w History Bookmarks Window Help mozart.sandhills.edu ECO 252 - HW 2 Questions Us
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w History Bookmarks Window Help mozart.sandhills.edu ECO 252 - HW 2 Questions Use the 2010 data (in millions of dollars) in the table below to calculate GDP for 2010. Note: all goods and services are 'new goods and services produced in 2010. 1. Purchases of capital equipment Households spending on durable goods Inventories 40 100 30 240 20 Households spending on houses Federal government spending on federal employees salaries Transfer payments Households spending on services Households spending on food and clothing Exports Imports made by the government 15 35 40 50Explanation / Answer
GDP at MP of 2010 by expenditure method = C+I+G+X-M
=Household spending on the durable goods+ Household spending on the houses + Household spending on the services +Household spending on the food and clothing + Purchases of capital equipment + Inventories+ Federal government spending on federal employees salaries + transfer payment made by the government +export -import.
=100+240+35+55+40+30+20+15+40-50
The GDP by expenditure method =$525
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