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Answer to Question #220472 in Economics for Thewilly
Question #220472
You're given the data below for 2021 for US economy whose currency is dollar.
Consumption $350 billion. Transfer payments $100 billion. Investment $100 billion. Government purchases $200 billion. Exports $50 billion. Imports $150 billion. Bond purchases $200 billion. Earnings on foreign investments $75 billion. Foreign earnings on US investment $25 billion.
Compute net foreign investment. Compute net exports. Compute GDP. Compute GNP.
In addition to responding with a quantitative answer, briefly describe how you arrive at your answers.
Consumption $350 billion. Transfer payments $100 billion. Investment $100 billion. Government purchases $200 billion. Exports $50 billion. Imports $150 billion. Bond purchases $200 billion. Earnings on foreign investments $75 billion. Foreign earnings on US investment $25 billion.
Compute net foreign investment. Compute net exports. Compute GDP. Compute GNP.
In addition to responding with a quantitative answer, briefly describe how you arrive at your answers.
Expert's answer
Net foreign investment NFI = 75 - 25 = $50 billion.
Net exports NX = 50 - 150 = -$100 billion.
GDP = 350 + 100 + 200 - 100 = $550 billion.
GNP = GDP + NFI = 550 + 50 = $600 billion.
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