23 May 3 big questions for “economic growth and development” class
Please show all your work. No credit for answers only!
2. The following table gives the GDP data for a hypothetical country:
| ITEM | AMOUNT, billion USD |
| Imports of goods and services (M) | 93 |
| Government purchases of goods and services (G) | 225 |
| Indirect business taxes (T) | 32 |
| Exports of goods and services (X) | 76 |
| Rental income (R) | 88 |
| Investment (I) | 94 |
| Corporate profit (P) | 66 |
| Proprietors’ income (PI) | 212 |
| Depreciation (D) | 47 |
| Interest income (II) | 59 |
| Personal consumption (C) | 540 |
| Wages and other compensation of employees (W) | 431 |
(a) Compute the country’s GDP using the expenditure approach.
(b) Compute the country’s GDP using the income approach.
3. Give the GDP annual growth rates (with two decimal places) in the table:
| Year | GDP, million USD | annual growth, Percent |
| 2012 | 1037 | — |
| 2013 | 964 | |
| 2014 | 972 |
4. The following are the annual GDP growth rates for an economy from 2013 through 2016:
| Year | Percent |
| 2013 | — |
| 2014 | 12.07 |
| 2015 | 0.86 |
| 2016 | -9.00 |
Find the overall GDP (compound) percentage growth for the 2013-2016 period (with two decimal places).
2
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