29. Using quarterly data [check instructions for the correct table], the second quarter of 2020 level of GDP in current (nominal) dollars is $________ billion30. Using quarterly data [check instructions for the correct table], the second quarter of 2020 level of GDP in constant (real) dollars is $ _________ billion. ## Table 1.1.7: Percent Change From Preceding Period in Prices for Gross Domestic Product**Columns:** - Years and Quarters (2020: Q1 to Q4)- Percent changes in prices, seasonally adjusted at annual rates**Rows (Lines):** 1. *Gross domestic product*: - 2020 Q1: -1.48 - 2020 Q2: -1.43 - 2020 Q3: 3.62 - 2020 Q4: 2.292. *Personal consumption expenditures*: - 2020 Q1: 1.32 - 2020 Q2: 1.15 - 2020 Q3: 1.48 - 2020 Q4: 1.233. *Goods*: - 2020 Q1: 1.45 - 2020 Q2: 1.14 - 2020 Q3: 3.81 - 2020 Q4: 1.174. *Durable goods*: - 2020 Q1: 0.58 - 2020 Q2: 1.08 - 2020 Q3: 2.25 - 2020 Q4: 1.275. *Nondurable goods*: - 2020 Q1: 1.58 - 2020 Q2: 1.16 - 2020 Q3: 4.03 - 2020 Q4: 1.146. *Services*: - 2020 Q1: 1.27 - 2020 Q2: 1.13 - 2020 Q3: 0.50 - 2020 Q4: 0.89...28. *Gross domestic purchases*: - 2020 Q1: 0.18 - 2020 Q2: -1.38 - 2020 Q3: 1.38 - 2020 Q4: 1.19**Last Revised on: September 28, 2023. Next Release Date: October 26 # Table 1.1.5: Gross Domestic Product## [Billions of dollars] Seasonally adjusted at annual rates**Last Revised on:** September 28, 2023 **Next Release Date:** October 26, 2023### GDP Details by Quarters (2020)#### Gross Domestic Product Components| Line | Description | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 ||------|-------------|---------|---------|---------|---------|| 1 | **Gross domestic product** | 21,705.5 | 19,913.1 | 21,647.6 | 22,044.5 || 2 | **Personal consumption expenditures** | 14,753.5 | 13,481.9 | 14,952.3 | 15,642.3 || 3 | Goods | 4,459.5 | 4,019.6 | 4,453.2 | 4,727.4 || 4 | Durable goods | 1,479.8 | 1,467.6 | 1,766.6 | 1,853.8 || 5 | Nondurable goods | 2,979.6 | 2,552.0 | 2,686.6 | 2,873.6 || 6 | Services | 10,294.1 | 9,462.4 | 10,499.0 | 10,914.9 || 7 | **Gross private domestic investment** | 3,981.0 | 3,249.4 | 3,981.2 | 4,440.2 || 8 | Fixed investment | 3,948.7 | 3,254.3 | 3,954.3 | 4,344.7 || 9 | Nonresidential | 3,

Answered: 29. Using quarterly data [check…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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29. Using quarterly data [check instructions for the correct table], the second quarter of 2020 level of GDP in current (nominal) dollars is $________ billion

30. Using quarterly data [check instructions for the correct table], the second quarter of 2020 level of GDP in constant (real) dollars is $ _________ billion.

## Table 1.1.7: Percent Change From Preceding Period in Prices for Gross Domestic Product

**Columns:**
- Years and Quarters (2020: Q1 to Q4)
- Percent changes in prices, seasonally adjusted at annual rates

**Rows (Lines):**
1. *Gross domestic product*:
- 2020 Q1: -1.48
- 2020 Q2: -1.43
- 2020 Q3: 3.62
- 2020 Q4: 2.29
2. *Personal consumption expenditures*:
- 2020 Q1: 1.32
- 2020 Q2: 1.15
- 2020 Q3: 1.48
- 2020 Q4: 1.23
3. *Goods*:
- 2020 Q1: 1.45
- 2020 Q2: 1.14
- 2020 Q3: 3.81
- 2020 Q4: 1.17
4. *Durable goods*:
- 2020 Q1: 0.58
- 2020 Q2: 1.08
- 2020 Q3: 2.25
- 2020 Q4: 1.27
5. *Nondurable goods*:
- 2020 Q1: 1.58
- 2020 Q2: 1.16
- 2020 Q3: 4.03
- 2020 Q4: 1.14
6. *Services*:
- 2020 Q1: 1.27
- 2020 Q2: 1.13
- 2020 Q3: 0.50
- 2020 Q4: 0.89
...
28. *Gross domestic purchases*:
- 2020 Q1: 0.18
- 2020 Q2: -1.38
- 2020 Q3: 1.38
- 2020 Q4: 1.19

**Last Revised on: September 28, 2023. Next Release Date: October 26

# Table 1.1.5: Gross Domestic Product
## [Billions of dollars] Seasonally adjusted at annual rates

**Last Revised on:** September 28, 2023
**Next Release Date:** October 26, 2023

### GDP Details by Quarters (2020)

#### Gross Domestic Product Components

| Line | Description | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 |
|------|-------------|---------|---------|---------|---------|
| 1 | **Gross domestic product** | 21,705.5 | 19,913.1 | 21,647.6 | 22,044.5 |
| 2 | **Personal consumption expenditures** | 14,753.5 | 13,481.9 | 14,952.3 | 15,642.3 |
| 3 |     Goods | 4,459.5 | 4,019.6 | 4,453.2 | 4,727.4 |
| 4 |         Durable goods | 1,479.8 | 1,467.6 | 1,766.6 | 1,853.8 |
| 5 |         Nondurable goods | 2,979.6 | 2,552.0 | 2,686.6 | 2,873.6 |
| 6 |     Services | 10,294.1 | 9,462.4 | 10,499.0 | 10,914.9 |
| 7 | **Gross private domestic investment** | 3,981.0 | 3,249.4 | 3,981.2 | 4,440.2 |
| 8 |     Fixed investment | 3,948.7 | 3,254.3 | 3,954.3 | 4,344.7 |
| 9 |         Nonresidential | 3,

Expert Solution

Step 1: Define Gross Domestic Product (GDP)

Gross Domestic Product (GDP):

GDP is the sum total of goods and services that are produced in the economy. GDP measures the growth of the economy.
Real GDP is GDP when inflation is adjusted while measuring the GDP.
Nominal GDP is GDP without adjusting inflation.

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