The following table contains the most recent household expenditure data from FRED*. *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Using the data from FRED, compute the value for personal consumption expenditures for the first quarter of 2021. (Enter your response rounded to one decimal place.) Title Value $ 15,069.2 billion Personal Consumption Expenditures Personal Consumption Expenditures: Durable Goods Personal Consumption Expenditures: Nondurable Goods $1,938.577 billion $3,269.759 billion $1,049.521 billion $9,860.896 billion Private Residential Fixed Investment Personal Consumption Expenditures: Services According to these data, the share of total household expenditures devoted to goods is 34.6 percent. (Enter your response rounded to one decimal place.) From this result it may be concluded that, all else constant, any given reduction in household spending will be felt more significantly in the sector of the economy. service goods-producing

The following table contains the most recent household expenditure data from FRED. Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Using the data from FRED, compute the value for personal consumption expenditures for the first quarter of 2021. (Enter your response rounded to one decimal place.) Title Value $ 15,069.2 billion Personal Consumption Expenditures Personal Consumption Expenditures: Durable Goods Personal Consumption Expenditures: Nondurable Goods $1,938.577 billion $3,269.759 billion $1,049.521 billion $9,860.896 billion Private Residential Fixed Investment Personal Consumption Expenditures: Services According to these data, the share of total household expenditures devoted to goods is 34.6 percent. (Enter your response rounded to one decimal place.) From this result it may be concluded that, all else constant, any given reduction in household spending will be felt more significantly in the sector of the economy. service goods-producing

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 6E

See similar textbooks

Similar questions

Give typing answer with explanation and conclusion what is the US GDP for the first quarter and second quarter of 2021? What is the personal consumption expenditures for the first quarter and second quarter of 2021?
What is the type of consumption of household spending which is independent
1. What relationship does the income expenditure model represent? Why is it used?
Refer to the figure below: Insurance and pensions 11.9% Item a. Entertainment b. Transportation c. Clothing Housing 32.8% Item Weight 0.053 0.159 0.03 Entertainment 5.3% Transportation 15.9% Price Change 20% -8% 100% Health care 8.1% Source: U.S. Bureau of Labor Statistics, Consumer Expenditure Survey (2018 data). Use the item weights in the figure to determine the percentage change in the CPI that would result from a(n) a. 20 percent increase in entertainment prices. b. 8 percent decrease in transportation costs. c. doubling of clothing prices. (Note: Review the table titled "Computing Changes in the CPI" in your text for assistance.) Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Food 12.9% Impact on CPI (Inflation Effect) Clothing 3.0% Miscellaneous 10.1%
If consumption and savings are $300 and $150 respectively Calculate income of household
Gross Domestic Product Explain how net exports affect the US economy. Describe both positive and negative impacts on GDP. Why do national income accountants use net exports to compute GDP, rather than simply adding exports to the other expenditure components of GDP? You have the following information on 3 countries: Soccerland, Handeggland, and Neverland How long will it take until Soccerland’s GDP increases by 75%? How long will it take until Soccerland and Handeggland have the same GDP? Soccerland’s population is not happy that, eventually, Handeggland is going to have higher GDP than their country. They feel that they are a much better country, so they are going to work harder to ensure that Handeggland will never catch up with Soccerland. If Soccerland’s new growth rate is constant every year, what is the minimum growth rate that ensures that Soccerland will always have a higher GDP than Handeggland? Neverland’s ambition is to host the World Cup. At the…
Real-Time Data Analysis Exercise The following table contains data for nominal GDP, real GDP, and potential real GDP from FRED* for the fourth quarter of 2020. U.S. GDP Data 21,496- Value (in billions) $21.487.9 Series 20,597- Nominal GDP 19,698- Real GDP $18,783,9 18,799- Potential real GDP $19414.2 E 17.900- 17,001- A variable identified as real is one that is measured in base-year dollars. 16,102- Using the data above, calculate the following: (Enter your responses rounded 15,203- to two decimal places.) A 14,304 The GDP deflator is 13.405- 12,506 Q4: 1404: 1604: 1804 20 Relative to potential real GDP, real GDP is percent below potential real GDP. *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis, GDP (billions of dollars)
Real-Time Data Analysis Exercise The following table contains income and consumption data from FRED* for the fourth quarter of 2020. *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Title Value Personal Income $19.504.419 billion Disposable Personal Income $17,268.294 billion Personal Consumption Expenditures $14,542.383 billion Since personal consumption expenditures are exceeded by disposable income, the implication is that the fourth quarter of 2020 saw households engaged in saving The difference between personal income and disposable personal income represents personal which, in the fourth quarter of 2020, amounted to $ billion. (Round your response to one decimal place.) tax payments saving
The table below gives some of the items in the U.S. National Income and ProductAccounts in 1995.ItemAmount(trillions ofdollars)Consumption expenditure 4.97Investment 1.14Government expenditures 1.37Net exports 0.08Wages 4.20Interest, rent, and profit 1.68Depreciation 0.89a) Use the expenditure approach to calculate U.S. GDP in 1995.b) Use the income approach to calculate U.S. net domestic product at factor cost in
Real-Time Data Analysis Exercise The following table contains income and consumption data from FRED* for the fourth quarter of 2020. *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Title Value Personal Income $19.504.419 billion Disposable Personal Income $17.268.294 billion Personal Consumption Expenditures $14,542.383 billion Since personal consumption expenditures are exceeded by disposable income, the implication is that the fourth quarter of 2020 saw households engaged in saving investment both
Real-Time Data Analysis Exercise The following table contains income and consumption data from FRED* for the fourth quarter of 2020. *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Title Value Personal Income $19.504.419 billion Disposable Personal Income $17.268.294 billion Personal Consumption Expenditures $14.542.383 billion Since personal consumption expenditures are exceeded by disposable income, the implication is that the fourth quarter of 2020 saw households engaged in
5 GDP (Y) Consumption (C) Investment (I) $ 0 $ 60 $ 30 100 120 40 200 180 50 300 240. 60 400 500 300 360 70 BO (Advanced analysis) The table gives data for a private closed economy. The letters Y, C, S, and /are used to represent real GDP, consumption, saving, and Investment, respectively. The equation representing the Investment schedule for the economy is O Multiple Choice 1=0.3Y /= 80-03Y =30+0.1Y 10-30