Question 1:

In 2011,the value of goods and services produced in Quebec was $302.1 billion today. In 2012,the inflation rate measured on the basis of the GDP price index was 1.0% and the real GDP growth rate was -1.4%, in a recessionary context.

In 2012,several macroeconomic components, including those related to the calculation of GDP (in billions of current dollars) were:

Quebec's foreign trade balance was -27 billion.

The Quebec government purchased $73.4 billion worth of goods and services and $15.7 billion in infrastructure spending;

Quebec households received salaries of $164.9 billion as well as miscellaneous investment interest and income; This enabled them to purchase products and services for a total of $190.8 billion.

Profits of corporations and so-companies before tax reached $24.6 billion.

Construction companies (housing and factories) made $33 billion in investments; Overall, companies purchased $15 billion in machinery and equipment.

I.1 Using this information, calculate the 2012 nominal GDP using the expenditure method. To do this, complete Table 1 below.

TABLE 1

Calculating GDP by spending method

(in billions of current dollars)

C =

I =

G =

X - M =

Gross domestic product (GDP)

The presentation of the calculations and mandatory

Using the data provided at the beginning of the question and nominal GDP in question I.1, you are asked to complete the following table:

Clearly present your calculations in the reserved space at the bottom of Table 2.

TABLE 2

PIB nominalNominal growth GDP Price IndexInflation Real GDP Real growth

Index rate at 2011

(2011 - 100) prices -------------------------------------------------------------------------------------------------------------------------

2011 ? 1,6% ? 0,6% ? ?

2012 ? ? ? 1,0% ? -1,4%

The presentation of the calculations and mandatory: