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Question 1: The table above gives some of the items in the U.S. National Income and Product Accounts in 2010.
ITEM
$
Wages
3,900
Consumption Expenditure
4,000
Taxes
400
Interest, rent, and profit
1,400
Investments
1,100
Government Expenditure
1,000
Depreciation
1,329
Net export
300
1. Calculate U.S. GDP in 2010? Precise which approach did you use.
2. Calculate the net domestic product?
3. I sell my car, a 2005 Chevrolet, for $5,000 in May of 2015. Does this transaction affect the GDP of 2015? Justify your answer.
Question 2: Use the following information to answer this set of questions.
Item
Price in 2012
Quantity in 2012
Price in 2013
Quantity in 2013
Price in 2014
Quantity in 2014
Bikes
$100
10
$150
20
Pencils
$1
100
$2
50
Telephones
$80
$60
80
a. Calculate nominal GDP for 2012, 2013, and 2014. Show the formula and the details of your calculation.
b. Calculate real GDP for 2012, 2013, and 2014 using 2012 as the base year? Show the formula and the details of your calculation.
Verified Expert
We have computed real GDP, Nominal GDP in this paper. Also US GDP and Net Domestic Product has been computed based on numerical details provided.
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Subject: Macroeconomics. Kindly answer the questions. Note: This Assignment accounts for 10 % of the student's final grade. I sell my car, a 2005 Chevrolet, for $5,000 in May of 2015. Does this transaction affect the GDP of 2015? Justify your answer.
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