How do you measure GDP? How do you measure real and nominal GDP?

Use the table below displaying the income and expenditures in an econom Show more Calculate the missing data. Use the table below displaying the income and expenditures in an economy. Calculate missing data from the table. Income/Expenditure Flows Amount (in billions) Consumption expenditure $7 Government expenditure $5 Depreciation $3 Net taxes $2 Investment $4 Net exports $1 Expenditures Income GDP Calculate the following. Using the data from a partial set of national income and expenditure data address the following: Calculate gross domestic product (GDP) using the expenditure approach. Determine net domestic product gross national product (GNP) and statistical discrepancy. Item Amount in 2010 (in billions) Government expenditure (G) = $8 Consumption expenditure (C) = $20 Investment (I) = $5 Net exports (NX) = $1.5 GDP (expenditure approach)= Total wages = $21 Net operating surplus = $11 Net domestic product = Indirect taxes minus subsidies = $3.5 Capital consumption = $2 GDP (income approach)= Statistical discrepancy = Net factor income from abroad = $5.5 GNP = Consider the tables. Given production and price data below address the following: Calculate an economys nominal GDP and real GDP. In 2000: Item Quantity (millions) Price ($/unit) Expenditure (millions of $) Socks 15 5 75 SIM cards 20 2 40 Defense Budget 9 5 45 Real/Nominal GDP = 160 In 2003: Item Quantity (millions) Price ($/unit) Expenditure (millions of $) Socks 15 5 75 SIM cards 20 5 100 Defense Budget 20 10 200 Nominal GDP = 2003 Quantities valued at 2000 prices: Item Quantity (millions) Price ($/unit) Expenditure (millions of $) Socks SIM cards Defense Budget Real GDP = Answer the following questions. How do you measure GDP? How do you measure real and nominal GDP? How do you determine Consumer Price Index and what are its limitations? Which of the following expenditures will be included in GDP which will be excluded from the calculation? Explain your answers. Spare tires bought by Across America a car rental company Textbooks bought by college students Cabinets purchased by a furniture store A new car purchased by an NFL player A cruise ship bought by Carnival Show less

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