ECO 372 Week 1 Worksheet

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ECO 372 Week 1 Worksheet
ECO 372 Week 1 Worksheet
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ECO 372 Week 1 Worksheet

 

Complete the Worksheet.

Click the Assignment Files tab to submit your assignment.

Week 1 Worksheet

 

  1. Use the information in the table below to calculate Net Exports (NX) and gross domestic product (GDP), in billions of dollars.

 

Consumption Spending. . . . . .. . . . . . . . . .  $12,000 billion

Gross Investment Spending . . . . . . . . . . . .  $3,100 billion

Government Purchases. . . . . .  . . . . . . . . .         $3,400 billion

Exports    . . . . . . . . . . . . . . . . . . . . . .     $2,200 billion

Imports   . . . . . . . . . . . . . . . . . . . . . .     $2,700 billion

 

 

  1. Net Exports = $

 

 

 

  1. Is this economy experiencing a trade surplus or a trade deficit?

 

 

 

  1. c) Gross Domestic Product (GDP) = $

 

 

 

  1. a) Give an example of an activity that is not included in GDP estimates (a non-market

activity or an activity in the underground economy):

 

 

 

 

  1. b) Is GDP designed to measure happiness? Discuss.

 

 

 

 

 

  1. Suppose nominal GDP is equal to $16,000 billion and the GDP Deflator is equal to 125; calculate real GDP, in billions of dollars.

 

 

 

Real GDP = $