Where do government economists get the data for the national income accounts?
What will be an ideal response?
The Bureau of Economic Analysis (BEA) of the Department of Commerce is responsible for compiling the national income accounts. It gets consumption data from several Census Bureau surveys such as the Retail Trade Survey, Survey of Manufacturers, and Service Survey. Data are also obtained from industry trade groups on such items as auto sales. Investment data comes from all of the above surveys, but in this case the focus is on the investment components such as shipments of equipment. In addition, investment data are obtained from the Census Bureau’s Housing Starts Survey and Housing Sales Survey to measure home construction. Nonresidential construction is measured using data from the Construction Progress Reporting Survey. Changes in business inventories are measured with information from the Retail Trade Survey, the Wholesale Trade Survey, and the Survey of Manufacturing. Data on government purchases come from the U.S. Office of Personnel Management, the public expenditures component of the Construction Progress Reporting Survey, and the Census Bureau’s Survey of Government Finance. Net export data is obtained from the U.S. Customs Service and BEA surveys of potential domestic exporters and importers.
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Refer to Table 16.2. Nominal GDP for Fredonia for 2016 equals
A) $2,750. B) $3,500. C) $4,325. D) $5,500.
Suppose that the government collected taxes in the following fashion: people who earn less than $50,000 pay 25 percent in taxes, people who earn between $50,000 and $100,000 pay 35 percent in taxes, people who earn between $100,000 and $200,000 pay 30 percent in taxes, and people who earn more than $200,000 pay 28 percent in taxes. Which of the following statements is correct?
a. The tax system is proportional for income levels less than $50,000 and regressive for income levels above $50,000. b. The tax system is regressive for income levels less than $100,000 and progressive for income levels above $100,000. c. The tax system is progressive for income levels less than $100,000 and regressive for income levels above $100,000. d. The tax system is progressive for income levels less than $50,000 and proportional for income levels above $100,000.
This disease can be cured with antibiotics in the first two stages, but untreated, can cause damage to the heart, brain damage, mental disorders, deafness and blindness. What is the disease?
A. Chlamydia B. Gonorrhea C. Herpes D. Syphilis
Which of the following is counted in GDP?
A) the value of goods and services produced in the underground economy B) the cost of a speed boat purchased by drug smugglers C) the value of do-it-yourself work D) the value of leisure