Using the following information calculate the GDP for this economy: Consumption of $5 000 Investment of $10 000 Government purchases of $3 000 Government transfer payments of $1 000 Exports of $6 000 Imports of $5 000Short answer

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If consumption is $4000, exports are $300, government purchases are $1000, imports are $400, and investment is $800, then GDP is $5700.

Refer to the data in Table 1 below and answer the question that follows: Table 1: Economic Indicators for Uniland in 2016/17 [table] Item | $ billions Household consumption expenditure | 70 Private (firms) investment expenditure | 60 Public (government) investment expenditure | 35 Government consumption | 25 Transfer payments | 15 Exports | 11 Imports | 4 [/table] Calculate gross domestic product for Uniland for 2016/17.

If this economy has 1,200 workers in total, what is total GDP at time t, i.e., what is 𝑌 𝑡 ? Round your answer to the nearest integer. Hint: Take advantage of the fact that 𝐾 𝑡 = 𝑘 𝑡 × 𝐿 𝑡 and/or 𝑌 𝑡 = 𝑦 𝑡 × 𝐿 𝑡 .

To avoid double counting in the calculation of GDP, which types of goods are typically excluded from the calculation?

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