Question Description

Wk 4 – Critical Analysis QuestionsChapters 1 & 2

Answer and submit using APA format thefollowing Critical Analysis Questions:

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Chapter 7: Questions 6, 15

Chapter 8: Questions 5, 9, 15

6.  Whatare 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 ofprices.

15.  The accompanying chart presents 2010 datafrom 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 whenit is derived by the expenditure approach. Calculate GDP using the expenditure approach.

b.  Indicate the various components of GDP whenit is derived by the resource cost-income approach.  Calculate GDP using the resource cost-incomeapproach.

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