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.

Question

BlackTom AI · Accepted Answer

We start by identifying the components of GDP using the expenditure approach: GDP = C + I + G + (X - M).

Option definitions:
- C is household consumption expenditure: 70.
- I is total investment, which typically includes private (firms) investment: 60.
- G is government spending on goods and services. Here government spending comprises government consumption plus public (government) investment, i.e., 25 + 35 = 60.
- X - M is net exports, calculated as exports minus imports: 11 − 4 = 7.

Now add them up: C (70) + I (60) + G (60) + NX (7) = 197.

Analysis of each option:
- a. $197 billion: This matches the calculated GDP using the standard expenditure approach, including both government consumption and government investment in G, and counting net exports correctly.
- b. $212 billion: This would require a larger G or NX value than provided, or double-counting some components; with the given figures, this value overstates GDP.
- c. $238 billion: This would imply even larger contributions from components not supported by the data (e.g., too high C, I, G, or NX), which is inconsistent with the table.
- d. $162 billion: This would undercount one or more components (likely underestimating C, I, or G); it ignores the full government and investment totals provided.

Therefore, the correct computation yields $197 billion, aligning with option a.

类似问题

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 $5 000

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

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?

Suppose C = $6T, I = $2T, G = $3T, EX = $1T, IM = $2T. GDP is:

If this economy has 1,000 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 .

In a small economy, gross investment in 2018 is $2500, consumption spending is $6000, net investment is $200, government spending is $1500, exports are $2000 and imports are $1000. What is GDP for this economy in 2018?

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