Please find answer.Thank you.

Answer
GDP = C+I+G+NX,where
C is the consumption
I is the investment
G is the government spending and NX is the net export.
Thus,
GDP = 13108.4+3149.1+3328+(2314-2874) =$19027.6 (billion)
Gross National Product = GDP +NR (Net income flow) –NP (Net payment outflow)
GNP = $19027.7+883.9 -646.8 = $19264.8
b) The problem with the use of GDP as a measure of well being of the country are:
i)GDP understates the real per national per capita over time because of shadow economy and
the value of unpaid work.
ii)The GDP calculation may be inaccurate,e.g many countries in sub-Saharan countries do not
update the report leading to wrong calculation in GDP.

Answer

(a)
Total sales of ExxonMobil-produced gasoline = $90 billion
Out of this, 1/3rd is done by ExxonMobil-owned station and 2/3rd by independent stations.
Sales by ExxonMobil owned stations = 1/3 * $90 billion = $30 billion
Sales by independent stations = 2/3 * $90 billion = $60 billion
ExxonMobil received 60% of the sales revenue that independent stations generate. This
amounts to the payment made by the independent stations to ExxonMobil for oil purchased
from it for retail sale by independent stations.
So,
Amount received = (60/100) * $60 billion = $36 billion
Total revenue earned by ExxonMobil = Revenue from company owned stations + Amount
received from independent stations
Total revenue earned by ExxonMobil = $30 billion + $36 billion = $66 billion
Value of oil purchased by ExxonMobil = $30 billion
Calculate the value added by the ExxonMobil Value added = Total revenue earned - Purchases = $66 billion - $30 billion = $36 billion
The value added by ExxonMobil to the US GDP is $36 billion.
(b)
Calculate the value added by the independent gas stations to the US GDP -

Value added = Total sales by independent gas stations - Amount paid to ExxonMobil for
purchase of oil
Value added = $60 billion - $36 billion = $24 billion
The value added by the independent gas stations to the US GDP is $24 billion.
(c)
The advantage of the value added over the final goods approach is that it helps in clearly
identifying the actual contribution of each production entity in overall production process.
For example - If we have used the final goods approach then we would have taken $90 billion
as contribution to GDP. This estimate does not indicate contribution of each production entity
and moreover include value of intermediate good in hand of various producers leading to
problem of double counting.
On the other hand, value added approach has segregated the contribution of each production
entity and also excluded the value of intermediate goods as well.

Answer
Nominal GDP for 2010 = ∑P*Q =$1700*8+$160*6+$2*20 = $14600
Nominal GDP for 2011 = ∑P*Q =$1400*10+$170*8+$4*25 = $15460
Nomina...