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Please help Consider the following national output accounts data for a given year on the economy of Grandland. (All figures are in billion $). Based
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Consider the following national output accounts data for a given year on the economy of Grandland. (All figures are in billion $). Based on the Expenditure approach to calculating national output and accounting measures and accordingly using only the relevant figures from this data, answer the questions and problems that follow. computation for etch ul 1. Government expenditures (consumption and investment) on goods and services: 1,261 2. Purchases of old houses by hour holds: 446 3. Compensation of employees (wages, salaries, fringe benefits and various supplements): 4,703 4. Personal consumption expenditures on goods and services: 3,142 5. Social security payments received by senior citizens: 651 6. Dividends: 310 7. Rental income: 264 8. Trading in stocks and bonds in the financial markets: 383 9. Indirect taxes: 258 10. Nonresidential investment (i.e., business investment in plant and equipment): 498 1 1. Change in business inventories (i.e., inventory investment): -5412. Residential investment (i.e., expenditures on new houses and apartment buildings): 416 13. Grandland's exports of final goods and services: 324 14. Grandland's receipts of factor income from the rest of the world: 231 15. Charitable donations made by individuals: 168 16. Grandland's imports of final goods and services: 449 17. Grandland's payments of factor income to the rest of the world: 369 18. Depreciation (capital consumption allowances): 564 19. Purchases and sale of illegal drugs: 315 20. Pension payments received by state government employees: 576 Problems: Based on the above data, compute the values of: (a) Gross private domestic investment (b) GDP (c) GNP (d) NNP (Follow the Expenditure approach. Be sure to show which specific items and their corresponding figures are being included in your computation for each of these four values.)Step by Step Solution
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