Homework Help is Here – Start Your Trial Now!
Business
Economics
Attached is a table, please use that to answer these:   1998 Gross Domestic Product Answer (Remember to show work): 2028 Personal Consumption Expenditures Answer (Remember to show work): 2008 Gross Private Domestic Investment Answer (Remember to show work):

Attached is a table, please use that to answer these:   1998 Gross Domestic Product Answer (Remember to show work): 2028 Personal Consumption Expenditures Answer (Remember to show work): 2008 Gross Private Domestic Investment Answer (Remember to show work):

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

Attached is a table, please use that to answer these:

 

  • 1998 Gross Domestic Product Answer (Remember to show work):
  • 2028 Personal Consumption Expenditures Answer (Remember to show work):
  • 2008 Gross Private Domestic Investment Answer (Remember to show work):

 

**Economic Data Analysis (Billions of Current Dollars)** This table presents an economic overview from the years 1998, 2008, 2018, and a forecast for 2028, showcasing various components of economic activity in billions of current dollars. | **Category** | **1998** | **2008** | **2018** | **2028** | |--------------|----------|----------|----------|----------| | 1. Gross domestic product (GDP) | $ | $14,712.8 | $20,494.1 | $30,493.1 | | 2. Personal consumption expenditures | $5,877.2 | $9,976.3 | $13,948.5 | | | 3. Gross private domestic investment | $1,736.7 | $ | $3,650.1 | $5,822.0 | | Government expenditures | $1,611.6 | $2,982.0 | $3,520.8 | $4,741.3 | | 4. Exports | $953.0 | $1,837.1 | $3,891.0 | | | Imports | $1,115.7 | $2,560.1 | $3,156.7 | $4,711.5 | ### Explanation of Categories: 1. **Gross Domestic Product (GDP):** This represents the total market value of all goods and services produced. It shows steady growth over the decades, reaching a projected $30,493.1 billion by 2028. 2. **Personal Consumption Expenditures:** Consumer spending on goods and services. An increase from $5,877.2 billion in 1998 to $13,948.5 billion in 2018 is noted. 3. **Gross Private Domestic Investment:** This includes business investments in equipment and structures. It is projected to reach $5,822.0 billion by 2028. 4. **Government Expenditures:** Government spending on goods and services, steadily increasing from $1,611.6 billion in 1998 to a projected $4,741.3 billion in 2028. 5. **Exports and Imports:** Exports show how much the country sells abroad, growing to $3,891.0 billion by 2018. Imports, the goods brought into the country, are forecast to rise to $
Transcribed Image Text:**Economic Data Analysis (Billions of Current Dollars)** This table presents an economic overview from the years 1998, 2008, 2018, and a forecast for 2028, showcasing various components of economic activity in billions of current dollars. | **Category** | **1998** | **2008** | **2018** | **2028** | |--------------|----------|----------|----------|----------| | 1. Gross domestic product (GDP) | $ | $14,712.8 | $20,494.1 | $30,493.1 | | 2. Personal consumption expenditures | $5,877.2 | $9,976.3 | $13,948.5 | | | 3. Gross private domestic investment | $1,736.7 | $ | $3,650.1 | $5,822.0 | | Government expenditures | $1,611.6 | $2,982.0 | $3,520.8 | $4,741.3 | | 4. Exports | $953.0 | $1,837.1 | $3,891.0 | | | Imports | $1,115.7 | $2,560.1 | $3,156.7 | $4,711.5 | ### Explanation of Categories: 1. **Gross Domestic Product (GDP):** This represents the total market value of all goods and services produced. It shows steady growth over the decades, reaching a projected $30,493.1 billion by 2028. 2. **Personal Consumption Expenditures:** Consumer spending on goods and services. An increase from $5,877.2 billion in 1998 to $13,948.5 billion in 2018 is noted. 3. **Gross Private Domestic Investment:** This includes business investments in equipment and structures. It is projected to reach $5,822.0 billion by 2028. 4. **Government Expenditures:** Government spending on goods and services, steadily increasing from $1,611.6 billion in 1998 to a projected $4,741.3 billion in 2028. 5. **Exports and Imports:** Exports show how much the country sells abroad, growing to $3,891.0 billion by 2018. Imports, the goods brought into the country, are forecast to rise to $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Gross Domestic Product
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS