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## BUEC05903 - Buisness Economics

#### Question Preview:

BUSINESS ECONOMICS (BUECO5903) ASSIGNMENT PART B - MACROECONOMICS SEMESTER 1, 2018 COURSE COORDINATOR — PAUL MCPHEE CHECKED BY — DAVID SPIERS Question 1: Important Note: [Parts (a) to (g), % mark each; parts (h) and (i), 1 mark each; parts (j), (k) and (L), 1.5 marks each) Suppose the following are national accounts data for a given year for a fictitious country: Measure / Variable Amount ‘ (Billions of Dollars) Consumption of fixed capital Depreciation | 320 Gross private fixed capital formation I 785 Government consumption expenditures Part G 585 Government investment...

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## Solution Preview

Question 1

a)Calculating GDP by using the income method:
GDP= Income from people in jobs and in self-employment (e.g. wages and salaries) + Profits + Rents (McEachem, 2016).
= 2651+1687+482
= \$4820 Billion
b) Calculating GDP by using the expenditure method
GDP = C + I + G + (X-M) where
C: Household spending
I: Capital Investment spending
G: Government spending
X: Exports of Goods and Services
M: Imports of Goods and Services
= 3115+785+ (585+210) + (690-565)
= \$4820 Billion

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