2:40 K ECON 102 CHAPTER 6 GRADED A.... What are the principal components of Gros

Question

2:40 K ECON 102 CHAPTER 6 GRADED A.... What are the principal components of Gross Domestic Product? (S points) a) b) c) d) e) 2. Write the standard equation describing GDP. (2 points) 3. What is the difference between Gross Domestic Product (GDP) and Net Domestic Product (NDP)? L. (1 point) NDP GDP (plus? b) What is meant by the term you wrote? (1 point) 4. An economy shows the following components: 2 points) Consumption: 1,200; Business investment: 150 Government spending: 200; Exports: 100; Imports 120: Depreciation: 50 GDP is NDP is 5. Circle the items which are NOT included in GDP? (2 points) a) construction of homes b) repairs I make to my garage c) the lumber and nails I buy to repair my garage d) the value of heroin sold on street comers e) production of tires used in the new car I bought 6. Look at the following data for a small, faraway country with white sand beaches and swaying the Clamshell (Cl). Calculate its real GDP for each year and the palm trees, whose currency is percentage change in tal GDP for 2015-to-2016 and 2016-to- 2017. (4 points) Calendar To Do Inbox

Explanation / Answer

1) The principal componenets of GDp are as :

a) Personal consumption expenditures.

b) Investment.

c) government expenditures.

d) net exports.

2) GDP ( Y) = C + I + G + NX

3) NDP = GDP - depreciation

or NDP = C + I + G + NX - depreciation .

4) a) GDP = 1200 + 150 +200 +( 100 - 120)

GDP = 1550 - 20 = 1530

NDP = 1530 - 50 = 1480

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