28 Apr Unit 4 [204]Page 1 of 3Unit 4 Assignment: National IncomeDetermin
Unit 4 [204]Page 1 of 3Unit 4 Assignment: National IncomeDetermination1. Your Assignment should have a cover sheet with the following information: Your Name Course Number Section Number Date2. You may submit your Assignment using the Unit 4 Assignment template.3. Your answers should follow APA formatting by being in double-spaced paragraph format, withcitations to your sources and, at the bottom of your last page, a list of references. Your answersshould also be in Standard English with correct spelling, punctuation, grammar, and style.4. Respond to the questions in a thorough manner, providing specific examples of concepts, topics,definitions, and other elements asked for in the questions. Your answers should behighlyorganized, logical, and focused.AssignmentThis Assignment deals with how a nation’s income is measured using Gross Domestic Product(GDP). In doing so, it highlights the various components of the GDP, the difference between nominaland real GDP, and the limitations of the GDP as a measure of national income.1) U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, andwhat does it not tell us, about the well-being of U.S. residents? What are the limitations of the GDP asa measure of economic well-being? Given the limitations, why is GDP usually regarded as the bestsingle measure of a society’s economic well-being?2) What is an intermediate good? How does an intermediate good differ from a final good? Explainwhy it is the case that the value of intermediate goods produced and sold during the year is notincluded directly as part of GDP, but the value of intermediate goods produced and not sold isincluded directly as part of GDP.3) GDP is defined as the market value of all final goods and services produced within a country in agiven period of time. In spite of this definition, some production is left out of GDP. Explain why somefinal goods and services are not included.Unit 4 [204]Page 2 of 34) The table below contains data for country A for the year 2010.Country A’s Goods and Services TotalHousehold purchases of durable goods $1293Household purchases of nondurable goods $1717Household purchases of services $301Household purchases of new housing $704Purchases of capital equipment $310Inventory changes $374Purchases of new structures $611Depreciation $117Salaries of government workers $1422Government expenditures on public works $553Transfer payments $777Foreign purchases of domestically producedgoods$88Domestic purchases of foreign goods $120Refer to the Table above to answer the following questions.a. What was country A’s GDP in 2010?b. What was country A’s consumption in 2010?c.What was country A’s investment in 2010?d. What were country A’s government purchases in 2010?e.What were country A’s exports and imports in 2010? What was the net export in 2010?Directions for Submitting Your AssignmentBefore you submit your Assignment, you should save your work on your computer in a location andwith a name that you will remember. Make sure your Assignment is in the appropriate templateprovided. Then, when you are ready, you may submit to the Dropbox.Unit 4 [204]Page 3 of 3Unit 4 Assignment: National Income Determination PointsPossiblePointsEarnedContent and AnalysisProblem #1Explained the changes in real GDP and its limitations.7Problem #2Correctly explained intermediate goods in GDP.7Problem #3Correctly identified the limitations of the GDP.6Problem #4Compute GDP in 2010. (“a”)5Correctly calculate consumption. (“b”) 5Correctly calculate investment. (“c”) 5Computed government purchase. (“d”) 5Identify export and import and calculate net export. (“e”) 5Writing style, grammar, and APA formatting. 5Total 50
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