Wk 4
Wk 4 – Critical Analysis Questions Chapters 1 & 2
Answer and submit using APA format the following Critical Analysis Questions:
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Chapter 7: Questions 6, 15
Chapter 8: Questions 5, 9, 15
6. ; What are price indexes designed to measure? ; Outline how they are constructed. ; When GDP and other income figures are compared across time periods, explain why it is important to adjust for changes in the general level of prices.
15. ; The accompanying chart presents 2010 data from the national-income accounts of the United States.
|
Component |
Billions of Dollars |
|
Personal consumption |
$ 10,245.5 |
|
Employee compensation |
7,971.4 |
|
Rents |
350.2 |
|
Gov’t consumption & investment |
3,002.8 |
|
Imports |
2,356.7 |
|
Depreciation |
1,876.6 |
|
Corporate profits |
1,800.1 |
|
Interest income |
564.3 |
|
Exports |
1,839.8 |
|
Gross private investment |
1,795.1 |
|
Indirect business taxes |
1,117.7 |
|
Self-employment income |
1,036.4 |
|
Net income of foreigners |
-189.4 |
a. ; Indicate the various components of GDP when it is derived by the expenditure approach. ; Calculate GDP using the expenditure approach.
b. ; Indicate the various components of GDP when it is derived by the resource cost-income approach. ; Calculate GDP using the resource cost-income approach.
