components of national product and national income
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components of national product and national income
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The following are components of national product and national income for a country:
Items Billions of Dollars Consumption of goods and services 500 Corporate Income taxes 30 Corporate retained earnings 30 Depreciation allowances 90 Exports 210 Government expenditures on goods and services 200 Government Net Income transfers to Households 70 Gross Fixed Investment 150 Imports 210 Indirect taxes net of subsidies 100 Interest on government debt 15 Interest paid by producers in the production and service sectors 20 Net income from abroad 10 Non-cash Labour income 20 Personal income taxes 90 Rent of building and equipment 30 Total corporate profit 75 Total earned Labour income( including self employed wages, Supplementary labour income and Farmers income) 530 Total non-Corporate Profit (income from nonfarm unincorporated business) 25 Variation in the stock of inventories 10 Using the figures given in the previous table, answer the following questions. Justify your answers.
- a) (i) Calculate total government expenditures?
(ii) Calculate total government revenues
(iii) Is the government running a surplus, deficit, or balanced budget?
- b) (i), calculate GDP via the expenditures approach.
(ii) Calculate National Income
- c) Calculate National Income via the income approach. Does this match with your answer to question (b) (ii)?
- d) Explain why your answers to questions c) and b (ii) should match each other.
- e) What is the usefulness for economic policy of estimating GDP using the expenditure approach?
- f) (i) Calculate personal income
(ii) Calculate disposable income
(iii) Calculate personal savings
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True false or uncertain? Justify your answer using the data and concepts of chapter 16 of the lecture notes
“A negative inflation rate is good because lower prices are good for consumers and most economists and policy makers agree that we should have a low inflation rate”
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Read chapter 16 of the lecture notes: “Characteristics of the Canadian Economy”. Please do not copy from the notes. Make up your own answer after reading and turning off your computer or closing your textbook.
- What is the difference between the nominal interest rate and the real interest rate?
- What is the Phillips curve?
- Based on the Canadian evidence, is it true that a higher inflation rate is associated with a higher growth rate of real GDP?
- The government of the United Sates is concerned about the high unemployment rate in the US, which reached 9.8% in October 2009. Based on the previous experience in Canada, should the governments of the US cause an increase of the inflation rate in order to reduce the unemployment rate to its “natural” level of 4%?
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