Lesson 6 – Review Day
Lesson 6 – Review Day
Calculate the GDP, NDP, NI, PI, DI, and Savings using BOTH approaches!!!
|Transfer payments |16 |
|Government purchases |80 |
|Personal taxes |38 |
|Corporate income tax |28 |
|Taxes on production and imports |15 |
|Social security contributions |8 |
|Undistributed corporate profits |19 |
|Proprietors income |25 |
|Compensation of employees |258 |
|Personal consumption expenditures |322 |
|Consumption of fixed capital |4 |
|Rents |10 |
|US exports |14 |
|Corporate profits |70 |
|Interest |12 |
|Dividends |23 |
|Imports to US |17 |
|Gross private domestic investment |63 |
|Net foreign factor income |10 |
|Statistical discrepancy |35 |
**please note – expenditure and income approach will NOT be the same!!!
The following table shows the price of a specific stereo receiver for a five-year period. Using year 3 as a base year, calculate the price index for each year.
|Year |Price |Price Index |
|1 |88 | |
|2 |100 | |
|3 |120 | |
|4 |132 | |
|5 |140 | |
The following data show nominal GDP and the appropriate price index for several years. Compute real GDP for each year and indicate whether you have “inflated” or “deflated” nominal GDP when finding real GDP. All GDP numbers are in billions.
|Year |Nominal |Price Index |Real GDP |Inflated or Deflated |
| |GDP | | | |
|1 |117 |120 | | |
|2 |124 |104 | | |
|3 |143 |85 | | |
|4 |149 |96 | | |
|5 |178 |112 | | |
|6 |220 |143 | | |
*What is the inflation rate between years 5 and 6?
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