Question
The Canadian Government had the following balances in the fourth quarter of 2018 (in millions): Imports $654,843 Governmentpurchases $417,805 Consumer spending $1,196,360 Taxes, less subsidies
The Canadian Government had the following balances in the fourth quarter of 2018 (in millions):
Imports $654,843
Governmentpurchases $417,805
Consumer spending $1,196,360
Taxes, less subsidies $98,392
Compensation of employees $1,135,000
Business investment $437,681
Exports $664,437
A) Calculate Canada's fourth quarter 2018 GDP using the expenditure approach. (5 marks)
B) If GDP using the income approach was $2,195,650, what amount would the statistical discrepancy added to the expenditure approach need to be? (2 marks)
C) What is the final balance of GDP with the statistical discrepancy? (1 mark)
D) In 2019, Canada's population was 37 million. Calculate the per capital GDP in the fourth quarter.
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