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3. The table below gives hypothetical values of items in the national income accounts of Country A for the year 2008. Expenditures are measured at market prices.
Items $ million
Personal Consumption Expenditure 1,350
Government Purchases of goods and services 500
Gross domestic fixed capital formation 250
Value of physical increase in stocks -20
Exports of goods and services 450
Imports of goods and services 400
Depreciation 300
a. Define Gross Domestic Product (GDP).
b. Explain why the purchase and sale of used goods are not included in the calculation of GDP.
c. The ‘Government purchases’ component of GDP does not include expenditure on transfer payment. Explain why the expenditure on transfer payment is excluded.
d. Explain why the item, ‘Value of physical increase in stocks’, bears a minus sign.
e. Calculate the value of GDP measured at current market price for 2008, based on the data given in the table.
f. Given that the value of GDP measured at constant market price (2005) is $1750 million for 2008, calculate the GDP deflator for 2008. Based on the value of the GDP deflator, explain what had happened during the period of 2005 and 2008.
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