You buy a used copy of this textbook.g)The government pays out social security benefits.h)A public utility installs new antipollution equipment in its smokestacks.i)Luigi’s Pizza buys 30 pounds of mozzarella cheese, holds it in inventory for 1 month, and then uses it to make pizza (which it sells).j)You spend the weekend cleaning your apartment.k)A drug dealer sells $500 worth of illegal drugs.5)From the following table, calculate:a)Gross private domestic investmentb)Net exportsc)Gross domestic productd)Gross national producte)Net national productf)National incomeg)Personal incomeh)Disposable personal income 2
Transfer payments 15 Subsidies 5 Social insurance payments 35 Depreciation 50 Receipts of factor income from the rest of the world 4 Government consumption and investment 75 Imports 50 Payments of factor income to the rest of the world 5 Personal interest income from government and houses 35 Indirect taxes 20 Exports 60 Net private domestic investment 100 Personal taxes 60 Corporate profits 45 Personal consumption expenditures 250 Dividends 4 6) All commodities produced in the economy199019911992PQPQPQA$110210310B$58810106C$212220320Calculate: a)Nominal GDP in 1992.b)Real GDP in 1991 and 1992 (in 1991 prices).c)The annual growth rate of real GDP in 1992. 3
7)a) Fill in the blanks in the following table b)Between 2001 and 2002, nominal GDP has (increased / decreased) ....................by ........................%. 4
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- Fall '09
- National Income, ........., gross domestic product, Measures of national income and output