a) What was country A’s GDP in 2010? 1. $6359 2. $7136 3. $7253 4. $8147 b) What

Question

a) What was country A’s GDP in 2010?

1. $6359

2. $7136

3. $7253

4. $8147

b) What was country A’s consumption in 2010?

1. $2018

2. $3010

3. $3311

4. $4015

C) What was country A’s investment in 2010?

1. $1178

2. $1295

3. $1882

4. $1999

d) What were country A’s government purchases in 2010?

1.$553

2.$1198

3.$1975

4.$2752

e) What were country A’s exports in 2010?

1. -$32

2. $32

3. $88

4.$120

f) What were country A’s imports in 2010?

-$32

$32

$88

$120

g) What were country A’s net exports in 2010?

-$32

$32

$88

$120

The table below contains data for country A for the year 2010 ousehold purchases of durable goods ousehold ousehold ousehold S1293 of nondurable g s of services S301 $704 S310 S374 S611 S117 S1422 S553 S777 S88 S120 of new housing s of capital changes chases of new structures on aries of government workers tures on public works ransfer payments oreign 0. oduced of forei

Explanation / Answer

(a)

Calculate the country A's GDP -

GDP = Household purchases of durable goods + Household purchases of nondurable goods + Household purchases of services + Household purchases of new housing + Purchases of capital equipment + Inventory changes + Purchases of new structures + Salaries of government workers + Government expenditure on public works + Foriegn purchases of domestically produced goods - Domestic purchases of foriegn goods

GDP = $1293 + $1717 + $301 + $704 + $310 + $374 + $611 + $1422 + $553 + $88 - $120

GDP = $7253

The country A's GDP is $7,253

Hence, the correct answer is the option (3).

(b)

Calculate the country A's consumption -

Consumption = Household purchases of durable goods + Household purchases of nondurable goods + Household purchases of services

Consumption = $1293 + $1717 + $301 = $3311

The country A's consumption is $3311.

Hence, the correct answer is the option (3).

(c)

Calculate country A's investment -

Investment = Household purchases of new housing + Purchases of capital equipment + Inventory changes + Purchases of new structures

Investment = $704 + $310 + $374 + $611 = $1,999

The country A's investment is $1,999.

Hence, the correct answer is the option (4).

(d)

Calculate the country A's government purchases -

Government purchases = Salaries of government workers + Government expenditure on public works

Government purchases = $1422 + $553 = $1,975

The country A's government purchases is $1,975.

Hence, the correct answer is the option (3).

(e)

Calculate the country A's exports -

Exports = Foriegn purchases of domestically produced goods = $88

The country A's exports are $88.

Hence, the correct answer is the option (3).

(f)

Calculate the country A's imports -

Imports = Domestic purchases of foriegn goods = $120

The country A's imports are $120.

Hence, the correct answer is the option (4).

(g)

Calculate the country A's net exports -

Net exports = Exports - Imports = $88 - $120 = -$32

The country A's net exports is -$32.

Hence, the correct answer is the option (1).

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