Question 1.The above table shows data from the GDP accounts of Hypothetical in 2

Question

Question 1.The above table shows data from the GDP accounts of Hypothetical in 2014 Component Amount (billions of dollars)s Personal consumption Houschold saving 1,202 Gross investments Government Expenditure Depreciation Exports 957 Import 5,566 1,234 1,784 622 1,138 1. Using the data in the table above, what is the value of GDP/marks) 2. What is the value of net exports?(1marks 3. What is the net domestic product? (Imarks Question 2. Use the following information to answer this set of questions Price in Quantity in Price in Quantity in Item Bikes Telephones S80S0 2013 10 100 2014 20 50 80 2014 2013 S150 si S2 S60 What is nominal GDP for 2013 and 2014? Provide any formula you use and show your work. (2marks) 1. What is real GDP for 2013, and 2014 using 2013 as the base year? Provide any formula you use and show your work. (2marks) 2. 3. Calculate the GDP deflator in 2014. (2marks).

Explanation / Answer

=5566+1234+1784+957 – 1138 = $8403

GDP = $8403

2) Net exports = Exports –Imports

= 957-1138

= 181

3) Net domestic product = GDP –Depreciation

= $8403- 622

= $7781

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