Question: Use the data below to answer the questions that follow. ( Total marks = 12 ) Item Amount (billions of dollars) Consumption expenditure 400 Government

  1. Use the data below to answer the questions that follow. (Total marks = 12)
Item Amount (billions of dollars)
Consumption expenditure 400
Government purchases 100
Interest and investment income 40
Profit of corporations & public enterprises 80
Income from farms and unincorporated businesses 50
Wages, salaries, and supplementary labour income 350
Capital consumption allowance (depreciation) 60
Investment 150
Exports 56
Imports 36
(Indirect) taxes less subsidies 90

Calculate net exports. (2 marks)

Use the expenditure approach to calculate GDP. (5 marks)

Use the income approach to calculate GDP. (5 marks)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Economics 248 Assignment 1B This assignment has a maximum total of 100 marks and is worth 20 percent of your total grade for this course. You should complete it after completing your course work for...

Q:

This assignment has a maximum total of 100 marks and is worth 20 percent of your total grade for this course. You should complete it after completing your course work for Units 2 through 4. Answer...

Q:

Answer each question clearly and concisely. 1. Identify the following as consumption, investment, government purchases, or net exports. Justify your answers. a. Government of Canada repaves the...

Q:

Use the data below to answer the questions that follow Item Amount(billions of dollars) Consumption expenditures 400 Government purchase 100 Interest and investment income. 40 Profit of corporations...

Q:

Use the data below to answer the questions that follow. (10 marks) Item Amount (in billions of dollars) Consumption expenditure 300 Government expenditure 99 Interest and investment income 31 Profit...

Q:

The formula C + / + G + EX - IM is the to calculating GDP. Select one: O A. expenditure approach O B. only accurate approach O C. income approach O D. value-added approach The equation for GDP using...

Q:

1. a. Distinguish between microeconomics and macroeconomics. (2 marks) b. Label each of the following news headlines as a microeconomic or macroeconomic topic. (8 marks) (i) Edmonton woman wins over...

Q:

You are presented below two separate sets (Set A and Set B) of financial statements of Department of Social Welfare for the year 2019 using different accounting bases. SET A Department of Social...

Q:

1. Macroeconomics is primarily concerned with the measurement and behavior of three aggregates. Which of the following is not one of the three aggregates? A. The level of production B. The level of...

Q:

Solve clearly.. HW 7b: Ch 07 Proprietors' Income 480 Corporate profits 200 Rental Income 200 Income earned from the rest of the world 40 Income earned by the rest of the world 200 Indirect business...

Q:

You have graduated from college but unfortunately have $37,000 in outstanding loans. The loans require payments of $3,510 per year, which covers interest and principal repayment (that is, the loan...

Q:

Solue the following Cauchy problem: Xy Uk + y" uy + yu = y-x with us y= x? on

Q:

Which of the following are considered advantages of using the parametric cost estimation technique? Select two A parametric model can objectively measure the validity, relative fit, and predictive...

Q:

Determine the self-inductance of a toroidal coil of N turns of wife wound on an air frame with mean radius ro and a circular cross section of radius b. Obtain an approximate expression assuming b ro.

Q:

(Q2) When the 12-cm cube in the figure below, is immersed in 20C water, it is balanced on the beam scale by a 2-kg mass. What is the specific weight of cube? Take the specific gravity of ethanol as...

Q:

DEKO Berhad is in the process to finalized its financial statements. The following is the list of assets and liabilities as at 31 December 2019 Accounts Carrying amounts (RM) Property 5,000,000...

Q:

Define strategic cost management and discuss how the various strategic cost management tools and techniques outlined below could help organization manage their cost tactically. 1 shareholder analysis...

Q:

flow Olil (03-B) Anneer OR AIR (Q3-B-1) A water tank is pressurized by air, as shown in figure. The tank is located on a mountain at an altitude of 1400 m where the WATER T atmospheric pressure is...

Q:

Question 3 (20 marks) Due to financial issues, Michael is going to sell his antique car. Two weeks ago, Michael advertised his 1936 Rolls Royce Silver for sale on the internet. Yesterday Michael...

Q:

1. To gain knowledge about the way information is stored in memory.

Q:

5. Which metaphors do you mainly use when talking about organizations and companies? What do these metaphors express about an organization or a company? Are there other metaphors that may be more...

Q:

4. Using the same examples you gave in question 3, try to identify circular sequences, i.e. A affects B, but B also affects A.