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Calculating GDP-Practice Problems 19-20

This document provides economic data in tables for two different years to calculate GDP using the expenditure approach. It lists components of GDP such as personal consumption expenditures, gross private domestic investment, government purchases, exports and imports. Students are directed to use the data to calculate GDP by showing their work and labeling answers with the correct numerical formatting.

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Jill C
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129 views

Calculating GDP-Practice Problems 19-20

This document provides economic data in tables for two different years to calculate GDP using the expenditure approach. It lists components of GDP such as personal consumption expenditures, gross private domestic investment, government purchases, exports and imports. Students are directed to use the data to calculate GDP by showing their work and labeling answers with the correct numerical formatting.

Uploaded by

Jill C
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COMPUTING GDP—PRACTICE PROBLEMS Name:_____________________

Period:_____________________
Date:_____________________
Directions: Using the data in the table, calculate GDP using the expenditure approach. Show and
label your work, and answers. Be sure to use the correct value placement.

1. Suppose the government's national


income and product accounts
revealed the following information:
(All answer are in billions of
dollars.)

Personal consumption
expenditures $525
Gross private domestic
investment 110
Consumption of fixed capital
(depreciation) 31
Government purchases 72
Net exports -15
Compensation of employees 462
Proprietors' income 59
Interest 29
Rents 26
Corporate profits 75
Corporate income taxes 28
Dividends 30
Undistributed corporate profits 17
Net foreign factor income 12
Transfer payments 33
Statistical discrepancy 0
Social Security contributions 39
Taxes on production and imports 22
Personal taxes 71
Personal saving 4

2. Below is listed the US’s national


income and product accounts in
2007. All answers are in billions of
dollars.
COMPUTING GDP—PRACTICE PROBLEMS

Exports $100
Dividends 816
Transfer payments 2237
Government purchases 2690
Gross private domestic
investment 2125
Compensation of employees 7874
Interest 603
Personal consumption
expenditures 9734
Rents 65
Corporate profits 1627
Corporate income taxes 467
Personal saving 443
Undistributed corporate profits 344
Net foreign factor income 96
Consumption of fixed capital
(depreciation) 1687
Proprietors' income 1043
Taxes on production and imports 1009
Personal taxes 1482
Social Security contributions 979
Statistical discrepancy 29
COMPUTING GDP—PRACTICE PROBLEMS

Imports 803
$198 billion $5799 Billion

GDP= C+I+G+(x-m)

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