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GDP Calculation and Expenditure Method - Quiz Answers

Learn how to calculate total investment, net exports, and GDP using given data. Understand how renting expenses contribute to GDP. Test your knowledge with these questions.

erica-sullivan
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GDP Calculation and Expenditure Method - Quiz Answers

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  1. Daily quiz-10 (02/09): Print your name and ID in BLOCK letters. Q 1.Use the following information to calculate (a) total investment (b) net exports and (c) GDP. (in billions) Household consumption of durables and non-durables 9,734.2 Investment by firms 2,125.4 Exports 1,643.0 Govt. purchase of goods and services 2,689.8 Purchase of new homes by households 1,550.0 Purchase of old homes by households 2,550.0 Imports 2,351.0 Unemployment benefits paid out by the Govt. 200.0 Some information may be irrelevant! Ans: (a) 3675.4, (b) – 708.0, (c) 9732.2 + 3675.4 + 2689.8 – 708.0 = 15,391.4 Q 2. Ruth rents an apartment for $1000 a month. How is this accounted for in GDP accounts, under the expenditure method? Ans: $1000 (total of $12,000 for the year) is included under “consumption” in GDP accounts.

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