Consider the following table that shows hypothetical purchases made over the last year in the United States Purchase Military tank College tuition Commercial harvester Copiers for State Department Donuts Samsung smartphones (from Korea) Family minivan New 4-bedroom home Cost $1,000,000 $25,000 $90,000 $20,000 $1,000 $12,000 $30,000 $400,000 Using the national spending approach to GDP, total consumption spending is: $478,000. $456,000. $56,000.

Consider the following table that shows hypothetical purchases made over the last year in the United States Purchase Military tank College tuition Commercial harvester Copiers for State Department Donuts Samsung smartphones (from Korea) Family minivan New 4-bedroom home Cost $1,000,000 $25,000 $90,000 $20,000 $1,000 $12,000 $30,000 $400,000 Using the national spending approach to GDP, total consumption spending is: $478,000. $456,000. $56,000.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 3
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