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Home/ Questions/The data for the country of Upper Mongoose are given below. All figures are in billions...
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lyytutoria
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lyytutoriaExpert
Asked: April 14, 20222022-04-14T18:29:34+00:00 2022-04-14T18:29:34+00:00In: Economics

The data for the country of Upper Mongoose are given below. All figures are in billions…

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Category Value
Net exports $50
Value of new goods and services produced in the underground economy 75
Personal consumption expenditures 300
Value of the services of stay-at-home parents 25
Gross domestic investment 100
Government purchases 50
Total 600
Instructions: Enter your answers as whole numbers. C
a. What is Upper Mongoose’s GDP for the year?
? billion
b. What is the size of the underground economy as a percentage of GDP?
Instructions: Enter your answers as whole numbers.
a. What is Upper Mongoose’s GDP for the year?
? billion
b. What is the size of the underground economy as a percentage of GDP?
? percent
c. By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP?
? percent
♦ Relevant knowledge

Underground economy can also be called the black market. It refers to the activities of a business in a nation that aren’t recorded, taxed or regulated through the federal government. Transactions on markets that are black considered as unlawful since the trade is not in accordance with the legal procedure for trading laid down.

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    Jessica O'Connor
    2022-04-14T18:29:37+00:00Added an answer on April 14, 2022 at 6:29 pm

    Answer:

    The GDP does not include the income from underground activities or personal services provided to households.

    The GDP of the upper Mongoose can be calculated as follows:

    Net exports + Consumption expenditure + Investment + Purchases

    GDP = 50 + 300 + 100 +50

    GDP = 500 billion

    (b) Subgound economy = 75 billion

    Percentage of underground economy = (75/500) x 100 = 15%

    (c) If you include the “Stay at-services”,

    New GDP = 500 + 25 = $525 Billion

    25 billion USD GDP Increase

    Percentage of GDP growth = (25/500) x 100 = 5%.

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