1 0 million contract. The details provide for an immediate cash bonus of $ 1 million. The player is to receive $ 2...
-
Bond Cur Vol Close Net Chg Yld KO 5 11/20 s bond 5.32 20 matures in 43 years 20 +1/8 The bond matures in 43 years. What is the net change as a dollar amount? O $0.48 O $1.25 O $0.16 O $1.49
-
2022 Full Year Results Strong sales growth and continued progress against strategy Underlying performance GAAP measures (unaudited) 2022 vs 2021 2022 vs 2021 Full Year Underlying sales growth (USG)...
-
Given an array, Arr[] of integer numbers have size N. The task is to find out single or consecutive numbers from Arr[] with 0 sum. When found, print "1" otherwise "0". Example-1: Input: 4 (6,-2,3,-1)...
-
An ideal gas expands from 1.0 m3 to 3.0 m3 at atmospheric pressure while absorbing of heat in the process. (a) The temperature of the system (1) increases, (2) stays the same, (3) decreases. Explain....
-
a. Identify the supplemental field work standards that apply in a financial statement audit. b. What reports are required by the supplemental reporting standards in a financial statement audit?
-
For each of the following situations, use the weighted average method to determine the equivalent units of production for labor and overhead, assuming that they are continuously at the same...
-
Bryant Company has a factory machine with a book value of $90,000 and a remaining useful life of 5 years. It can be sold for $30,000. A new machine is available at a cost of $400,000. This machine...
-
You may need to use the appropriate appendix table or technology to answer this question. Customers arrive at a movie theater at the advertised movie time only to find that they have to sit through...
-
A machine costs $300,000 right now and an extra $80,000 a year from now, and is expected to produce the following cash flows: Year Cash flow ($ thousand) Year Cash flow ($ thousand) $ $ Your cost of...
-
What is the difference between a vibrometer and a vibrograph?
-
What is the importance of vibration measurement?
-
What is an LVDT? How does it work?
-
What is the working principle of an electrodynamic transducer?
-
What is a piezoelectric material? Give two examples of such material.
-
Critically discuss the role of multi-factor models in asset pricing
-
What are the two components of a company's income tax provision? What does each component represent about a company's income tax provision?
-
A company shows a \($600\) balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of \($200\). This adjusting entry...
-
A classified balance sheet a. Measures a companys ability to pay its bills on time. b. Organizes assets and liabilities into important subgroups. c. Presents revenues, expenses, and net income. d....
-
An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is a a. Balanced income statement. b. Single-step income statement. c....
Study smarter with the SolutionInn App