a) What share of GDP was composed of consumption in 2013 and in 2020?Share of GDP composed of Consumption (2013)= [Consumption 2013/GDP 2013]*100=(11496.2/16797.5)*100= 68.43%Share of GDP composed of consumption (2020)= [Consumption 2020/GDP 2020]*100=(14143.3/20936)*100= 67.5%b) What share of GDP was composed of net exports in 2013 and in 2020?Share of GDP composed of Net Export (2013)= [Net Export 2013/GDP 2013]*100=(2259.8-2757/16797.5)*100= -2.9%Share of GDP composed of Net Export (2020)= [Net Export 2020/GDP 2020]*100=(2127.1-2772/20936)*100= -3.08%Based on your answers to above parts a and b, comment on how the total production in the U.S.using its scarce resources are distributed.

GDP is the sum total of the market value of all final goods and services produced within the…

Answered: Based on your answers to above parts a…

Based on your answers to above parts a and b, comment on how the total production in the U.S. using its scarce resources are distributed.

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Question

a) What share of GDP was composed of consumption in 2013 and in 2020?
Share of GDP composed of Consumption (2013)= [Consumption 2013/GDP 2013]*100
=(11496.2/16797.5)*100= 68.43%
Share of GDP composed of consumption (2020)= [Consumption 2020/GDP 2020]*100
=(14143.3/20936)*100= 67.5%
b) What share of GDP was composed of net exports in 2013 and in 2020?
Share of GDP composed of Net Export (2013)= [Net Export 2013/GDP 2013]*100
=(2259.8-2757/16797.5)*100= -2.9%
Share of GDP composed of Net Export (2020)= [Net Export 2020/GDP 2020]*100
=(2127.1-2772/20936)*100= -3.08%
Based on your answers to above parts a and b, comment on how the total production in the U.S.
using its scarce resources are distributed.

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