《宏觀經(jīng)濟(jì)學(xué)原理》ch05

GDPandStandardofLivingCHAPTER5CHECKPOINTSProblem1Problem2Problem2Problem3Problem1Problem1Checkpoint5.1Checkpoint5.2Checkpoint5.3Problem2Problem4PracticeProblem1Classifyeachofthefollowingitemsasafinalgoodoranintermediategoodandidentifywhichisacomponentofconsumptionexpenditure,investment,orgovernmentexpenditureongoodsandservices.Bankingservicesboughtbyastudent.NewcarsboughtbyHertz,thecarrentalfirmNewsprintboughtbyUSATodayfromInternationalPaper.ThepurchaseofanewaircraftfortheVice-presidentNewhouseboughtbythefamilyofAlGore.CHECKPOINT5.1SolutionThestudent’sbankingserviceisafinalserviceandpartofconsumptionexpenditure.Hertz’snewcarsareadditionstocapital,sotheyarepartofinvestmentandfinalgoods.Newsprintisacomponentofthenewspaper,soitisanimmediategood.ThepurchaseofanewaircraftfortheVice-presidentisafinalgoodandispartofgovernmentexpenditure.Thenewhouseisafinalgoodandpartofinvestment.CHECKPOINT5.1PracticeProblem2ThefigureshowstheflowsofexpenditureandincomeonLotusIsland.In2008:Rwas$10billion

Wwas$30billion

Uwas$12billion

Xwas$15billion

Zwas$3billion.Calculatethetotalexpenditureandtotalincome.CHECKPOINT5.1SolutionTotalexpenditureisthesumofredflows:C,I,G,andNX.Onthefigure:

CistheflowW

IistheflowX

GistheflowU

NXistheflowZCHECKPOINT5.1SototalexpenditureequalsW+X+U+Z.Totalexpenditureequals$(30+15+12+3)billion,whichis$60billion.Totalincomeistheblueflow,Q.Buttotalincomeequalstotalexpenditure,sototalincomeis$60billion.CHECKPOINT5.1PracticeProblem1ThetableshowssomeoftheitemsintheU.S.NationalIncomeandProductAccountsin2005.UsetheexpenditureapproachtocalculateU.S.GDPin2005.CHECKPOINT5.2SolutionTheexpenditureapproachsumstheexpenditureonfinalgoodsandservices.Thatis,GDP=C+I+G+NX.In2005:GDP=($8.7+$2.0+$2.3 $0.7)trillionGDPwas$12.3trillion.CHECKPOINT5.2PracticeProblem2ThetableshowssomeoftheitemsintheU.S.NationalIncomeandProductAccountsin2005.WhatwasU.S.GDPasmeasuredbytheincomeapproachin2005?Byhowmuchdidgrossproductandnetproductdifferin2005?CHECKPOINT5.2SolutionGDPasmeasuredbytheincomeapproachequalsGDPasmeasuredbytheexpenditureapproachplusthestatisticaldiscrepancy.Thestatisticaldiscrepancyiszero,soGDPis$12.3trillion.GDPasmeasuredbytheincomeapproachwas$12.3trillion.CHECKPOINT5.2Grossproductminusnetproductequalsdepreciation,whichwas$1.5trillionin2005.CHECKPOINT5.2PracticeProblem3ThetableshowssomeoftheitemsintheU.S.NationalIncomeandProductAccountsin2005.CalculateU.S.GNPandU.S.nationalincomein2005.CHECKPOINT5.2SolutionGNP=GDP+Netfactorincomefromabroad.In2005,

GNP=$(12.3+0.1)trillion,whichwas$12.4trillion.CHECKPOINT5.2Nationalincome=GNPDepreciationStatisticaldiscrepancy.Thestatisticaldiscrepancyiszero,soin2005,

Nationalincome=$(12.4$1.5)trillion,whichis$10.9trillion.CHECKPOINT5.2PracticeProblem4Thetableshowssomedataforaneconomy.Ifthebaseyearis2006,calculatetheeconomy’snominalGDPandrealGDPin2008.CHECKPOINT5.2SolutionNominalGDPin2008at2008pricesequals

(160applesx$1.00)+

(220orangesx$2.00),whichequals$600.RealGDPin2008at2006pricesequals

(160applesx$0.50)+

(220orangesx$0.25),whichequals$135.CHECKPOINT5.3PracticeProblem1TheUNreportedthefollowingrealGDPperpersonin2002:China$4,580;Russia$8,230;Canada$29,480;andtheUnitedStates$35,750.InCanadaandtheUnitedStates,householdproductionissimilarandsmallerthaninChinaandRussia.TheundergroundeconomyislargestinRussiaandChinaandasimilarproportionoftheseeconomies.CanadiansandAmericansenjoymoreleisurehoursthandotheChineseandRussians.

CHECKPOINT5.3Inwhichpair(orpairs)ofthesefourcountriesisiteasiesttocomparethestandardofliving?Inwhichpair(orpairs)orthesefourcountriesisitmostdifficulttocomparethestandardofliving?Why?CHECKPOINT5.3SolutionTwopairs—CanadaandtheUnitedStates,andChinaandRussia—areeasytocomparebecausehouseholdproduction,theundergroundeconomy,leisurehours,andtheenvironmentaresimilarinthecountriesineachpair.ThemostdifficultcomparisonisCanadaandtheUnitedStateswitheitherChinaorRussia.Householdproductionandtheundergroundeconomynarrowthedifferences,butleisurehoursandtheenvironmentwidenthem.CHECKPOINT5.3PracticeProblem2TheUNreportedthefollowingrealGDPperpersonin2002:China$4,580;Russia$8,230;Canada$29,480;andtheUnitedStates$35,750.InCanadaandtheUnitedStates,householdproductionissimilarandsmallerthaninChinaandRussia.TheundergroundeconomyislargestinRussiaandChinaandasimilarproportionoftheseeconomies.CanadiansandAmericansenjoymoreleisurehoursthandotheChineseandRussians.

CHECKPOINT5.3DothedifferencesinrealGDPperpersonrankthestandardoflivinginthesefourcountries?Whatadditionalinformationwouldweneedtobeable